The fast-growing electric-car company Polestar (PSNY) reported it delivered 21,200 cars during the first six months of 2022, more than double the year-earlier figure.
Polestar began trading on the Nasdaq on June 24. It's been operating for two years in an EV market that's led by Tesla (TSLA) but also has become sharply more competitive while drawing increasing interest from drivers.
In 2021, the company delivered 9,510 cars during the first six months.
Polestar affirmed its 2022 target of delivering 50,000 cars, more than four times the year-earlier figure.
Consumer interest in Polestar's EVs has increased as the number of test drives tripled in the period, the company said.
The Gothenburg, Sweden, automaker also said it delivered vehicles to Hertz (HTZ) through a $3 billion deal under which the rental car company will buy 65,000 EVs during the next five years.
New Markets, New Models
During the first half of the year, Polestar expanded to 25 markets from 19, increasing to 125 retail locations from 103. Another 30 more retail stores are estimated to open by the end of 2022.
The company, which was founded by Volvo (VLVLY) and China's Geely, (GELYF) could benefit from its background to sell more EVs, Polestar CEO Thomas Ingenlath told Barron's.
The joint ownership is helping Polestar's profit margin because while Polestar pays for the tooling, the cars are manufactured by the larger group under contract, the executive told the paper.
The company's cars are made in two facilities in China, and Polestar plans to open a production plant in the U.S.
Polestar said it has capacity to manufacture about 300,000 EVs annually. It plans to produce 50,000. EVs in 2022 and 124,000 EVs in 2023. It has said it wants to bring production up tenfold, from 29,000 cars in 2021 to 290,000 in 2025.
The EV maker's first model, a sleek plug-in hybrid coupe, was discontinued after a four-year run. The Polestar 2, a sedan, sells for a base price of $40,900 after a tax credit is applied.
Polestar 3, the first SUV for the company, will be launched this year and production will start in 2023, Barron's reported.
The company in 2023 plans to debut the Polestar 4, a high-end SUV similar to a Porsche (POAHY) Macan. And the following year will bring the Polestar 5. a sporty sedan that will compete with the Porsche Panamera.
Polestar went public via a special-purpose-acquisition company, or SPAC, that was backed by the billionaire private-equity investor Alec Gores and investment bank Guggenheim Partners.
