Polestar: Delivery Growth With A Steep Price

Polestar Automotive Holding UK PLC delivered record 2025 results with 60,119 vehicles sold and 50% Y/Y revenue growth, driven by Polestar 3 and 4 models. Despite delivery momentum, PSNY reported a $1.1B gross loss in 2025, losing ~$18,000 per vehicle, with negative gross margins persisting year-over-year. Forward guidance implies low double-digit delivery growth for 2026, but continued gross margin pressure could result in ~$20,000 loss per vehicle this year.