Polestar, Volvo’s electric car doubles sales and sales but loses

Revenues and shipments increase but so do losses for Polestar Automotive Holding in the first half. The 100% premium electric car house, listed on the Nasdaq and owned by Volvo Cars in turn controlled by China’s Geely, recorded revenue of $1.04 billion (+95%) against 21,185 vehicles delivered (+123% ), compared to 9,510. in the first half of 2021. The operating loss was equal to 520.5 million dollars (+143%) due to investment for commercial development and one-time cost, paid in shares, for the merger with Gores Guggenheim completed by listing .

For 2022, Polestar expects to reach its goal of selling 50,000 cars, but the shipment data will be updated until the end of the fourth quarter to take into account the Covid lockdown in China. In terms of products, the company confirmed the launch of the Polestar 3 electric SUV in October in Copenhagen and the Polestar 6 LA roadster in 2026, the first 500 of which have already been reserved.

“We made great progress in the first half of 2022, doubling revenue and volume, and successfully listed on the New York Nasdaq Stock Exchange. Additionally, we maintained strong momentum in our global order intake and expect to deliver 50,000 vehicles per our customers this year. , meeting our sales guidance for 2022. With several game-changing vehicles on the way, Polestar is poised for a period of rapid growth,” said Thomas Ingenlath, CEO of Polestar. (All rights reserved)