Geely-owned Polestar has reported a 84% year-over-year revenue growth for the first quarter of 2025, driven by higher electric vehicle sales and an improved gross margin.
The revenue climbed to $608m, a substantial rise from $330m in the same period last year.
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The company marked a positive gross margin of 7%, an increase from the negative margin in Q1 2024.
The company’s retail sales soared to 12,304 units, marking a 76.5% increase from the previous year.
This surge is attributed to the strong consumer demand for Polestar’s newer, higher-margin models, which comes amidst heightened competition and challenging economic conditions.
Polestar CEO Michael Lohschellersaid: “We continue to make great progress, transforming our commercial operations and taking steps to reduce our cost base. We are selling more cars, at improved margins, resulting in revenue growth of 84%, a gross margin that is now positive, at 7%, and a narrowing net loss.
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By GlobalData“We have a strong and growing line-up of attractive cars, with an expanding network of retail partners across key markets. The geopolitical environment and market conditions are challenging, but we are on the right track and doing the right things.”
Polestar’s net loss showed a downward trend, decreasing by 31% to $190m from the previous year’s $276m.
The adjusted EBITDA loss also saw a significant improvement, with a 46% reduction to $115m from $212m year-over-year.
These financial advancements indicate Polestar’s strategic progress towards a more stable economic footing.
In a strategic move to expand its market reach, Polestar plans to initiate operations in France by summer 2025, with Stéphane Le Guevel taking the helm as managing director.
Additionally, the launch of Polestar Energy across 11 markets underscores the company’s commitment to enhancing home charging solutions for its customers.
It also reported a 25% decrease in CO2 emissions per car sold, as highlighted in its 2024 sustainability report.
