Polestar reports an excellent performance in the first half of 2022, with record deliveries and a high backlog. Continuous growth in existing and new markets results in considerable increases in client demand.
The Swedish company, which has been listed on the Nasdaq stock exchange in New York since the end of June, delivered approximately 21,200 vehicles in the first six months of 2022, more than doubling the number of deliveries compared to the same period last year (9,510 electric cars) - a nearly 125 percent increase.
Since early 2022, global orders have increased by more than 350 percent yearly as the company continues to see high consumer demand and books the first round of Hertz orders. Polestar reaffirmed its target of delivering 50,000 automobiles for the entire year with this good achievement.
"It's fantastic to see how quickly the number of enthusiastic Polestar 2 customers is expanding," said Polestar CEO Thomas Ingenlath. "I'm extremely sure that the great momentum we've witnessed this year in brand awareness and sales will increase dramatically in the future years as more innovative vehicles are introduced."
Polestar increased its global footprint from 19 to 25 markets in the first six months of 2022, while the number of retail stores increased from 103 to 125 globally. By the end of 2022, an additional 30 retail sites are anticipated to open. With this enhanced visibility, the number of test drives climbed by more than 210 percent, indicating significant consumer interest in the brand.
Following the protracted government-mandated lockdowns in China in the first half of 2022, which delayed Polestar vehicle production, the business has revealed that it is currently pushing forward with the introduction of a second shift at the facility. This is meant to make up for lost production earlier in the year and set the path for future expansion.
In October, Polestar's next significant move will be the global introduction of the Polestar 3 electric performance SUV. The electric SUV market, particularly in the United States, is one of the fastest expanding and highest-margin categories in the automotive industry. Buyers will be able to order the Polestar 3 electric car on the day of its debut in October. Still, I want to see the first Polestar 5 and Polestar 6.
"The Polestar 3 will set us apart from other electric SUV offers and accelerate our growth trajectory." As we grow more global, it also signals the increase of our manufacturing footprint in the United States. It is an essential next step toward our objective of selling 290,000 cars in 2025 - ten times higher than in 2021," Thomas Ingenlath concludes.