Polestar's quarterly EV sales jump as strength in Europe offsets US struggles
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.
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