Polestar Automotive Holding ( NASDAQ: PSNY ) shares roared nearly 10% higher in premarket trading after posting an over 100% increase in sales year over year.
For the third quarter, the EV startup notched nearly $300M in net income alongside $435.45M in revenue. The latter figure was a 104.5% increase from the prior year. For the first nine months of the year, net loss narrowed to $203.3M from $670.7M in the year prior while revenue over that period rose to $1.48B from a prior $747.7M.
The investor update added that the automaker remains on track to deliver 50K vehicles in the year after delivering 30,424 units by the close of September. The company recently unveiled the Polestar 3 and plans to launch Polestar 4, 5, and 6 models in 2023, 2024, and 2026, respectively.
Shares of the Swedish automaker rose 20.62% after Friday's open.
Read more on the recently revealed details regarding the Polestar 3 SUV .
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Polestar stock drives over 20% higher after sales double from prior year