Swedish EV company Polestar reports 125% increase in sales in H1 2022

Polestar, the Swedish premium electric performance car company, has announced record deliveries and a very strong order book for H1 2022. The company said continued development in existing and new markets is driving substantial growth in customer demand.

The company, which listed on the Nasdaq New York stock exchange in June, delivered approximately 21,200 cars in the first six months of 2022, more than doubling deliveries from 9,510 cars in the same period in 2021 – an increase of around 125 per cent.

Global order take rose to 50,000 since the start of 2022, up more than 350 per cent year-on-year, as the company continues to see strong customer demand as well as booking the first portion of Hertz orders. With this strong performance, Polestar reaffirms its full year target of delivering 50,000 cars.

Growing global presence
“It is great to see that the number of enthusiastic Polestar 2 customers is growing so quickly,” said Polestar CEO, Thomas Ingenlath. “I am very confident that the strong momentum we have seen this year in brand awareness and sales figures will accelerate powerfully in the coming years as more ground-breaking cars are revealed.”

Polestar expanded its global presence during H1 2022 from 19 markets to 25, while the number of retail locations rose from 103 to 125 around the globe, with approximately 30 more expected to open by the end of 2022. This increased retail presence drove the number of test drives up by over 210 per cent, a key indication of growing consumer interest in the brand.

Challenges faced
The company also announced that following prolonged government mandated Covid-19 lockdowns in China during the first half of 2022, which delayed production of Polestar vehicles, it is now pushing on with the introduction of a second shift in the factory in order to recover some of the production lost earlier in the year, clearing the path for future growth.

In the pipeline
The next major step for Polestar will be its entry into the SUV segment with the global launch of the electric performance SUV, Polestar 3, in October. The SUV market is one of the highest growth and margin segments in the automotive industry, especially in the United States. Customers can expect to be able to order Polestar 3 on the day of the premiere in October.

“Polestar 3 will stand out amongst other SUV offerings and boost our growth trajectory. It also represents the expansion of our manufacturing footprint into the United States as we become even more global. It is an important next step towards our goal of selling 290,000 cars in 2025 – ten times more than we sold in 2021,” said Thomas Ingenlath.

In recent news, the Swedish electric vehicle automaker and Al-Futtaim Trading Enterprises, a division of Al-Futtaim Automotive, opened the new Polestar Space at the ‘Store of the Future’ retail concept at Mall of the Emirates.

Read: Polestar Space launched at the ‘Store of the Future’ in Dubai’s MoE