Polestar nears US sellout of remaining 2026 models as ban looms (updated)
UPDATE 1-Polestar nears US sellout of remaining 2026 models as ban looms Rewrites throughout
By Harshita Mary Varghese and Marie Mannes
STOCKHOLM, Oct 8 (Reuters) - Polestar PSNY.O is close to selling out its remaining model year 2026 cars in the US, CEO Michael Lohscheller told Reuters on Thursday, as the Swedish automaker faces a US ban on selling new vehicles from the next model year.
The company, majority-owned by China's Geely Holding [RIC:RIC:GEELY.UL], posted third-quarter sales volume of 14,371 units, 1% higher than 14,222 a year ago.
Here are some details:
The company sold about 2,160 units in the US during the quarter, compared with 966 last year
US sales were strong in the quarter "as we are now selling the last model year 26 cars," Lohscheller said
Excluding the US, retail sales fell 8% in the quarter
The automaker will not be allowed to sell cars in the US from model year 2027 due to new rules by the Commerce Department to block China-linked cars with connected-vehicle technology
In the US, Polestar is selling existing Polestar 3 and 4 inventory while will maintain its service network and used-car business
In September, Polestar cut its full-year volume growth guidance and said it expected higher competition to persist
Sister brand Volvo Cars VOLCARb.ST last week pulled its own full-year volume guidance after posting a 40% drop in China retail sales
The company has pivoted to the European market and plans to produce the compact SUV, Polestar 7, at Volvo's factory in Slovakia
The Polestar 5 has begun customer deliveries, while Polestar 4 SUVs have arrived at European ports and are being distributed to retailers, Lohscheller said
Europe sales were weaker in the quarter, but Lohscheller expects them to improve as new models are launched
Polestar 5 is seeing strong interest in the UK, with Germany and Scandinavia also showing demand, he added
Polestar is expected to report third-quarter results on November 5
(Reporting by Marie Mannes in Stockholm and Harshita Mary Varghese in Bengaluru; Editing by Sahal Muhammed and Leroy Leo)
((marie.mannes@thomsonreuters.com; +46 8 502 423 82))
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