Polestar ($PSNY) said the U.S. has denied authorization for the company to sell 2027 model-year vehicles in the country, effectively preventing new Polestar models from entering the U.S. market. The Swedish EV maker, majority-owned by China's Geely Holding, said it will continue selling existing Polestar 3 and Polestar 4 inventory in the U.S. while shifting its long-term growth strategy toward Europe.
- Polestar said the restriction applies to 2027 model-year vehicles and beyond.
- The company will continue selling existing Polestar 3 and Polestar 4 inventory and maintain its U.S. service network.
- About 94% of first-quarter vehicle sales came from markets outside the U.S.
- Polestar plans to manufacture its upcoming Polestar 7 SUV in Europe as part of its regional strategy.
- Shares fell more than 6% in premarket trading following the announcement.
- Recent filings also show Polestar Chairman Winfried Vahland purchased 6,700 shares on June 1 for roughly $132,000, increasing his holdings by 27%. Additional insider activity is available here.
Relevant Companies
- Polestar ($PSNY) – Faces the loss of future U.S. vehicle sales beginning with the 2027 model year.
- Tesla ($TSLA) – May benefit from reduced competition in the U.S. electric vehicle market.
- General Motors ($GM) – Domestic automakers could benefit as U.S. restrictions tighten on China-linked EV manufacturers.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
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