Latest news with #Lohscheller
Yahoo
2 days ago
- Automotive
- Yahoo
Polestar's quarterly EV sales jump as strength in Europe offsets U.S. struggles
Polestar reported a surge in second-quarter sales, bolstered by strong demand for its electric vehicles in its home market of Europe, even as it faces challenges in markets such as the U.S. Demand for Polestar's EVs has remained resilient in Europe due to offers and discounts, while several other markets have been weighed by high interest rates, inflation and availability of more affordable hybrid or gasoline-powered options. The Sweden-based company sold an estimated 18,049 vehicles in the second quarter, it said, a rise of 38 percent from the same quarter last year. Europe accounts for 76 percent of the company's total sales, CEO Michael Lohscheller told Reuters, adding that Polestar remains 'laser focused' on the continent. Sign up for the Automotive News Europe Breaking News alerts and be the first to know when big news happens. Lohscheller reiterated the company's commitment to localize manufacturing as American import tariffs threaten to hike production costs and disrupt global supply chains. 'In a world where you have more and more tariffs and also changing tariffs... the only way forward is to localize.' The tariffs have affected Polestar more than most European automakers because the majority of its cars are produced in China, either by Volvo or Geely. Polestar last week said it would make its Polestar 7 SUV model at a Volvo's facory in Slovakia in order to minimize exposure to tariffs. Its vehicle sales in the U.S. fell 56 percent in the second quarter, Lohscheller said, as the country has seen strong competition and reluctance from consumers to spend on pricey battery electric vehicles. U.S. EV makers Tesla and Rivian also reported drops in second quarter deliveries earlier this month. The country's EV market is likely to see further pressure from the end of a $7,500 tax credit — which has boosted sales in recent years — this fall. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TimesLIVE
2 days ago
- Automotive
- TimesLIVE
Polestar's quarterly EV sales jump as strength in Europe offsets US struggles
Polestar reported a surge in second quarter sales on Thursday, bolstered by strong demand for its electric vehicles in its home market of Europe, even as it faces challenges in markets such as the US. Shares of the company rose more than 5%. Demand for Polestar's EVs has remained resilient in Europe due to offers and discounts, while several other markets have been weighed by high interest rates, inflation and availability of more affordable hybrid or petrol-powered options. The Sweden-based company sold an estimated 18,049 vehicles in the second quarter, it said, a rise of 38% from the same quarter last year. Europe accounts for 76% of the company's total sales, CEO Michael Lohscheller told Reuters, adding Polestar remains "laser focused" on the continent. Lohscheller reiterated the company's commitment to localise manufacturing as US import tariffs threaten to hike production costs and disrupt global supply chains. "In a world where you have more tariffs, and changing tariffs, the only way forward is to localise." The tariffs have affected Polestar more than most European carmakers because most of its cars are produced in China by Volvo Cars and Geely. Polestar last week said it would make its Polestar 7 SUV model at a Volvo Cars factory in Slovakia to minimise exposure to tariffs. Its vehicle sales in the US fell 56% in the second quarter, Lohscheller said, as the country has seen strong competition and reluctance from consumers to splurge on pricey battery vehicles. US EV makers Tesla and Rivian also reported drops in second quarter deliveries earlier this month. The country's EV market is likely to see further pressure from the end of a $7,500 (R133,359) tax credit, which has boosted sales in recent years, this autumn.
Time of India
3 days ago
- Automotive
- Time of India
Polestar's quarterly EV sales jump as offers attract more buyers
Polestar reported a surge in second-quarter sales on Thursday, as offers and discounts helped boost sales in its home market of Europe amid a challenging macroeconomic environment. Demand for Polestar's electric vehicles has remained resilient despite high interest rates, cost of living, and the availability of more affordable hybrid or gas-powered options. "We've delivered another strong quarter of growth, in increasingly challenging market and geopolitical conditions," said Polestar CEO, Michael Lohscheller. The company has also made strategic changes after Lohscheller took over as CEO, including focusing more on its home market of Europe as American import tariffs threaten to hike production costs and disrupt global supply chains. While Polestar has tried to conquer both the U.S. and Chinese markets, its cars have been much better received in Europe, which accounts for the lion's share of its sales. Polestar last week said it would make its Polestar 7 SUV model at a Volvo Cars factory in Slovakia in order to minimize exposure to tariffs. The tariffs have affected Polestar more than most European automakers because the majority of its cars are produced in China - facing high automotive duties - either by Volvo Cars or Geely .
Time of India
13-05-2025
- Automotive
- Time of India
Polestar leans on 'home market' Europe to revive business; posts smaller Q1 loss
Polestar will focus more on profitable Europe rather than the U.S and China, the company's CEO said on Monday, as the Swedish EV maker seeks to pull itself out of chronic losses and mounting debt. Grappling with a cash crunch amid a broad slowdown in EV demand Polestar has made major strategic changes over the past few months after auto industry veteran Michael Lohscheller took over as a CEO. Focusing on Europe, which accounts for 75per cent of sales, aggressive cost cuts and shifting to a traditional dealership have been some of the changes. "Europe has absolutely the highest priority ... we focus a lot on our strengths and the strengths are really in Europe for sure - we have a good service network, a lot of dealers together with Volvo, our brand has a very good awareness," Lohscheller said on a call to analysts. Its Polestar 4 model, priced at 57,900 euros in Germany, stood for nearly half of its sales in the first quarter, with its Polestar 3 that starts at 74,590 euros making up 20per cent of the around 12,304 vehicles sold in the quarter. The increasing sales of the two models helped its net loss narrow to $190 million in the quarter, from $276 million a year earlier, while also aiding its gross margin in turning positive to 6.8per cent in the period from a negative margin of 7.7per cent last year. Polestar's US-listed shares rose as much as 5.5per cent before paring gains to trade down marginally. Other markets Polestar has tried to conquer both the U.S and China, with mixed results, and tariffs adding an extra burden. While the automaker has sold the Polestar 3 - which is produced in America - to the market, the popular Polestar 4 has continued to be delayed to its customers and will not be shipped to the country until production starts in South Korea in the second half of this year. Another upcoming model, Polestar 5, is also produced in China at a Geely-owned factory and is expected to start sales later this year. This comes despite U.S slashing on Monday the tariffs on Chinese imports to 30per cent from 145%. Polestar has also struggled to tap the very profitable market of China - where domestic rivals reign the market with cheaper models and superior tech - and ended in the quarter its partnership with Geely's Meizu.
