Polestar reports success in H1 2022 results

Worldwide
Published:  14 July, 2022
Credit: Polestar

The electric performance automotive company has announced its financial results for the first half of 2022.

Polestar, which was established by Volvo Cars and is owned by Geely, delivered around 21,200 cars in the first half of the year, more than doubling its 2021 result.

Global order take has risen to 50,000 since the start of 2022, an increase of more than 350% year-on-year, and the company reports confidence in its full-year target of 50,000 cars delivered. After initially stating that it was not going to offer leather as an interior option the company reversed its decision and leather is now available an interior material option across its range.

Polestar also expanded from 19 markets to 25 during the first six months of 2022, with retail locations increasing from 103 to 125 globally, and another 30 expected before the end of the year. The company also said that it is pushing on with the introduction of a second shift in its Chinese factory to recover production lost as a result of recent Covid-19 restrictions.

The next step for Polestar will be its launch of an electric performance SUV, the Polestar 3, in October, its first in the SUV segment.

Polestar CEO Thomas Ingenlath said: “It is great to see that the number of enthusiastic Polestar 2 customers is growing so quickly. 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.

“Polestar 3 will stand out among 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 – 10 times more than we sold in 2021.”