Polestar CEO Remains Positive About EV Sales In 2024 Despite Challenges – Polestar Automotive (NASDAQ:PSNY)

EV maker Polestar Automotive Holding UK PLC PSNY is reportedly set to launch a new model this month, projecting an upturn in sales despite a challenging close to 2023.

What Happened: Polestar’s CEO Thomas Ingenlath shared his positive outlook for the company’s 2024 sales in an interview with Reuters.

“The end of ’23 was a particularly tough situation where the competition has gone to discounts at a level which we just simply said no to,” Ingenlath explained. However, premium brand consumers are less price sensitive, he added.

Co-owned by Volvo VOLVF VLVLY, Polestar is set to begin European orders for its new Polestar 4 SUV coupe at the end of January and kickstart production of the Polestar 3 early this year after a delay. In 2023, the automaker delivered 54,600 cars, falling short of its 60,000 delivery target.

Impact Of Hertz Scaling Back On EVs: Last week, car rental company Hertz Global Holdings Inc HTZ said that the company will sell 20,000 of its electric vehicles over the year due to high repair costs and low demand. The CEO, however, believes that Hertz is not selling any Polestars and will continue to purchase more vehicles from the company.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: Stellantis CEO Cautions Against Cost Reductions After Tesla Slashes Price Of Its Best-Selling SUV: ‘You Will Have A Bloodbath’

Photo by Jeppe Gustafsson on Shutterstock

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