Polestar reports $1 billion in revenue for H1 2022

Polestar may be a relatively new name in the automobile industry, but it is making progress. The EV brand has reported a revenue of US$1.0 billion for the first half of 2022, a massive 95 percent over the same period last year.

The company is on a roll, with its Polestar 6 LA Concept edition selling out in only one week.

According to the company’s official release, Polestar delivered 21,185 cars between January and June, which was 80 percent more year on year. The figure for the first half of 2021 was 9,510.

Gross profit jumped by US$17.6 million, or 60 percent, thanks to increased sales of Polestar 2. However, operating loss increased by US$520.5 million, reflecting Polestar’s continued investments and a one-time charge of US$372.3 million incurred in the merger with Gores Guggenheim, Inc.

Polestar ended June with US$1.38 billion in cash and cash equivalent, following a successful listing on the Nasdaq stock exchange in New York.

The press release notes that Polestar started delivering Polestar 2 to Hertz in June 2022.

Thomas Ingenlath, CEO of the Swedish brand, 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.”

Polestar will start producing the Polestar 6 in 2026.

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