Polestar Automotive (NASDAQ:PSNY) shares dropped more than 4% intra-day today despite the Swedish electric car manufacturer disclosing record delivery figures for the third quarter of 2023.
During the third quarter, Polestar experienced a remarkable 50% surge in vehicle deliveries compared to the previous year, amounting to approximately 13,900 units. This impressive growth was primarily attributable to robust sales of the improved Polestar 2, resulting in significant enhancements in profit margins.
Over the initial nine months of the year, Polestar achieved a year-on-year growth rate of 37%, with roughly 41,700 vehicles shipped. As Polestar 4 deliveries commence in China in the forthcoming fourth quarter, the company maintains an optimistic outlook, anticipating the delivery of between 60,000 to 70,000 vehicles in 2023.
Polestar is scheduled to release its financial report for the third quarter on Wednesday, November 8, 2023, after the market closes.