Polestar Announces Rising First-Half Losses as Revenue Rises

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Electric startup Polestar, owned by Geely, has released first-half financial results that show revenue up 95% to $1.04 billion. However, over the same period, costs, including IPO costs of $372 million, increased and gross profit of $53 million was swallowed up in an overall operating loss of $885. million (first-half 2022 operating loss: $365 million).

Polestar said the higher operating loss reflected continued investment in the business’s business expansion and $372.3 million of one-time listing costs incurred in the merger with Gores Guggenheim, Inc.

The company also said some 21,185 cars were delivered in the first half, compared to 9,510 in the same period last year.

Thomas Ingenlath, CEO of Polestar, said: “We made significant progress in the first half of 2022 doubling revenue and volume, and successfully listing on the Nasdaq stock exchange in New York. Additionally, we have maintained strong momentum in our global order intake and expect to deliver 50,000 cars to our customers this year, in line with our 2022 sales guidance. of rapid growth.

Other company highlights:

  • The Polestar 3 electric performance SUV is set to have its world premiere in October 2022 in Copenhagen.
  • In August 2022, Polestar confirmed plans to put its electric roadster concept into production as the Polestar 6, slated for launch in 2026. The 500 build slots for the Polestar 6 LA Concept edition have been reserved in online within a week of the production announcement.
  • Polestar began delivering Polestar 2 electric cars to Hertz in June 2022 under a 65,000-car purchase agreement, and Hertz later added the Polestar 1 electric performance hybrid to its Dream fleet as well.
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