Polestar Did Pretty Good For The First Half of 2022

In a recent press release, Polestar announced that it had some pretty good numbers for the first half of 2022. Deliveries of vehicles were up 125%, and the company has a long list of people with orders in.

“It is great to see that the number of enthusiastic Polestar 2 customers is growing so quickly,” says Polestar CEO Thomas Ingenlath. “I am very confident that the strong momentum we have seen this year in brand awareness and sales figures will accelerate powerfully in the coming years as more ground-breaking cars are revealed.”

During the first six months of 2022, Polestar expanded its global presence from 19 to 25 markets and added nearly 30 more retail shops around the world, suggesting significant consumer demand for the brand. The number of test drives increased by over 210% as a result of this increased retail presence, which is an indicator of increasing consumer interest in the brand.

Interest and operations in new markets are one thing, but sales are another. The Swedish firm, which debuted on the Nasdaq New York stock market in late June, has already delivered approximately 21,200 vehicles through the first six months of next year, compared to 9,510 cars during the same period last year — an increase of almost 125%. So Polestar is not just talking the talk here. It’s getting results.

Polestar also wants us to know that since the start of 2022, cumulative worldwide purchases have increased by almost 350%, as the firm has seen strong consumer demand, including orders from Hertz. This number looks impressive, but when we consider the supply chain and deliver issues every automaker is facing, getting orders is partly a matter of demand and partly because cars can’t get delivered. But, getting people to order who would otherwise drive off the lot does show increased interest.

With these numbers, Polestar says its guidance for 2022 is on track, and reaffirms this to investors.

Next up for Polestar will be the global debut of the electric performance SUV, Polestar 3, in October. The SUV market is one of the most dynamic and profit-generating sectors in the automobile business, particularly in the United States. Customers may expect to be able to purchase Polestar 3 on the day of its premiere in selected markets.

“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,” Ingenlath said.

Polestar is a Swedish company that designs and builds electric vehicles. Polestar’s headquarters are in Gothenburg, Sweden, and its automobiles are now on the road in European, North American, Chinese, and Asian Pacific countries. By 2023, Polestar aims to have its cars available in 30 distinct markets. In China, Polestar is a joint venture between Volvo Cars and Geely Holding.

Polestar has produced two electric performance cars. The Polestar 1 was built between 2019 and 2021 as a low-volume electric performance hybrid GT with a carbon fibre body, 609 hp, 1,000 Nm and an electric-only range of 124 km (WLTP) – the longest of any hybrid car in the world at the time. The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. The Polestar 2 model range includes three variants with a combination of long- and standard range batteries as large as 78 kWh, and dual- and single-motor powertrains with as much as 300 kW / 408 hp and 660 Nm.

Featured image by Polestar.