Polestar has published its Q3 2022 financial report and the Swedish EV brand has reported a leap in revenue and profit in the three month period.
It also posted a 33 percent reduction in operating loss.
Polestar generated $1.477 billion in revenue, compared to $748 million in the same quarter last year. The company put it down to increasing Polestar 2 sales and entering new markets.
However, Polestar reported a slight decrease in revenue per vehicle.
Gross profit stood at $57 million, a massive increase from $1 million last year. This was due to more Polestar 2 units being sold and decreasing manufacturing costs.
However, profit was slightly eroded by the continued devaluation of the Swedish Krona against the Chinese Renminbi.
Polestar’s selling, general, and administrative (SG&A) expenses went down by 10 percent, and R&D costs dropped by 51 percent. These helped trim operating loss by 33 percent.
Polestar is still confident it can reach its 50,000 deliveries goal for the year.
It expects to deliver 19,500 units in Q4 2022.
The company recently signed a $1.6 billion loan deal to fund its expansion.