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Polestar losses swell despite one-car EV range's 123% sales growth

Polestar chief executive Thomas Ingenlath at  this week’s Shanghai International Auto Show

High-performance electric vehicle (EV) brand Polestar has grown its revenues 95% and registrations by 123% during the first half of 2022 – and has yet to expand its one-model car range.

The Geely-owned brand, which floated on the New York Stock Exchange in June, has reported revenues of $1.04 billion in the first six months of 2022, up 95% year-over-year as its car sales accelerated from 9,510 to 21,185.

But while Polestar’s gross profit rose 49% to $53.4m, it posted an operating loss of $885.2m as its cost of listing topped $372.3m and its cost of sales swelled by 95% to $987.9m in the period.

Polestar chief executive Thomas Ingenlath said that the brand was “poised for a period of rapid growth” following the results, which come in the early stages of a concerted global expansion and ahead of the launch of a series of new models.

Polestar electric roadster concept to enter production as Polestar 6The recently unveiled Polestar 6 roadster is one of a number of planned new models, including the Polestar 3, Polestar 4 SUV coupe and Polestar 5 four-door GT.

Ingenlath 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.”

During Polestar’s reporting period it revealed that its number of physical retail locations had growth from 103 in 19 market territories to 125 in 25 markets.

Following the opening of Paul Rigby’s new Polestar Space in Birmingham earlier this year, the brand is set to expand its small network of UK Polestar Space showrooms to four this autumn.

AM reported last week that proposals for a new Volvo and Polestar dealership to be developed near the M1 motorway in North London had received the backing of Hertsmere Borough Council.

And UK chief executive Jonathan Goodman told AM its physical footprint would double further to eight locations by the end of 2023, including its first location in Scotland.

Goodman described Polestar’s first-half sales performance was "a clear sign of the momentum building behind the brand".

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