Polestar revenue up 95% to $1b in H1 2022, sales up 123%

Alexi Falson

Polestar has published its financial results for the first six months of 2022, reporting strong growth for both its retail sales and revenue figures, the latter of which have jumped by 95 per cent over the same point last year.

All up, Polestar has managed to deliver 21,185 vehicles to customers in the first six months, which is a 123 per cent increase over the 9510 vehicles it delivered in the same point last year.

This resulted in a 95 per cent increase for Polestar’s revenue figures, jumping from $534 million in the first half of 2021 to $1.041 billion in H1, 2022, with gross profit figures rising from $499 million to $987 million.

The company says that the impressive results were no doubt driven by the Polestar 2, which has seen strong order numbers from private buyers and large rental fleets like Hertz, as well as its expanding retail footprint.

In the past six months, Polestar has added six markets to its reach, adding 22 locations and 123 service points to the network that now totals 125 retail locations and 934 service points.

By the look of it, the next six months will likely see Polestar maintain its impressive momentum, with the planned launch of its Polestar 3 electric SUV set for October, which will be followed by the launch of a larger Polestar 4 SUV sometime in 2023.

The company says that its Polestar 5 GT car will hit the road in 2024, which will be followed by its Polestar 6 roadster that recently saw all 500 build slots fill up within a week of its announcement. Polestar’s CEO, Thomas Ingenlath, said:

“We made important progress in the first half of 2022 as we doubled revenues and volume, and successfully listed on the Nasdaq stock exchange in New York. In addition, 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.”

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