Swedish automotive company Polestar has reported revenue worth $1,041.3 million in the first six months of 2022 –an increase of 95% year-on-year. Gross profit for the firm has nearly doubled to $53.4 million, from $35.8 million at the same time last year, as the result of higher sales of Polestar 2, although partially offset by product and market mix.
The NASDAQ-listed firm delivered 21,185 cars in the first half of the year, compared to 9,510 for the same period in 2021.
Cash and cash equivalents of $1,381.6 million as of June 30, 2022, are up more than 80% since the end of 2021, following a successful listing on in New York.
Announcing the results, Thomas Ingenlath, Polestar’s CEO said: “We maintained strong momentum in our global order take and expect to deliver 50,000 cars to our customers this year, meeting our 2022 sales guidance. With several ground-breaking cars to come, Polestar is poised for a period of rapid growth.”
Since the start of 2022, Polestar has added six new markets including United Arab Emirates, Kuwait, Hong Kong, Ireland, Spain, and Portugal. Its operating loss, however, increased by $520.5 million, or 143%, reflecting continued investment in the commercial expansion of the business and a one-time share-based listing charge of $372.3 million incurred upon the merger with Gores Guggenheim.
Outlook for 2022
For the remainder of the year, the electric carmaker expects to deliver on its full-year target of 50,000 cars. Vehicle deliveries will be weighted towards the fourth quarter, following disruptions from COVID-19 in China, Polestar has warned.
The company assumes the effects from product and market mix to continue alongside foreign exchange and input cost inflation. Vehicle price increases and active cost management will help mitigate some of the impacts on gross profit.
A subsidiary of Volvo Cars, Polestar’s electric performance SUV, Polestar 3 is scheduled for its world premiere in October 2022 in Copenhagen. The company aims to publish its Q3 2022 financial results on November 11, 2022.