Swedish electric car company Polestar (NASDAQ: PSNYW) is reaffirming its 50,000 vehicle delivery goal for 2022 following a substantial increase in sales year-over-year. Polestar announced it had experienced a 125 percent growth in deliveries in the first half of 2022 compared to the same time frame in 2021.
Polestar said it delivered 21,200 cars in the first half of 2022, a significant increase from the first half of 2021 when the company only delivered 9,510 units. The significant increase can be attributed to Polestar’s increased production output, as well as an increase in consumer interest in electric vehicles, which has seen tremendous growth over the past year due to soaring gas prices.
Polestar is also seeing an increase in orders for its vehicles, which only incites thoughts that the company will see even more growth in the second half of 2022. “It is great to see that the number of enthusiastic Polestar 2 customers is growing so quickly,” CEO Thomas Ingenlath said. “I am very confident that the strong momentum we have seen this year in brand awareness and sales figures will accelerate powerfully in the coming years as more ground-breaking cars are revealed.”
The year-over-year growth also was catalyzed by an expansion of the company’s overall footprint and global presence. Polestar expanded to six new countries in the first six months of the year, now available in 25 markets worldwide. Retail locations have also expanded from 103 to 125 globally, and there are thirty more expected to open by the end of the year. “This increased retail presence drove the number of test drives up by over 210%, a key indication of growing consumer interest in the brand,” the Polestar press release.
Polestar’s entry into the SUV segment will be the company’s next major global launch as the Polestar 3 will come out in October. The premier is scheduled for October 3, and customers will be able to order units on the day of the event. “Polestar 3 will stand out amongst other SUV offerings and boost our growth trajectory,” Ingenlath said. “It also represents the expansion of our manufacturing footprint into the United States as we become even more global. It is an important next step towards our goal of selling 290,000 cars in 2025 – ten times more than we sold in 2021.”
Keyword: Polestar reaffirms its 50k delivery target after substantial YoY growth in sales