Polestar (Nasdaq: PSNY), the premium electric performance car
company, announces a robust performance for the first half of 2022
with record deliveries and a very strong order book. Continued
development in existing and new markets is driving substantial
growth in customer demand.
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the full release here:
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2023 Polestar 2 Electric Vehicle (Photo:
Business Wire)
The Swedish company, which listed on the Nasdaq New York stock
exchange in late 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 almost 125%.
Global order take rose to 50,000 since the start of 2022, up
more than 350% 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.
“It is great to see that the number of enthusiastic Polestar 2
customers is growing so quickly,” says 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 the first six
months of 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%, a key
indication of growing consumer interest in the brand.
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. This will
recover some of the production lost earlier in the year and clear
the path for future growth.
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,” concludes Thomas Ingenlath.
About Polestar
Polestar Automotive Holding UK PLC (Nasdaq: PSNY) (“Polestar”)
is a Swedish premium electric vehicle manufacturer. Founded by
Volvo Car AB (publ.) (together with its subsidiaries, “Volvo Cars”)
and Zhejiang Geely Holding Group Co., Ltd (“Geely”), in 2017,
Polestar enjoys specific technological and engineering synergies
with Volvo Cars and benefits from significant economies of scale as
a result.
Polestar is headquartered in Gothenburg, Sweden, and its
vehicles are currently available and on the road in markets across
Europe, North America, China and Asia Pacific. By 2023, the company
plans that its cars will be available in an aggregate of 30
markets. Polestar cars are currently manufactured in two facilities
in China, with additional future manufacturing planned in the
USA.
Polestar has produced two electric performance cars. The
Polestar 1 was built between 2019 and 2021 as a low-volume electric
performance hybrid GT with a carbon fibre body, 609 hp, 1,000 Nm
and an electric-only range of 124 km (WLTP) – the longest of any
hybrid car in the world at the time.
The Polestar 2 electric performance fastback is the company’s
first fully electric, high volume car. The Polestar 2 model range
includes three variants with a combination of long- and standard
range batteries as large as 78 kWh, and dual- and single-motor
powertrains with as much as 300 kW / 408 hp and 660 Nm.
From 2022, Polestar plans to launch one new electric vehicle per
year, starting with Polestar 3 – the company’s first electric
performance SUV which is expected to debut in October 2022.
Polestar 4 is expected to follow in 2023, a smaller electric
performance SUV coupe.
In 2024, the Polestar 5 electric performance 4-door GT is
planned to be launched as the production evolution of Polestar
Precept – the manifesto concept car Polestar released in 2020 that
showcases the brand’s future vision in terms of design, technology,
and sustainability. As the company seeks to reduce its climate
impact with every new model, Polestar aims to produce a truly
climate-neutral car by 2030.
In early March 2022, Polestar revealed its second concept car,
an electric performance roadster which builds on the design,
technology and sustainability ambitions laid out by Precept and
showcases the brand’s vision for future sports cars. The hard-top
convertible presents an evolution of the unique design language
first shown by Precept and emphasises a dynamic driving experience.
The concept further develops the focus on sustainability and
technology, aiming towards greater circularity.
Forward-Looking Statements
Certain statements in this press release (“Press Release”) may
be considered “forward-looking statements” as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or the future
financial or operating performance of Polestar. For example,
projections of revenue, volumes and other financial or operating
metrics are forward-looking statements. In some cases, you can
identify forward-looking statements by terminology such as “may,”
“should,” “expect,” “intend,” “will,” “estimate,” “anticipate,”
“believe,” “predict,” “potential,” “forecast,” “plan,” “seek,”
“future,” “propose” or “continue,” or the negatives of these terms
or variations of them or similar terminology. Such forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Polestar and its
management, as the case may be, are inherently uncertain. Factors
that may cause actual results to differ materially from current
expectations include, but are not limited to: (1) Polestar’s
ability to maintain agreements or partnerships with its strategic
partners Volvo Cars and Geely and to develop new agreements or
partnerships; (2) Polestar’s ability to maintain relationships with
its existing suppliers, and source new suppliers for its critical
components, and to complete building out its supply chain, while
effectively managing the risks due to such relationships; (3)
Polestar’s reliance on its partnerships with vehicle charging
networks to provide charging solutions for its vehicles and its
strategic partners for servicing its vehicles and their integrated
software; (4) Polestar’s reliance on its partners to manufacture
vehicles at a high volume, some of which have limited experience in
producing electric vehicles, and on the allocation of sufficient
production capacity to Polestar by its partners in order for
Polestar to be able to increase its vehicle production capacities;
(5) competition, the ability of Polestar to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; (6) Polestar’s estimates
of expenses and profitability; (7) increases in costs, disruption
of supply or shortage of materials, in particular for lithium-ion
cells or semiconductors; (8) the possibility that Polestar may be
adversely affected by other economic, business, and/or competitive
factors; (9) the effects of competition and the high barriers to
entry in the automotive industry, and the pace and depth of
electric vehicle adoption generally on Polestar’s future business;
(10) changes in regulatory requirements, governmental incentives
and fuel and energy prices; (11) the outcome of any legal
proceedings that may be instituted against Polestar or others; (12)
the ability to meet stock exchange listing standards; (13) risks
associated with changes in applicable laws or regulations and with
Polestar’s international operations; (14) Polestar’s ability to
establish its brand and capture additional market share, and the
risks associated with negative press or reputational harm,
including from lithium-ion battery cells catching fire or venting
smoke; (15) delays in the design, manufacture, launch and financing
of Polestar’s vehicles and Polestar’s reliance on a limited number
of vehicle models to generate revenues; (16) Polestar’s ability to
continuously and rapidly innovate, develop and market new products;
(17) risks related to future market adoption of Polestar’s
offerings; (18) risks related to Polestar’s distribution model;
(19) the impact of the global COVID-19 pandemic, inflation,
interest rate changes, the ongoing conflict between Ukraine and
Russia, supply chain disruptions and logistical constraints on
Polestar, Polestar’s projected results of operations, financial
performance or other financial and operational metrics, or on any
of the foregoing risks; and (20) other risks and uncertainties set
forth in the section entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and
other documents filed, or to be filed, with the SEC by Polestar.
There may be additional risks that Polestar presently does not know
or that Polestar currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements.
Nothing in this Press Release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Polestar assumes no
obligation to update these forward-looking statements, even if new
information becomes available in the future.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220713005089/en/
Jonathan Goodman PR & Communications, Global
jonathan.goodman@polestar.com
John Paolo Canton PR & Communications, North America
jp.canton@polestar.com
Bojana Flint Investor Relations bojana.flint@polestar.com
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