Polestar’s revenue for the first six months of 2022 has risen a staggering 95 per cent compared with the same period last year, growth the premium Swedish brand puts down to commercial expansion into new markets and sales of the Polestar 2.
Polestar, the premium all-electric sister brand to Volvo, states that vehicle sales in the first half of 2022 rose to 21,185, the majority of which derived from the Polestar 2, one of only two EVs currently available on the brand’s range (the other being the halo ‘electric performance hybrid’ 1 launched in October 2017). This more than doubles the 9,510 sales Polestar made in the first six months of 2022.
In response, Polestar has now re-affirmed its target to deliver 50,000 cars by year’s end, albeit with deliveries expected to be “weighted towards the fourth quarter.” Sales of the new Polestar 3 are also expected to begin later this year following the electric crossover’s world premiere in Copenhagen in October.
This 50,000 figure is, admittedly, a reduction from Polestar’s original 65,000 target, which was cut by 15,000 earlier this year in May “following disruptions from COVID-19 in China.” With four new cars expected to be launched across the next five years, brand CEO Thomas Ingenlath has stated his intention to increase production tenfold by 2025.
“We made important progress in the first half of 2022 as we doubled revenues and volume, and successfully listed on the Nasdaq stock exchange in New York,” Polestar CEO Thomas Ingenlath, explains. “In addition, we maintained strong momentum in our global order take and expect to deliver 50,000 cars to our customers this year, meeting our 2022 sales guidance. With several ground-breaking cars to come, Polestar is poised for a period of rapid growth.”
Increased sales of the Polestar 2 are part of a 95 per cent total revenue increase to US$1,041.3 million for the first six months of 2022, thanks also to expansion into six new markets since the start of the year including the United Arab Emirates, Kuwait, Hong Kong, Ireland, Spain and Portugal.
One other notable figure is the US$885.2 million operating loss, a 143 per cent increase compared with US$364.7 million from the same period last year. Polestar puts this down to “continued investment in the commercial expansion of the business” as well as “a non-recurring, non-cash, share-based listing charge” to merge with Gores Guggenheim, Inc.
Alongside its financial report, Polestar has also confirmed that the first 500 build slot reservations for the Polestar 6 have been reserved online. The Polestar 6 LA Concept made its global debut at the recent Monterey Car Week, with production plans for the convertible quickly being greenlit in the face of an “overwhelming response” upon its conceptual debut as the Polestar O₂. Online reservations will be opened later this year once the ‘500 LA Concept’ launch editions have been built.