Polestar global sales up 100% in Q3 YTD, revenue up 98%

Brett Davis

Polestar has reported its third quarter results for 2022, with sales up around 100 per cent for the first nine months of this year compared with last year.

Global Polestar sales (technically deliveries) topped 30,424 units in the first nine months of this year, up 100.4 per cent from 15,178 units in the same period last year. In fact, the current figure means it has already surpassed the total 2021 year of sales, which was 28,677 units.

That’s particularly impressive considering Polestar is still a relatively new brand following its formation under Geely and Volvo Cars in 2017. It currently operates in 27 global markets with only 128 retail outlets and 1033 service locations. Polestar is on track to hit 50,000 global sales for the complete 2022 year, meaning a new record for the business.

For the third quarter specifically, Polestar’s revenue increased 105 per cent from US$212.8 million in the third quarter of 2021, to US$435.4 million this year. Across the nine-month period, revenue jumped 98 per cent to US$1.476 billion.

In Australia, sales have been just as successful. Keeping in mind it currently sells just one model, the Polestar 2. According to VFACTS figures, the company has sold 779 units in the first nine months of this year (through September), with 217 of those in the third quarter alone.

Polestar will launch the Polestar 3 SUV in some markets next year, with an Australian introduction not likely until 2024. It’s expected to be a popular model as well.

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