Polestar can double e-car sales

The e-car brand Polestar has presented its latest quarterly figures.

According to reports, the Swedish-Chinese company delivered a good 9200 vehicles in the third quarter of 2022, bringing the total for the current year to around 30,400 vehicles. For the first nine months of 2022, this means an increase of 100 per cent compared to the previous year.

A recent increase in production following Corona-related disruptions in China earlier this year has led to significantly higher production rates of late, Polestar said in a recent statement. Polestar still expects to meet its global volume target of 50,000 vehicles for 2022.

"We needed to catch up on production after setbacks related to Covid-19 in China, and we have done that. The majority of Polestar 2 vehicles scheduled for delivery in the fourth quarter are ready and on their way to our customers in 27 markets around the world, with the fourth quarter set to be the strongest yet. I am confident that we will reach our target of 50,000 cars for this year," said Thomas Ingenlath, CEO of Polestar.

Polestar's revenue in the third quarter of 2022 was just over €420 million, double that of the same quarter last year when the company took in just over €206 million. Polestar has also been able to almost double its turnover for the year to date, from 723 million euros in the previous year to 1.43 billion euros (plus 98 per cent) in 2022.

However, this is also offset by high net losses, which amounted to a good 289 million euros in the third quarter and were thus roughly at the same level as in the same quarter of the previous year (292 million euros). The operating loss fell in Q3/2022 to 189 million euros instead of 292 million euros in the same quarter of the previous year. For the year as a whole, however, the operating loss has increased by 64 per cent so far. According to Polestar, this is due to investments in growth and the almost 360 million euros in one-off costs for the IPO in the summer.