FILE PHOTO: Polestar Precept is displayed at a car show in Oslo, Norway, November 10, 2021. Picture taken November 10, 2021. REUTERS/Victoria Klesty/File PhotoPolestar Automotive Holding's deliveries of electric vehicles rose 50 per cent in the third quarter from a year earlier, sending its shares up about 3 per cent in premarket trading.
The Swedish EV maker, however, reported a quarterly decline of 12 per cent in deliveries to 13,900 units, compared with the second quarter, as high borrowing costs dent global demand for new vehicles. Sales of the higher-priced upgraded model Polestar 2 contributed to a strong margin improvement, the company said, adding that it expects to see the trend for the rest of the year.
Globally, EV sales grew 49 per cent to 6.2 million units in the first half of the year, a report by data analytics firm Canalys Research showed. Polestar Automotive, which is scheduled to announce its third-quarter results on Nov. 8, reiterated its tempered delivery forecast of 60,000-70,000 vehicles for the full year. This compared with the company's prior target of 80,000 vehicles.