Polestar Automotive (PSNY) is having a moment. The Swedish EV maker just wrapped up its best year ever, posting 2025 retail sales of 60,119 vehicles compared to 44,851 in 2024. That's a 34% jump, which is particularly impressive when you consider the broader EV market has been, let's say, less than enthusiastic lately.

Fourth Quarter Momentum

The fourth quarter alone brought in 15,608 vehicle sales, marking a 27% increase from the same period in 2024. CEO Michael Lohscheller didn't hold back in celebrating the achievement: "For retail sales volumes, 2025 has been the best year ever for Polestar, despite continued external headwinds and challenging market conditions."

He added that the company is actually taking market share from established brands across key European markets, which he credits to expanding their sales network by over 50% this year, an attractive lineup of models, and what sounds like some serious hustle from the team.

Strong Nine-Month Performance

Back in November, Polestar reported that retail sales through the first nine months of 2025 reached approximately 44,482 vehicles, a 36.5% year-over-year increase from 32,595 units during the same stretch in 2024. Europe was particularly strong, driven by solid demand and a compelling model range.

Revenue for that nine-month period climbed 48.8% to $2.17 billion. The growth came from higher sales volumes, their premium models (specifically the Polestar 3 and 4), and a nice $123 million boost from carbon credit sales. Of course, not everything was sunshine. Market pricing pressure and residual value costs in North America ate into some of those gains.

Banking on New Capital

In December, Polestar announced that Banco Bilbao Vizcaya Argentaria (BBVA) and NATIXIS were each putting in $150 million for a combined $300 million equity investment. Both banks negotiated put option agreements with a Geely Sweden Holdings subsidiary, giving them an exit strategy in three years with specified returns. It's a structured deal that provides Polestar with capital while giving the banks some downside protection.

Price Action: PSNY shares were trading down 0.45% at $22.10 in premarket action on Friday.