(Reuters) – Polestar Automotive Holding’s deliveries of electric vehicles (EV) rose 50% in the third quarter from a year earlier, sending its shares up about 3% in premarket trading.
The Swedish EV maker, however, reported a quarterly decline of 12% in deliveries to 13,900 units, compared with the second quarter, as high borrowing costs dent global demand for new vehicles.
Sales of the higher-priced upgraded model Polestar 2 contributed to a strong margin improvement, the company said, adding that it expects to see the trend for the rest of the year.
Globally, EV sales grew 49% to 6.2 million units in the first half of the year, a report by data analytics firm Canalys Research showed.
Polestar Automotive, which is scheduled to announce its third-quarter results on Nov. 8, reiterated its tempered delivery forecast of 60,000-70,000 vehicles for the full year. This compared with the company’s prior target of 80,000 vehicles.
The company expects to start deliveries of the Polestar 4 compact luxury crossover in China in the current quarter.
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shweta Agarwal)
