Sep 3, 2026 earnings call — Polestar updates outlook and launches Polestar 4 SUV
Polestar updated full-year volume outlook to low to mid-single-digit growth and reported retail sales of 30,423 cars in the first half.
Revenue $0.7B (est $0.9B) · EPS $-3.18 (est $-2.19)
Key quotes
"Yesterday, we opened the order books for the new Polestar 4 SUV."
"Today, we work with 235 sales points and 178 retail partners across 28 markets, and our retail footprint has expanded by 39% year-on-year."
"The U.S. material adjustment related to the decision by the U.S. Department of Commerce, Bureau of Industry and Security, the BIS, amounted to an estimated USD 130 million."
Analyst Q&A 2
Polestar 4 and 5 demand, 2027 volume
Q (Jinsoo Cho · Barclays): The analyst asked how demand is trending for the new Polestar 4 SUV and whether any learnings or enhancements will apply to other models. He also asked for the latest reads on the Polestar 5 and about broad volume expectations for 2027.
A: Management said the Polestar 4 has been very well received and moves the brand into the mainstream SUV segment, with strong interest from fleet and private buyers, but it is still early. For the Polestar 5 they are just starting to deliver cars and it is getting a lot of attention. On 2027 they are cautiously optimistic because the Polestar 4 SUV and the Polestar 2 successor go into much bigger segments and they will give precise volume numbers later.
"With that, the Polestar 4 really goes into the mainstream and where the big segment is, right?" — Michael Lohscheller (CEO)
2027 model mix, cash position, U.S. decision
Q (Andres Sheppard-Slinger · Cantor Fitzgerald): The analyst asked how management is thinking about unit mix for next year. He also asked about capital needs and cash runway given recent liquidity, and whether Polestar would appeal the Department of Commerce decision on U.S. sales.
A: Management said Polestar 4 will be the best seller and dominant in 2027, with two variants, and the Polestar 2 successor will also be a key volume driver while Polestar 5 will be important for brand but smaller in volume. On liquidity, they said they raised USD 1.2 billion of equity over 15 months, completed a USD 640 million debt-to-equity conversion, extended a shareholder loan to 2031, renewed or increased USD 1.7 billion of banking facilities, and cut about 1/3 of CapEx so they expect a significant reduction in cash burn entering H2. On the U.S. decision they said they will not appeal; they will sell model year '26 in the U.S. but cannot sell model year '27, and they will continue service and used car business there.
"That means like we will sell model year '26 now in the U.S., but are not able to sell model year '27." — Michael Lohscheller (CEO)