The New Jersey dealer is seeking at least $25 million in damages after the Chinese-owned automaker's exit from the U.S.
The automaker's exit from the U.S. market comes as several dealers hoped for retail expansion.
When Ryan Rodriguez landed a great deal on a model year 2024 Polestar earlier this month, he did not anticipate the brand would soon be in trouble in the United States.
Regulators are putting the kibosh on sales of the automaker's upcoming EV models because of its ties to China.
Polestar says the Trump administration is forcing it to stop selling EVs in the U.S. starting with the 2027 model year under connected vehicle rules.
A government rule prohibiting Chinese software in cars resulted in Polestar bowing out of the U.S. market.
Swedish electric vehicle manufacturer Polestar, owned by Chinese automotive giant Geely, will no longer be able to sell its new cars in the U.S. market, the company said on Thursday, as the Trump administration's Department of Commerce refused to authorize the company to do so.
Polestar Automotive Holding UK NASDAQ: PSNY reported higher first-quarter 2026 vehicle volumes but a wider loss, as management said pricing pressure, tariffs and seasonality offset cost-cutting efforts in a more difficult electric vehicle market.
Many American investors overlook the name Polestar, but the company has a unique background and intriguing advantages.
Polestar reported Q4 revenues of $887M, up 54% YoY, beating estimates, but results continue to fall short of original growth targets. Gross margins remain very negative on a GAAP basis, with the Q4 net loss at nearly $800M despite improvement. Despite significant dilution so far in 2026, the debt-heavy balance sheet remains the biggest negative here.
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.
Polestar Automotive Holding UK PLC (PSNY) Q4 2025 Earnings Call Transcript