Polestar Reports 125% Increase in Electric Car Sales, Becomes Low-key Success in EV Space

Polestar reports a 125% increase in electric car sales in the first half of 2022. The small automaker spun off from Volvo is becoming a quiet success in the electric vehicle space.

After relaunching Polestar as a separate, electric brand in 2017, the company got off to a somewhat awkward but interesting start by unveiling its first vehicle, the Polestar 1.

The car turned out to be a very expensive plug-in hybrid, which quickly seemed obsolete when the automaker announced that it would put an all-electric “Tesla Model 3 competitor” into production a year later and only deliver all-electric vehicles. electricity in the future. .

It wasn’t the media calling it a Model 3 competitor, it was the company itself, which is a pretty rare thing to do.

However, things did not turn out that way. The Polestar 2 turned out to be a good electric car, but it came late and at a higher price than Tesla’s Model 3.

Nevertheless, Polestar is starting to see significant success as the electric vehicle program is in full swing.

Today, the company announced its second quarter 2022 delivery results and confirmed deliveries increased 125% to 21,200 units in the first half of 2022:

The Swedish company, which was listed on the Nasdaq New York Stock Exchange in late June, delivered around 21,200 cars in the first six months of 2022, more than double deliveries of 9,510 cars in the same period in 2021, an increase of nearly 125%.

Demand is also still strong with an order book of 50,000 – although it’s unclear how Polestar accounts for the order for “up to 65,000” vehicles from Hertz that it received earlier this year.

Here is what he wrote in a press release today:

The number of global orders has risen to 50,000 since the start of 2022, up more than 350% year-on-year, as the company continues to see strong customer demand and book the first part Hertz commands. With this strong performance, Polestar reaffirms its annual delivery target of 50,000 cars.

Polestar CEO Thomas Ingenlath commented on the results:

It’s great to see that the number of enthusiastic Polestar 2 customers is growing so quickly. I am confident that the strong momentum we have seen this year in brand awareness and sales figures will powerfully accelerate in the years to come as groundbreaking new cars are revealed.

The increase can be partly explained by the fact that Polestar has expanded its retail presence from 103 to 125 stores worldwide, with around 30 more expected to open by the end of 2022. It now operates out of 25 markets around the world, compared to 19 at the start. of the year.

In terms of producing to meet demand, Polestar notes they could have done better, but COVID-19 lockdowns in China slowed their production in the first half.

Now, Polestar’s next phase of growth will come through the Polestar 3, an electric SUV, which will be released in October.

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