Polestar reported on Thursday record sales for the first four months of 2022 with vehicle sales more than doubling to approximately 13,600 and the company’s order take more than tripling to nearly 23,000 year over year. “We promised growth and we are delivering on that promise,” Thomas Ingenlath, Polestar CEO said.
Although, Polestar reduced 2022 guidance from 65,000 units to 50,000 due to the “prolonged government COVID-19 lockdowns in China during the first half of 2022”.
Since the beginning of the year, Polestar expanded to 4 new markets increasing its global presence to 23 markets, seven away from its target of 30 markets in aggregate by the end of 2023. As reported by EV, Polestar confirmed that Spain and Portugal are the next markets followed by Israel and Italy later in 2022.
Recently, Polestar has announced a global partnership with the car rental company Hertz to supply 65,000 cars over the next five years.
“While exceptionally strong order-take shows Polestar’s ability to achieve its 2022 target of 65,000 vehicle sales, the company is facing supply chain constraints that continue to challenge the whole of the auto industry.
“The reduction for 2022 is 100% attributable to the lockdowns in China. Polestar, along with its partners Volvo Cars and Geely, continues to actively manage these ongoing supply chain challenges, as it did in 2021 when the company delivered approximately 29,000 vehicles. Through an implementation of a rapid response plan, including an accelerated introduction of a second production shift at the factory, Polestar plans to recover some of the production loss it has suffered later in the year and remains confident it will deliver its targeted sales volumes for 2023 through 2025,” the company stated.
“The fundamentals driving the growth in sales of electric cars remain in place and the momentum is stronger than the uncertainties we are witnessing right now. Any short- to medium-term economic effects have not dented our goal of selling 290,000 cars in 2025 – 10 times more than we sold in 2021,” continues Thomas Ingenlath.
BE THE FIRST ONE TO GET THE NEWS
“We believe our future growth will be further accelerated by our entry into the lucrative SUV market later this year with the world premiere in October of the long-awaited Polestar 3 electric performance SUV. Polestar 3, which will be manufactured in the US and China, will stand out amongst other SUV offerings and boost our strong growth trajectory to take us into our next phase.”
The SUV market is one of the highest growth and margin segments in the automotive industry, especially in the United States. Customers should be able to order Polestar 3 on the day of the premiere in October.
Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022.
The EV maker released on Tuesday its 2021 Annual Review and Sustainability report where it highlighted progress towards its ambitious climate goals. In 2021, Polestar reduced greenhouse gas-emissions per car sold by 6 percent through its focus on increased efficiency and use of renewable energy.
“As we look to the future, I can’t help but feel excited about the opportunities that lie ahead. We have announced our intention to list on Nasdaq New York in a proposed business combination with Gores Guggenheim, Inc. In February we revealed an exciting concept car, the Polestar O2, an electric roadster. The reception we received from the press and the public was overwhelming! And just last month we announced a global, strategic partnership with Hertz for purchasing up to 65,000 Polestar cars over five years. The partnership will bring the amazing experience of driving an electric car to a wider audience. For many people it may be the first time they try an EV, and it will be a Polestar,” CEO said. Check Ingenlath’s statement here.
Last week, the company unveiled that the rating of its model Polestar 2 has been upgraded to ‘Good’ in the latest round of Assisted Driving (AD) gradings by Euro NCAP. Previously, in late 2021, the recognised leading safety testing institution rated the model’s AD as “moderate”. Since then, Polestar launched an Over-the-Air (OTA) software update that addressed “non-critical concerns raised by the organisation when originally tested”, the EV maker said.
Recently, Polestar Head of Sales and Business Operations in Ireland unveiled that just received the first units of Polestar 2. On April 3, the company announced that had arrived Ireland with its Polestar 2 model with a starting price of €54,500 as global expansion continues. Polestar also unveiled a four-week roadshow running from May 9th, starting in Dublin and moving on to Irish cities of Kilkenny, Cork and Galway.
The company recently announced that its model Polestar 2 is being updated with new solutions connected to climate impact and transparency, along with design detail and specification updates that allow for new visual expressions and improved efficiency.