Luxury electric vehicle maker Polestar credits new federal tax rules on EVs with lifting its leasing business.
Polestar North America CEO Gregor Hembrough said lease volume on the Polestar 2 fastback ticked 3 to 4 percentage points higher in mid-March than in February. He attributes it to a "very competitive" 36-month lease offer that includes the $7,500 commercial clean vehicle tax credit now available on EV leases.
The Polestar 2 lease starts at $469 a month, down from $529 in February.
"We're starting to see indicators that consumers are going back to leasing in the EV segment," Hembrough told Automotive News.
Leases account for 60 percent of Polestar 2 deliveries, up from 40 percent a year ago.
Historically a growth engine for luxury automakers, leasing has slowed since the pandemic and supply chain challenges cratered inventories and factory incentive spending.
Edmunds' data shows luxury new-vehicle lease penetration plummeted to 26 percent in the fourth quarter of 2022 compared with 53 percent in the same quarter of 2019, pre-COVID.