According to a recent revenue report, EV automaker Polestar brought in over $1 billion in revenue in the first half of 2022. That’s nearly 100% growth compared to the first half of 2021, offering further evidence that Polestar is poised to become a major contender in the EV market.
Polestar ($PSNY) is a fairly young EV brand that continues to sneak under the radar as a potential heavyweight in vehicles that provide style, function, and most importantly, sustainability. Carbon emissions, or lack thereof, remain a key focus for the automaker as it grows its all electric lineup in.
With two SUVs, a sports sedan, and a recently announced roadster in its production pipeline through the next four years, there’s a lot to be excited about at Polestar. While developing theses EVs, the automaker has taken a refreshing approach in limiting waste and emissions throughout the design, production, and entire life of the vehicle, with the goal to one day make an EV that’s 100% recyclable.
That company ethos could go a long way with eco-friendly consumers deciding where to spend their hard earned money in an EV market that is gaining solid contenders on what seems like a weekly basis these days.
Despite only two EVs on the market in 2022 and one of them still relying on combustion, Polestar has still found early success, but it’s the automaker’s upcoming models that could really catapult the company into super (Pole)stardom.
Polestar revenues up big in 2022, but gross profits still lag
Two months after the closing of Q2 of 2022, Polestar has come out with more detailed financials for the first half of the year, reporting $1.04 billion (with a “b”) in revenue. Compared to $534.8 million in the first half of 2021, the EV brand is touting a change of 95% YOY, which is encouraging.
What’s less exciting is the nearly $988 million Polestar spent on sales, dwindling its gross profit to just $53.4 million for the first half of 2022. That’s still nearly 50% profit growth compared to a year prior, but there’s definitely room to maximize those profits moving forward.
Still, the outlook for Polestar remains quite promising in regard to production numbers of its current EV lineup and the prospect of what the Polestar 3 and beyond will soon bring to the table. Polestar CEO Thomas Ingenlath elaborated:
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 our customers this year, meeting our 2022 sales guidance. With several ground-breaking cars to come, Polestar is poised for a period of rapid growth.
Another reason for optimism surrounding Polestar is its reported $1.38 billion in cash and cash equivalents as of June 30, 2022, which is up more than 80% since the end of 2021. This was due in large part to the automaker’s aforementioned listing on Nasdaq in June. A massive order for 65,000 EVs from Hertz certainly helped to a degree as well.
The world debut of the Polestar 3 is scheduled for sometime next month in Copenhagen and will be followed by Polestar’s Q3 2022 financial results on November 11. We will once again report on its progress at that time.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.