About a month before it releases its full financial report for Q3 2022, Polestar has shared some of its global volumes to date, including deliveries. With production strains brought on by COVID-19 easing up in China where Polestar’s EVs are built, the automaker believes it can significantly bolster customer deliveries in Q4 and still reach its target volume of 50,000 units.
Despite its status as a relatively young EV automaker, Polestar ($PSNY) continues to demonstrate steady growth and brand awareness, built around a company ethos wholeheartedly focused on sustainability, dressed in some of the most unique styling in the industry today.
There’s a reason why Polestar’s head of design Maximilian Missoni continues to win awards in his field, and his aesthetic fingerprints should be even more prominent on the next three Polestar EVs to reach deliveries next, beginning with the Polestar 3 in early 2023.
Despite only two models currently on the market and one of them being a plug-in, Polestar’s sales continue to grow. In September, the company shared revenues for the first half of 2022 and reported over $1 billion. Polestar CEO Thomas Ingenlath spoke at the time:
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.
Fifty thousand Polestar deliveries before year’s end. Let’s see it. Following its volume report released today, the EV automaker has some work to do, but has divulged confidence it can hit its target as production delays ease up overseas.
Polestar expects big EV deliveries in Q4 2022
According to its global volumes report for Q3 2022, Polestar delivered approximately 9,215 vehicles, totaling 30,400 deliveries for the year so far. Based on its Q3 deliveries, Polestar will need to more than double its output to end the year above its 2022 goal of 50,000 units.
Despite production disruptions that have plagued Polestar’s momentum in China so far, the automaker says it is witnessing some solace and expects to take full advantage in Q4. Ingenlath again spoke to the company’s progress so far:
We needed to catch up on production after Covid-19 related setbacks in China and we have. The majority of Polestar 2 cars set for delivery in Q4 are ready and making their way to our customers in 27 markets around the world, with the fourth quarter set to be our strongest on record yet. I am confident we will meet our target of 50,000 cars for this year.
As production rallies in China, Polestar’s financial gains should proceed concordantly. We will know for sure on November 11 when Polestar shares its Q3 financials and even more in 2023 when we see its 2022 report. Before then, we should be getting our hands on a 2023 Polestar 2 dual motor, so keep an eye out for that review.
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