Polestar Automotive Holding UK PLC ( NASDAQ: PSNY ) reported revenue shot up 95% during the first half of 2022 to $1.041B.
The electric vehicle maker delivered 21,185 cars during the six months vs. 9,510 for the same period in 2021.
Gross profit increased 49% for the period as the result of higher sales of Polestar 2, partially offset by product and market mix. An operating loss of $885M was recorded.
CEO Thomas Ingenlath said the company expects to deliver 50,000 cars this year, which would meet its prior 2022 sales guidance. Vehicle deliveries will be weighted towards the fourth quarter, following disruptions from COVID-19 in China. Polestar ( PSNY ) expects the effects from product and market mix to continue alongside foreign exchange and input cost inflation. Vehicle price increases and active cost management are seen helping to mitigate some of the impact on gross profit.
Looking ahead, the Polestar 3 electric performance SUV is scheduled for its world premiere in October in Copenhagen.
Polestar ( PSNY ) is scheduled to report Q3 results on November 11.
Shares of Polestar ( PSNY ) fell 2.69% in premarket action on Thursday to $7.59 vs. the 52-week trading range of $7.51 to $16.41.
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Polestar Automotive sticks with guidance for 50K deliveries this year