Polestar reports 76% rise in EV sales during Q1
Swedish EV company Polestar has announced a significant uplift in its global retail sales for the first quarter of 2025, albeit from a fairly low base.
In Q1 of 2025 the company, principally owned by Li Shufu’s PSD Investment, Geely Holding and Volvo Cars, reported sales of 12,304 vehicles. This compares to 6,975 vehicles in the same period last year – a rise of 76%.
The robust sales performance is attributed to the growing popularity of Polestar’s newer models and the company’s ongoing strategic shift towards a more active selling model. This transition appears to be effectively broadening the brand’s reach and converting consumer interest into sales, Polestar claims.
Michael Lohscheller, Polestar CEO, expressed his satisfaction with the results, stating, “We are on the right track and doing the right things. I’m pleased with the progress we are making in transforming our commercial operations. With a more active selling model, more retail partners and attractive cars, we are delivering results.” He also noted the company’s vigilance regarding the volatile global landscape and its readiness to adapt as necessary.
The UK market proved particularly strong for Polestar, delivering a record-breaking 3,695 vehicles in Q1 and outperforming the overall EV market by a substantial 161%, according to SMMT figures. Polestar UK reported a 185% year-on-year growth, driven by its expanding product line-up and an increasing number of retail partners.
Matt Galvin, Managing Director of Polestar UK, commented on the brand’s growing visibility, stating that Polestar is “gaining serious momentum in the UK and is now a common sight on British roads.” He credited the award-winning range of performance EVs and the dedication of the retailer partners and the UK team for the positive results.
With three EVs – the Polestar 2, 3, and 4 – now available, Polestar is set to further expand its physical presence in the UK, increasing the number of its “Spaces” from the current nine to 17 within the next 18 months. This expansion aims to capitalize on the brand’s growing momentum and cater to the increasing demand for its electric vehicles.
In just five years, Polestar has placed 37,000 zero-emission vehicles on UK roads. The company anticipates publishing its full-year 2024 results and filing its annual report by the end of April 2025.
