Swedish EV startup Polestar reported on Thursday a 95% jump in revenue to $1.04 billion from the first half of the year when compared to the first six months of 2021.
In addition, Polestar CEO Thomas Ingenlath said the company is “poised for a period of rapid growth” while confirming the production guidance of 50,000 vehicles for this year. The result represents 28,815 vehicles delivered in the second half of the year, up from 21,185 in the first six months.
The company added that vehicle deliveries will be “weighted towards the fourth quarter, following disruptions from COVID-19 in China” and that “vehicle price increases and active cost management will help mitigate some of the impact on gross profit”.
“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,” Ingenlath commented.
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Polestar reported an increase on operating losses to 520.5 million (up 143%) mentioning the “continued investment in the commercial expansion of the business” and also the one-time share-based listing charge of 372.3 million incurred upon the merger with Gores Guggenheim, Inc.
Selling, general and administrative expenses increased by 60% to 167.9 million, or 60% due to “rapid commercial expansion, with Polestar increasing its global presence significantly during the period”, the company said.
Earlier this week, the company said its recently announced Polestar 6 sold out the 500 units of the ‘LA Concept edition’ in one week. The company plans to open reservations on build slots for regular versions later this year.
On August 16, the automaker said it will bring the electric Roadster concept into production with the market launch scheduled for 2026 opening the reservations opened on the same day. To reserve the $200,000 roadster, the company asked for $25,000 warning that the final price could change until the production phase.
Amid the launch, the CEO said the company “took the decision to put this stunning roadster into production” adding that the model “is a perfect combination of powerful electric performance and the thrill of fresh air with the top down.”