Polestar reports a solid start to 2022

Polestar‘s Q1 numbers are in, and the Swedish automaker reported a strong sales quarter.

The company sold 13,600 vehicles, double their sales in Q1 2021. While Polestar also expanded its order book to include nearly 23,000 cars, tripling its numbers of orders last Q1.

The company is also entering into a partnership with Hertz. The partnership will see Polestar provide the rental company with 65,000 vehicles over the next five years.

The Polestar vehicles will expand the multinational companies’ EV rental car fleet.

Although the strong Q1 of 2022 shows, the company is on track to hit their sales targets of 65,000 vehicles in 2022. The COVID-19 shutdown in China forced Polestar to drop vehicle sale expectations from 65,000 to 50,000.

Polestar CEO Thomas Ingenlath had this to say on the company’s Q1 numbers.

The fundamentals driving the growth in sales of electric cars remain in place and the momentum is stronger than the uncertainties we are witnessing right now. Any short- to medium-term economic effects have not dented our goal of selling 290,000 cars in 2025 – 10 times more than we sold in 2021.

Polestar will also close its proposed listing on the NASDAQ with Gores Guggenheim in the first half of 2022.

At least say, Polestar is hitting targets, delivering vehicles and getting reservations. Most importantly, the company is developing a strong foundation to expand and move forward to new markets.

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