Underdog EV Manufacturer, Polestar, Sales skyrocket In First Half Of The Year.
Polestar(PSNY) has reported a 125% increase in sales the first half of 2022. They say they are on track for the remainder of the year.
Polestar(PSNY) has reported a 125% increase in sales the first half of 2022. They say they are on track for the remainder of the year.
The Swedish company, which listed on the Nasdaq New York stock exchange in late June, delivered approximately 21,200 cars in the first six months of 2022, more than doubling deliveries from 9,510 cars in the same period in 2021 – an increase of almost 125%.
In May, Polestar had reduced the projected production numbers by 15,000 units, citing the COVID-19 lockdowns in China.
Global order take rose to 50,000 since the start of 2022, up more than 350% year-on-year, as the company continues to see strong customer demand as well as booking the first portion of Hertz orders. With this strong performance, Polestar reaffirms its full year target of delivering 50,000 cars.
Since then Polestar has introduced a second shift to the production factory in an attempt to reach the aforementioned numbers.
[Polestar] is now pushing on with the introduction of a second shift in the factory in order to recover some of the production lost earlier in the year, clearing the path for future growth.
About 29,000 vehicles were sold by Polestar last year, and the company expects a tenfold increase to 290,000 in 2025. The Polestar 3 was announced at the beginning of June. This appealing new electric SUV is Polestar's third model, and orders will be taken when it makes its formal premiere in October. The Volvo Cars facility in South Carolina will produce the Polestar 3.
Polestar 3 will stand out amongst other SUV offerings and boost our growth trajectory. It also represents the expansion of our manufacturing footprint into the United States as we become even more global. It is an important next step towards our goal of selling 290,000 cars in 2025 – ten times more than we sold in 2021... --Thomas Ingenlath.
I feel fortunate that I was a part of the increased sales. I have owned my Long Range Polestar 2 with Pilot Package for a few months now. Furthermore, I am very pleased with my purchase and look forward to the advancements in the future.
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