Polestar has seen only losses since its Nasdaq listing last year. The company's net loss for the second quarter was $304.1 million, but it still expects to finish the year with a gross margin of 4 percent. CEO Thomas Ingenlath is keeping his eyes fixed on the company's 2025 goals, which are a 9 percent profit margin and global sales of 290,000. He outlined how Polestar will get there in an interview with Automotive News Europe Managing Editor Douglas A. Bolduc.
Polestar's stated global sales goals ahead of its stock listing last year were 65,000 cars in 2022 and 124,000 this year. The 2022 target was missed and the revised 2023 goal is 60,000 to 70,000. Will the arrival of the Polestar 3 and Polestar 4 in 2024 get you back on track and help you reach your 2025 sales goal of 290,000?
The rollout of our model range will take place in the cadence we promised because the production starts for the Polestar 3, 4 and 5 don't impact one another. What I mean is that because of our asset-light business model they can come in relatively short succession because we are not trying to do them all in one plant or all on one architecture. We have confirmed that the Polestar 3 and Polestar 4 will enter the market in 2024. By 2025 we should have a portfolio that includes those two models plus the Polestar 5, as well as the Polestar 2. Therefore, we still aim to achieve what we stated in the original business plan.