Polestar China recorded its best single month in terms of both exports with 8,778 and domestic sales with 535 vehicles sold.
As of September 2024, Polestar has exported a total of 35,113 vehicles out of Geely’s manufacturing facility in Chengdu, China.
Source: Snohetta
Polestar operates an asset-light model, where vehicles are manufactured in facilities controlled by either Volvo Cars or its parent entity, Geely Holding.
Outside of China, Polestar vehicles are also manufactured in Ridgeville, South Carolina and in Busan, South Korea.
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Polestar officially begun production in the United States in March of this year and expected to deliver to American customers in Q3. US manufactured Polestar cars will also be exported to Europe in the future.
However, the Biden administration proposed new rules to ban Chinese “connected” cars from driving on U.S. roads, which would effectively prohibit sale of Polestar cars in the U.S., even those produced in South Carolina.
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In the third quarter of 2024, Polestar delivered 11,900 vehicles globally and 32,300 as of year-to-end September.
Note that the export volume out of China exceed global deliveries because cars shipped to dealerships across global markets are accounted as “exports” even before they are delivered to the end customer.
Polestar also achieved a major milestone by delivering 535 vehicles in the month of September, which is the company’s best single-month result in China.
Compared to last year, these sales numbers paint a much better picture. 2023 sales around this time of the year were tapering to below 100.
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Earlier in 2024, Polestar had joined the price war temporarily, with limited time price reductions of 60,000 RMB to the Polestar 4.
In fact, Polestar has delivered a total of 2,753 vehicles as of YTD September 2024, which triples last year’s 831 units.
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For further context, Polestar China had delivered 1,717 and 983 vehicles in 2022 and 2023, respectively.
Frist production of the Polestar 2 began in China in March 2020. Fast-forward nearly five years, Polestar is only experiencing a real ramp up in sales in 2024, having delivered only over 7,000 vehicles cumulatively in China.
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Much of that demand is coming from the Polestar 4, which sold 501 units in September, compared to 34 Polestar 2.