Polestar Reports $242M Q2 Loss, Optimistic About Stronger Sales in Second Half of 2024

Polestar, the EV manufacturer owned by Volvo and Geely, reported a $242.3 million operating loss for Q2 2024, a 12% improvement from last year’s loss. Despite a 17% revenue decline, Polestar is optimistic about a stronger second half of the year, driven by upcoming SUV sales.

Polestar Reports $242M Q2 Loss but Expects Stronger Sales in the Second Half of 2024

Polestar, an electric vehicle (EV) manufacturer owned by Volvo and Geely, experienced substantial losses during the year's second quarter. However, Polestar remains optimistic about its future through the end of the year.

In a press release last week, Polestar disclosed its Q2 earnings results, which included an operating loss of $242.3 million. This figure represented a 12 percent decrease from the $273.6 million second-quarter losses recorded last year.

The Polestar's revenue, which decreased by 17% to $574.9 million, was attributed to "higher discounts and lower global volumes," according to the company.

After June, the company's cash and cash equivalents totaled $669 million. The company is optimistic about the remainder of the year.

“Polestar remains confident of a stronger second half of the year, particularly in the fourth quarter as sales of the two premium SUVs build,” the company writes in the release.

According to Teslarati, the EV manufacturer also delivered 13,150 units during the quarter, an 82 percent increase from Q1. The total number of units offered in the year's first half has risen to 20,371. The company observed that the U.S., Sweden, Norway, and Germany exhibited robust momentum.

Polestar Announces Leadership Changes and Global Expansion Plans Amid Growing EV Market Presence

The release also emphasizes Polestar's recent announcement that Michael Lohscheller will succeed Thomas Ingenlath as the automaker's CEO, effective October. The company aims to expand the brand's presence in a broader international market. In June, Chairman Håkan Samuelsson also resigned, having served as the brand's executive director since its inception in conjunction with Ingenlath.

Polestar declared its intention to introduce its electric vehicles (EVs) in seven additional markets in 2025 during the second quarter. These markets include Brazil, the Czech Republic, France, Hungary, Poland, Slovakia, and Thailand.

Polestar also initiated the delivery of the Polestar 4, its inaugural entry into the SUV coupe segment, last month. This vehicle boasts a range of up to 620 km (~385 miles). In February, the EV manufacturer initiated the Polestar 3 SUV production in China. Subsequently, production was initiated at a U.S. facility in South Carolina, intended to assist the company in circumventing tariffs and obtaining access to other domestic sales incentives.

In April, Volvo relinquished its position as Polestar's predominant shareholder, reducing its ownership from 48 percent to 18 percent and ceding the remaining shares to Geely.