In the first half of 2022, Polestar Automotive Holding UK PLC’s (NASDAQ:PSNY) revenue increased 95% to $1.041 billion. In comparison to 9,510 for the same period in 2021, the electric vehicle manufacturer delivered 21,185 cars during the six-month period.
Polestar 2 sales growth contributed to a 49% increase in gross profit for the time period, which was somewhat offset by product and market mix. $885 million in operating losses was reported.
According to CEO Thomas Ingenlath, the company anticipates delivering 50,000 automobiles this year, which would meet its previous sales forecast for 2022. Following COVID-19 disruptions in China, the fourth quarter will see a weighting of vehicle deliveries. The company (PSNY) anticipates that inflation in input costs and foreign exchange rates will coexist with the effects of product and market mix. Increases in vehicle prices and proactive cost management are perceived as reducing the impact on gross profit to some extent.
Looking ahead, the Polestar 3 electric sports SUV will make its global debut in Copenhagen in October. The company (PSNY) is slated to release Q3 results on November 11.
In premarket trading on Thursday, shares of the company (PSNY) decreased 2.69% to $7.59, dropping from a 52-week trading range of $7.51 to $16.41.
Polestar New events
The Polestar 3 electric performance SUV is slated to make its global debut in Copenhagen in October 2022. The company announced in August 2022 that it would put its electric roadster prototype into production as the Polestar 6, which would debut in 2026. Within a week of the production announcement, online reservations were made for all 500 build slots of the Polestar 6 LA Concept edition.
As part of a contract to buy 65,000 vehicles, the company started delivering Polestar 2 electric cars to Hertz in June 2022. Since then, Hertz has also introduced the Polestar 1 electric performance hybrid to its Dream fleet.
Over the past three months, Polestar has repaid two existing and signed two new 12-month unsecured working capital loan arrangements totaling about US$200 million with two banks in China to satisfy its working capital needs. In addition, the company signed a second credit facility with one of those banks for about US$145 million by the end of August 2022.
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