Polestar is close to selling out its remaining model year 2026 cars in the US, CEO Michael Lohscheller told Reuters today, as the Swedish automaker faces a US ban on selling new vehicles from the next model year.
The company, majority-owned by China’s Geely Holding, posted third-quarter sales volume of 14,371 units, 1% higher than 14,222 a year ago.
Polestar sold about 2,160 units in the US during the quarter, compared with 966 last year.
US sales were strong in the quarter “as we are now selling the last model year 26 cars,” Lohscheller said
Excluding the US, retail sales fell 8% in the quarter.
The automaker will not be allowed to sell cars in the US from model year 2027 due to new rules by the Commerce Department to block China-linked cars with connected-vehicle technology.
In the US, Polestar is selling existing Polestar 3 and 4 inventory while will maintain its service network and used-car business.
In September, Polestar cut its full-year volume growth guidance and said it expected higher competition to persist.
Sister brand Volvo Cars last week pulled its own full-year volume guidance after posting a 40% drop in China retail sales.
The company has pivoted to the European market and plans to produce the compact SUV, Polestar 7, at Volvo’s factory in Slovakia.
The Polestar 5 has begun customer deliveries, while Polestar 4 SUVs have arrived at European ports and are being distributed to retailers, Lohscheller said.
Europe sales were weaker in the quarter, but Lohscheller expects them to improve as new models are launched.
Polestar 5 is seeing strong interest in the UK, with Germany and Scandinavia also showing demand, he added.
Polestar is expected to report third-quarter results on November 5.
