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Swedish electric vehicle maker Polestar saw its first - poop sales jump 76 % compared to the same time period in 2024 after it began proffer deduction and other promotions , including ones geared toward locking in Tesla owner .
Polestar sold 12,304 cars in the first three months of the year compared to 6,975 in Q1 2024 . Sales were relatively flat after part - over - quarter , even amidst competition from other automakers and an incertain economic mind-set .
“ We are on the proper path and doing the right things , ” Michael Lohscheller , Polestar CEO , said in a statement . “ With a more active selling model , more retail partner and attractive gondola , we are delivering result . ”
One of Polestar ’s more “ active selling ” strategy has been to tap into Tesla ’s brand devaluation due to its CEO Elon Musk ’s interest in DOGE . The fellowship recently startedoffering up to $ 5,000 in discountsfor Tesla drivers search to lease the caller ’s newfangled Polestar 3 crossing .
Polaris makes the Polestar 2 galvanising fastback , the Polestar 3 electric SUV , and , soon , the Polestar 4 electric SUV coupe . The automaker does n’t bust out its sales numbers by models , but in March after Polestar start offering its Tesla conquest fillip , nous of sale Jordan Hofmann post onLinkedInthat orders for the Polestar 3 had been “ incredible . ”
Tesla has also relied ondiscountsto boost sales numbers , and those haveaffected its bottom line .
It wo n’t be clear for a few months how the discounts have touch Polestar ’s perimeter ; the car manufacturer said in February that it woulddelay publishingits full - year and Q4 2024 earnings until the death of April after it secured a $ 450 million loan to keep the party afloat as it burned through cash .
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The durability of Polestar ’s deduction is unclear as the radioactive dust from President Donald Trump ’s sweepingtariffsand ensuing trade war could drive up car Leontyne Price . polar star manufactures in the U.S. and China , and plans to make the Polestar 4 in South Korea in the 2nd half of 2025 .
“ We are monitoring close and assessing the volatile geopolitical environment and will adapt as needed , ” Lohscheller read .
Polestar does seem to be making changes to its business enterprise in China , though it ’s not yet clean-cut if it ’s a answer to the geopolitical clime or just a shift in strategy .
In a filing Thursday , Polestar , which is have by China ’s Geely , noted that it had agree to end ajoint speculation in China with Xingji Meizu , a mobile phone and consumer electronics company . The two join up in 2023 to build an operating system for Polestar cars sold in China , and now will transfer the distribution rights of the JV to Polestar .
The JV , which is called Polestar Times Technology , will settle any spectacular debts before it ceases operation , per the filing , and will transfer “ certain digital and other assets from the JV with blazon - distance consideration ” so Polestar can resume sales event , customer overhaul , and distribution in the Chinese market place .
The filing take down that the parties are terminate the JV “ as a result of a change in market focal point and strategy ” but that Polestar would remain “ amply attached to the Taiwanese market . ”
“ China remains an important long - term market for us and our overture moving forward will be to serve existing customer and grapple our steel within our wholly owned entity , ” Mike Ofiara , a Polestar interpreter , assure TechCrunch .
This article has been updated with a statement from Polestar regarding its China programme .
