Polestar says it delivered 13,150 cars globally in Q2 2024 (ended June 30) up 82% compared to Q1 2024.
That’s taken global deliveries for the first six months of the year to 20,371, with strong momentum in the US, Sweden, Norway and Germany.
The brand says it had a 30% improvement in inventory turnover driving working capital reduction with positive impact on cash flow and secured up to NZ$480 million (US$300m) in additional external funding in August.
Polestar says management actions improved inventory turnover and reduced cars in stock by about 30% when compared to Q4 2023.
Cash and cash equivalents were NZ$1.070 trillion (US$669m) as of June 30, 2024.
Recent developments include appointing Michael Lohscheller as Polestar chief executive, Philipp Römers as design head and Michael Manske as global communications and public relations head, beginning Polestar 4 SUV coupe deliveries in Europe, and starting production of its Polestar 3 luxury SUV in South Carolina.
Polestar says it remains confident of a stronger second half of the year, particularly in the fourth quarter as sales of its two premium SUVs build.
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