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Polestar EV Sales Jump in Q1 on Discounts Like Its ‘Tesla Conquest’ Bonus
Swedish electric vehicle maker Polestar has witnessed a remarkable 76% surge in its first-quarter sales compared to the same period last year, following the introduction of discounts and promotions. One such strategy is a $5,000 incentive designed specifically for Tesla drivers looking to lease the company’s new Polestar 3 crossover.
In Q1, Polestar managed to sell an impressive 12,304 vehicles, up significantly from the 6,975 units it sold during the same three-month period in 2024. Despite facing stiff competition from other automakers and uncertainty surrounding the global economy, the company reported relatively flat sales quarter-over-quarter.
“We are on the right track and doing the right things,” Polestar CEO Michael Lohscheller said in a statement. “With a more active selling model, more retail partners and attractive cars, we are delivering results.”
As part of its efforts to tap into Tesla’s brand devaluation stemming from Elon Musk’s involvement with DOGE, the company has been offering significant discounts to encourage Tesla owners to switch to Polestar. The automaker does not release sales figures by model, but in March after implementing the “Tesla conquest” bonus, the head of sales Jordan Hofmann posted on LinkedIn that orders for the Polestar 3 had been “incredible.”
The company’s focus on attracting Tesla customers has led it to emulate the same strategy as its main rival. Like Tesla, which has also used discounts to boost sales numbers, Polestar is now offering substantial incentives to convince potential buyers of other brands to choose its vehicles.
Polestar’s financial performance for 2024 is still pending due to a delayed release of its full-year and Q4 earnings report, citing the need for more time to finalize the information. The company secured a $450 million loan in February to help manage cash flow as it continues to burn through funds rapidly.
The CEO expressed concern over the volatile geopolitical environment and emphasized that the company is closely monitoring these developments and will adapt its strategy accordingly.
Source: https://techcrunch.com/2025/04/10/polestar-ev-sales-jump-in-q1-on-discounts-like-tesla-conquest-bonus/
