Polestar's Strong Q4 Brings Global Volume to 51,500 Cars, Setting the Stage for Even Greater Growth in 2023
In the fourth quarter of 2022, Polestar, the electric vehicle (EV) brand under the Volvo Cars Group, delivered approximately 21,000 vehicles to customers worldwide, bringing the estimated global volume for the full year to 51,500 cars. This represents a significant increase of 80% compared to the previous year and surpasses the brand's global volumes target for the year. With this impressive performance, Polestar is now looking toward the future and plans to continue this growth trajectory in 2023.
According to Polestar CEO, Thomas Ingenlath, the brand expects global volumes to rise by nearly 60% to approximately 80,000 cars in 2023. This is driven by the strong sales of the Polestar 2, an all-electric fastback that has received positive reviews for its design, performance, and technology, as well as the first deliveries of the Polestar 3, the brand's first electric SUV. The Polestar 3 will be based on the same platform as the Polestar 2 but will feature a slightly larger and taller body, as well as a more advanced electric powertrain and technologies.
I’m proud of the many milestones we achieved in 2022 and in particular the massive team effort that went into delivering our strongest quarter to date. We are now fully focused on 2023. There will be the usual quarterly variations, but I’m confident that we will continue to actively manage our supply chain to meet the growing demand for Polestar 2, commence first deliveries of Polestar 3 and launch Polestar 4 --Thomas Ingenlath
In addition to the launch of new models, Polestar also plans to continue to innovate in the areas of performance and technology. In December, Polestar released an affordable performance software upgrade for the Long-range Dual motor Polestar 2 in North America, raising the vehicle’s power output by 68 horsepower to a total of 476 hp. This upgrade is a testament to the brand's commitment to offering customers an ever-evolving driving experience.
Polestar also announced that it will be the first automaker to introduce Google’s new high-definition mapping technology to its vehicles. Google's new mapping technology is designed specifically for use in vehicles and utilizes real-time data to improve navigation. This will be a major benefit to Polestar customers and will give them an even more enjoyable and efficient driving experience.
As Polestar continues to grow, the brand plans to release its unaudited preliminary estimates of its financial results for the year ending December 31, 2022, on Thursday, March 2, 2023, before the market opens in the United States. This will give investors and industry analysts a glimpse into the brand's financial performance and will provide valuable insight into the direction of the company.
In conclusion, Polestar's impressive performance in 2022 and plans for 2023 demonstrate the brand's commitment to innovation, customer satisfaction, and growth. With the launch of new models and the introduction of cutting-edge technologies, Polestar is well-positioned to continue to disrupt the automotive industry and drive sustainable mobility forward.