POLESTAR

Swedish firm boosts sales sharply – but still operates at a loss

“Despite all the difficulties, we had an incredible year”, says the head of Polestar.

Polestar delivered 51,491 cars last year, an 80% year-on-year increase. With that comes the revenue increase of 84 percent.

The plan for 2022 was to be able to deliver 65,000 cars, but problems in obtaining components due to the Covid shutdown in China forced Polestar to limit production.

“Despite all the difficulties, we've had an incredible year,” Polestar CEO Thomas Ingenlath told TT news agency.

Although sales have increased sharply, Polestar is still not profitable. The loss per delivered car is SEK 186,000. And so the coffers echo ever more empty.

– There is a need for more capital and we continue to explore other options, both new issues and loans, CFO Johan Malmqvist tells TT.

Today, Polestar's model range is sparse. There is only one car model – Polestar 2 – and in order for it to remain attractive in the market, Polestar has updated the car.

Of course, this is not entirely enough and soon the Polestar 3 SUV will arrive.

– Based on currently available information, we expect the first deliveries to customers to take place during the fourth quarter of this year. We are currently awaiting software certification and the associated quality control, says Thomas Ingenlath.

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