With more models on the way, the EV brand looks to expand in a short period of time.
- Polestar recorded revenues of $1.04 billion in the first six months of 2022, compared to $534.8 million in the same period of 2021, representing 95% growth year over year.
- The automaker is getting ready to debut the Polestar 3 SUV, which will be built in the US and will be the brand’s second battery-electric model.
- The Polestar 4 is slated to follow in 2023, giving the brand another relatively large model that will also be built stateside.
The Swedish EV maker is now in the midst of its second full year of Polestar 2 production and sales, with the sedan about to be joined by Polestar 3 in a matter of months. The addition of the SUV model is set to give the brand its biggest boost to date after the launch of its first electric model, which occurred in the early months of the pandemic and was thus overshadowed by industry disruptions.
The Polestar 3, which will be built in South Carolina alongside Volvo models, will have its world premiere in October, with sales slated to start in mid-2023 in the US.
“With this car, we bring the ‘sport’ back to the SUV, staying true to our performance roots,” said Thomas Ingenlath, Polestar CEO. “This is a major milestone for our company, one that boosts our growth trajectory and takes us into our next phase.”
But just how is the company itself doing in the meantime, with all of its sales reliant on a single electric model? Polestar revealed that in the first six months of 2022 it saw revenues of $1.04 billion, compared to $534.8 million in 2021, representing 95% growth year over year or a jump of $506.1 million.
While that sounds positive, the EV maker also noted its selling, general, and administrative expenses increased 60%, or $167.9 million during that time, which it attributed to the brand’s rapid commercial expansion. Likewise, Polestar’s operating loss increased by 143%, or $520.1 million, with most of that attributed to a one-time share-based listing charge of $372.3 million, following its SPAC with Gores Guggenheim Inc. Gross profit during this time grew to $53.4 million, representing a 17% increase.
The Polestar 3 will be revealed in full this October, ahead of the expected start of sales in 2023.
Polestar
The EV maker also delivered 21,185 cars globally in the first half of 2022, representing a 123% increase compared to this period in 2021, with the company aiming for 50,000 units by the end of the year. So Polestar is still dwarfed by a number of other EV makers, even as it works to build out its lineup.
“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,” Ingenlath said. “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.”
Polestar noted that in June of this year it began delivering the first of some 65,000 cars ordered by rental giant Hertz, which are expected to boost its delivery numbers in the coming years.
The EV maker is now poised to expand from a one-EV lineup to a three-EV lineup in the span of about a year, with the Polestar 4 set to follow the 3. But there are still some growing pains to suffer through as the automaker diversifies its lineup.
Jay Ramey Jay Ramey grew up around very strange European cars, and instead of seeking out something reliable and comfortable for his own personal use he has been drawn to the more adventurous side of the dependability spectrum.
Keyword: Polestar Doubles Revenue in First Half of 2022