Polestar’s sales rise by more than 100 per cent in first half of 2022
Gross profit has increased by 49 per cent, too.
Polestar has posted a gross profit increase of almost 50 per cent in the first six months of 2022 as the Swedish brand continues to experience a huge rise in sales.
Polestar sold 21,185 cars globally during the first half of 2022, an increase of 123 per cent on the 9,510 models it sold during the same period in 2021.
Reflecting this increase, turnover also saw a significant boost, with Polestar posting a year-on-year rise of 95 per cent to $1.04bn (£900.4m). It ended the first half of the year with a gross profit of $53.4m (£46.2m) but reported an operating loss of $885.2m (£766.3m).
Thomas Ingenlath, Polestar CEO, said of the results: “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.
“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 currently operates 125 locations and 934 service points across the globe, up 22 and 123 respectively since the end of 2021. It expects to fulfil its target to deliver 50,000 cars by the end of the year, with deliveries weighted towards the fourth quarter of the year as coronavirus-related disruptions in China ease.
Polestar recently announced that it would be putting its electric roadster concept into full production as the Polestar 6, with an initial run of 500 Polestar 6 LA Concept edition cars sold within a week of the car’s public reveal. The firm’s upcoming Polestar 3 SUV is expected to debut in October this year in Copenhagen.
