Swedish electric car brand Polestar Automotive Holding UK PLC PSNY CEO Thomas Ingenlath on Thursday said that its Polestar 4 is on track to start production in November.
What Happened: Polestar started taking orders for the Polestar 4 SUV coupe at the Chengdu Auto Show earlier this month.
Talking about orders, the CEO said, “Now three days in reception and order take have been fantastic.”
The Polestar 4 is on track to start production in November. The first customer deliveries are slated before year-end in China. Deliveries to the rest of the world are planned for early 2024, the CEO said.
The price position of the Polestar 4 is higher than the Polestar 2 but lower than the Polestar 3. In the company’s first-quarter earnings call in May, the CEO had said that the Polestar 4 does not directly compete with Tesla’s Model Y but instead is much closer in the price range to Porsche Macan with a starting price of around $60,000.
Why It Matters: Polestar on Thursday reported an adjusted EPS loss of $(0.16), missing the consensus loss of $(0.12).
With record global deliveries of 27,841 for the first six months, Polestar still expects to deliver 60,000-70,000 vehicles in 2023.
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