According to Reuters, on April 11th, Swedish electric vehicle manufacturer Polestar announced that its delivery volume in the first quarter decreased by 40% due to the electric vehicle industry's efforts to cope with slowing demand.

　　Although car manufacturers and suppliers are betting on the future demand for electric vehicles, due to investments in production capacity and technology development exceeding demand, the growth of electric vehicle sales has slowed down, increasing the pressure on companies to reduce costs.

　　Jixing stated that the company delivered 7200 cars in the first quarter, a 40% decrease from 12076 cars in the same period last year.

　　Polar Star CEO Thomas Ingenlath stated in a statement that the increase in delivery of the Polestar 3 and Polestar 4 luxury SUVs will contribute to the company's revenue in the second half of this year.

　　Ingenlath stated, "These two cars will lay the foundation for strong revenue and profit growth in the second half of the year, supporting our goal for 2025." It is reported that Polestar's goal is to deliver 155000 to 165000 vehicles by 2025.

　　Image source: Polar Star

　　Jixing stated that 1200 Polestar 4 SUV two door sports cars were delivered in China in the first quarter.

　　Polestar 3 is scheduled to begin global delivery in the second quarter of 2024. Polestar is also expected to deliver Polestar 4 to its first customers in Europe and Australia in August, and is expected to be delivered in the United States later this year.

　　As sales growth slows down and financial losses pile up, investors' enthusiasm for electric vehicle manufacturers has cooled, making life particularly difficult for startups like Polestar.

　　Volvo announced in February that it will stop further funding Polestar and transfer most of its equity to shareholders such as Geely.

　　Polestar will announce its delayed fourth quarter 2023 results on April 30th and its first quarter results on May 23rd.