Polestar has reported a strong start to the year, with record first quarter volumes of 13,126 cars, a growth of 7% year-on-year.
This growth is driven by continuous retail expansion, an attractive model line-up, and growing sales of Polestar 4.
However, the company's performance was impacted by intensified competition, EU and US tariffs, FX and seasonality, which offset continued cost reductions.
Despite these challenges, Polestar has strengthened its capital structure and improved its liquidity position, with a cash position of USD 676 million as of end Q1 2026.
The company's CEO, Michael Lohscheller, said that the first quarter saw strong volume growth in a very competitive market, and that efforts are being made to adjust the business model and become leaner.
Polestar is planning to expand its retail network, especially in Europe, with plans to reach 250 sales points globally by the end of 2026.
This expansion will help the company capitalize on its growing model line-up, which targets wider, more profitable segments.
Deliveries of the new Polestar 4 variant are planned to start during the latter part of the year, closely followed by the all-new Polestar 2 in 2027 and thereafter Polestar 7 compact SUV.
The company's focus remains on scaling its business through retail expansion and model line-up growth, with a goal of becoming more profitable over time.
Polestar's financial highlights show a revenue increase of 0.2% to USD 633 million, driven by higher volumes and positive foreign exchange impact.
