EV maker Polestar logs slightly higher quarterly sales as US ban looms

STOCKHOLM, Oct 8 (Reuters) – Polestar reported a slight rise in third-quarter retail sales on Thursday, a few months after Washington effectively barred the China-linked electric vehicle maker from selling new cars in the country from the next model year.

Here are some details:

• The Swedish EV maker is majority-owned by China’s Geely Holding

• Third-quarter sales volume was 14,371 units, 1% higher than 14,222 a year ago

• Excluding the US, retail sales fell 8% in the quarter

• The automaker will not be allowed to sell cars in the US  due to new rules by the Commerce Department to block China-linked cars with connected-vehicle technology

• In September, Polestar cut its full-year volume growth guidance and said it expected higher competition to persist

• Sister brand Volvo Cars last week pulled its own full-year volume guidance after posting a 40% drop in China retail sales

• In the US, Polestar will sell existing Polestar 3 and 4 inventory while maintaining its service network

• The company has pivoted to the European market and plans to produce the compact SUV, Polestar 7, at Volvo’s factory in Slovakia

• “We delivered our best third quarter despite increasingly challenging market conditions,” Polestar CEO Michael Lohscheller said

• The Polestar 5 began deliveries this summer, while a new station-wagon/SUV version of the Polestar 4, built in Busan, South Korea, is set to begin shipping in the fourth quarter

• Polestar is expected to report third-quarter results on November 5

(Reporting by Marie Mannes in Stockholm and Harshita Mary Varghese in Bengaluru; Editing by Sahal Muhammed)