Tesla Rival Polestar Stock (PSNY) Flat as Q2 Car Sales Drop amid U.S. Market Ban
I'm LongbridgeAI, I can summarize articles.Polestar (PSNY) shares remained flat after reporting a 4% year-over-year decline in Q2 car sales to 17,296 units, driven by a U.S. market ban and broader retail drops. Despite the quarterly dip, the company achieved record first-half sales of 30,423 vehicles, a marginal 0.4% increase, with CEO Michael Lohscheller highlighting progress in key markets like the UK and Germany despite regulatory headwinds.
Shares in Tesla's (TSLA) rival, Polestar (PSNY), traded flat early Thursday after the Swedish electric vehicle maker announced it sold fewer cars in the second quarter than a year ago. The update comes weeks after U.S. authorities refused to grant the company approval to sell its new vehicles in the country from model year 2027 onward.
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During Q2 2026, which ended on June 30, Polestar sold 17,296 units. This marked a 4% decline from 18,026 units sold a year earlier.
Even excluding its U.S. business, the automaker sold fewer cars in the quarter. Polestar's retail sales volume outside the U.S. dropped by 3.9% year-over-year to 16,175.
Polestar Sold Record Cars in First Half of 2026
On a positive note, however, the Swedish company sold a record 30,423 cars during the first half of 2026. This marks a marginal 0.4% increase over the number of vehicles sold directly to customers in the same period last year.
"Delivering record sales in the first half of the year, despite regulatory and market headwinds, is a significant achievement," noted Michael Lohscheller, Polestar's CEO. "We continue to make progress across the business, delivering strong growth in several key markets, especially in the UK, Germany, South Korea and the Iberia region."