Polestar 2 drives Polestar’s sales up 123% – and the French market opens

Polestar’s sales in the first half of 2022 were up 123 per cent and on track to hit 50,000 in the full year, as the French market opens.

It’s five years since Polestar actually came into being as a standalone car maker (well, sort of) after it was hived off from Volvo, with big plans to be an electric performance car player. 

The starting point for Polestar’s journey was the hybrid Polestar 1 which was followed by the BEV Polestar 3, and we have a number of Polestar models from ‘3’ to ‘6’ on the way in the next four years as Polestar fights to reach its target of 290,000 sales in 2025.

On the way to that number, this year’s target for sales is some 50,000, and Polestar has managed to flog 21,185 cars in the first six months of 2022 – up 123 per cent on the same period last year – and says it’s on track to hit, or exceed, the 50,000 target for the year.

In the process of flogging more cars, Polestar’s gross profit has risen to £17.5 million although, due to expansion costs and the one-off costs associated with its reverse takeover, it’s actually lost £442 million.

Sales were helped with Polestar adding new markets in UAE, Kuwait, Hong Kong, Ireland, Spain and Portugal and, thanks to a settlement of the trademark dispute with Citroen, it can now add France to the markets it sells in.

Thomas Ingenlath, Polestar CEO, said:

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