Proactive Investors - Polestar (NASDAQ:PSNY) has announced stronger sales over the fourth quarter as the Swedish electric vehicle (EV) maker grapples with tough conditions on a wider slowdown in demand.
Sales jumped by 5.3% to 12,256 cars during the quarter, Polestar reported on Thursday, while its order intake was said to have surged by 37.2%.
Stronger figures come despite deteriorating conditions for EV startups, such as Polestar, spurred on by slowing demand and price cuts among larger rivals, including Tesla Inc (NASDAQ:TSLA).
Tariffs on Chinese-made EVs by Europe and the US have also weighed on the industry.
Polestar chief executive Michael Lohscheller commented that “changes being made” to the company’s commercial operations were “clearly having a positive impact”.
Lohscheller had taken the helm in October and launched a strategic review after Polestar previously faced struggles with managing costs and delays in reporting results.
He is due to present a business update on January 16 as the company also reports third-quarter figures ahead of aims to reach break-even cash flow by the year-end.