Polestar Automotive Holding UK PLC ( NASDAQ: PSNY ) shot up 5.25% on Thursday after the company exceeded its 2022 target of delivering 50K vehicles in 2022.
Global volume was up 80% in 2022 to 51,491 vehicles with the electric vehicle maker adding the new markets of United Arab Emirates, Kuwait, Hong Kong, Ireland, Israel, Italy, Spain and Portugal along the way.
Looking ahead, Polestar ( PSNY ) expects global volume to increase by nearly 60% to approximately 80K cars in 2023, predominantly driven by Polestar 2 sales.
Polestar said liquidity has strengthened with a cash balance of approximately on the books at the end of Q4, but the company continues to explore potential equity or debt offerings to raise additional capital to fund operations and business growth.
On Seeking Alpha, The Asian Investor called out Polestar as a turnaround EV stock for 2023.
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Polestar Automotive rallies after guiding for 80K deliveries in 2023