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Polestar reports strong EV deliveries in Q3, confirms full year outlook

Electric vehicle newcomer Polestar has released its global volumes report for the third quarter, saying it delivered approximately 9,215 vehicles during Q3. That brings the company’s total deliveries for the year to 30,400.

In September, Polestar announced it had collected over $1 billion in revenue during the year’s first half. When the news came out, CEO Thomas Ingenlath made a strong prediction that the company would deliver 50,000 vehicles this year.

“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 customers this year, meeting our 2022 sales guidance,” Ingenlath said.

Based on the third quarter numbers, Polestar would need to more than double its output during the last months of the year to reach the goal of 50,000 units. In a recent statement, Ingenlath said that should be no problem.

“We needed to catch up on production after Covid-19-related setbacks in China and we have. The majority of Polestar 2 cars set for delivery in Q4 are ready and making their way to our customers in 27 markets around the world, with the fourth quarter set to be our strongest on record yet,” Ingenlath said. “I am confident we will meet our target of 50,000 cars for this year.”

Polestar manufactures its vehicles in China, which has seen production setbacks related to Covid-19 ease in recent months. Couple that with the upstart company’s steady growth, increasing brand awareness, and popular design aesthetic, and reaching the lofty delivery goal might be within reach.

The company is expected to release its Q3 financials on November 11.

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