Polestar cars reports sales growth of 125% Y/Y in 1H22

Trygve Finkelsen/iStock Editorial via Getty Images

• Polestar (NASDAQ:PSNY) has delivered approximately 21,200 cars in 1H22, more than doubling deliveries from 9,510 cars in the same period in 2021 – an increase of almost 125%.
• Global order take rose 350% Y/Y to 50,000 on YTD basis.
• The company 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 (PSNY) 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 will be entering 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.

Comments

[Ben1122]

Does anyone know how much cash they have? Seeking Alpha doesn’t have that number here

[eager1]

With all the political maneuvers, it is hard for me to get my hands around who owns what. My understanding is that Geely (basically the CCP) owns 100% of Volvo. Is that not correct? I also hear that currently all the manufacturing is done in China's Geely factory. Is that correct? I am trying to figure out who owns how much of PSNY. Stripping away all the political and financial shell games, how much of PSNY is controlled by China? Can anybody detail this out for me?

[sts66]

@eager1 IIRC Geely owns a huge chunk of Volvo Auto Group (not 100%), but there's a lot more parts to Volvo as a company. Currently most manufacturing is done in China, but the plan is to build EVs in other Volvo plants in the EU and US.

[Ben1122]

@eager1 I just looked it up. It looks like Geely owns 82% of Volvo and Volvo owns 49% of Polestar

[El Contador Inversor]

The price action (or lack thereof) is peculiar. Is this company/stock very much under the radar? Other non-Tesla EV companies seem to have much more following. Any thoughts as to why? My two cents is PSNY should be getting positive traction because of the apparent quality and features of their vehicles. I realize that doesn’t necessarily extend to stock price but it’s a start. Good luck.

[sts66]

@El Contador Inversor Dude, it just IPO'd - not very many people are aware of it yet.

[Youresodemure]

@sts66 I think anybody who follows EV should be aware of it. It's the most relevant EV IPO since LCID.

[sts66]

Polestar 3 will not be doing anything but traveling to car shows in Oct, production doesn't start until H1/23 - you can order in Oct but you'll be waiting a long time before you get one, especially with the enduring chip shortage.

[eeeW]

Wall St BS on Bloomberg and CNBC is still frothing over musk and his twitter fallacy eff up ....

[eeeW]

Which EV will Polestar include that new 600+ horsepower single motor in? That will be intense!

[ImRanger]

About time somebody wrote about this stock and made the public aware.