Polestar Automotive Holding UK PLC ( NASDAQ: PSNY ) stock gained sharply in premarket hours on Friday after affirming full-year delivery goals.
The Gothenburg, Sweden-based automaker announced early on Friday that it delivered approximately 9,215 vehicles in the third quarter of 2022, bringing the 2022 total to 30.4K vehicles. That figure is double the deliveries made in the prior year, according to the company.
Heading into the fourth quarter, the company expects to more-than-double deliveries from the third quarter to reach a stated 50K delivery target. The automaker noted that a “ramp up in production following Covid-19 disruptions in China earlier in the year” means production and deliveries should continue to speed up into year-end.
"We needed to catch up on production after Covid-19 related setbacks in China and we have,” Polestar CEO Thomas Ingenlath said. “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. I am confident we will meet our target of 50,000 cars for this year."
Polestar ( PSNY ) shares rose 3.02% in premarket trading on Friday.
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Polestar shares drive higher as automaker affirms 50K delivery target