Polestar reports third-quarter worldwide volumes and reaffirms full-year projection.
Polestar reaffirms full year production for the Polestar 2, production rates increase 100% year-on-year.
Polestar Automotive Holding ($PSNY), a Swedish-based electric vehicle manufacturer, delivered roughly 9,215 automobiles in the third quarter of 2022, bringing the total year-to-date to nearly 30,400 cars for the first nine months of 2022, a 100% year-on-year increase.
Polestar began as Volvo's in-house tuning business. They have branched off with the help of Chinese automotive behemoth Geely Motors. Polestar has only produced and released two models at this time. The Polestar 1 was a luxury plug-in hybrid coupe that started at $155,000. Later, they released the Polestar 2, a premium completely electric fastback with a starting price of slightly more than $48k. Polestar has since revealed the following vehicles. The Polestar 5 is a four-door hatchback. The Polestar 3, billed as an “aerodynamic performance electric SUV.” Finally, The Polestar O2, a 2+2 electric roadster concept that was unveiled in early 2022 and afterwards released for reservations.
The company states that following Covid-19 difficulties in China earlier this year, a subsequent ramp up in production has led to much improved production rates. The firm intends to fulfill its 50,000 worldwide volume targets for 2022 by delivering the remaining cars in the fourth quarter.
Polestar CEO, Thomas Ingenlath stated the following in a press release.
“We needed to catch up on production after Covid-19 related setbacks in China and we have. The majority of Polestar 2 cars set for delivery in Q4 are ready and making their way to our customers in 27 markets around the world, with the fourth quarter set to be our strongest on record yet. I am confident we will meet our target of 50,000 cars for this year,”
How does Polestar Compare To Other EV Manufacturers?
With reports of Q3 produced and delivered vehicles slowly revealing how other EV manufactures are fairing, you can clearly see some differences in production numbers.
Tesla
For example, Tesla released their Q3 production totals for 2022. Tesla was able to produce 365,923 vehicles in the third quarter of this year, while delivering 343,830 vehicles.
Compare this to the previous year, when Tesla manufactured 237,823 vehicles and delivered 254,695. In the second quarter of 2022, the electric car manufacturer manufactured 258,580 vehicles and delivered 254,695 vehicles.
Ford
It is obvious that Tesla has had a massive head start when it comes to EV production, when you compare what other legacy manufacturers. Another example is Ford with producing the Mustang Mach-E. I was able to find a report that stated that in September, Ford sold 2,324 Mach-Es, a 47% increase over the previous year, bringing the total to 28,089 by 2022.
KIA
Kia America reported a record third-quarter sales quarter, fueled by considerable EV sales increase. Kia America increased overall sales by 6.3% and EV sales by 41% compared to September of the previous year. Kia sold 1,440 Kia EV6s in September, bringing the year-to-date total to around 17,564. Keep in mind that these numbers are only for Kia America, obviously worldwide numbers would be different.
