8:48 am, March 3, 2023
Polestar slashed its operating loss and boosted its revenues in Q4.
Latest results from the Swedish electric performance brand show it made a loss of $204.7m in the fourth quarter, down significantly from the $337.3m loss a year ago.
Gross profit soared from a $200,000 loss the year before to $61.9m during the period.
Revenue jumped by 67 per cent to $985m thanks to increased sales of the Polestar 2 and lower expenses.
Full-year results show revenue rose by 84 per cent to $2.46bn.
Operating loss for 2022 came to $1.29bn, but Polestar did note this was affected by a Nasdaq share-based listing charge amounting to $372.3m in the second quarter.
Polestar CEO Thomas Ingenlath – pictured top – said momentum seen in 2022 has already flowed into this year.
‘We left 2022 having exceeded our 50,000 delivery target, grown revenue over 80 per cent and with strengthened liquidity,’ he said.
‘We are focused on business execution and have had a busy start to this year with a major update to Polestar 2, excellent reception for Polestar 3, and welcomed additional sustainability partners for our ambitious Polestar 0 project.
‘Our business will continue to gain momentum through the year as we start producing Polestar 3 – and with Polestar 4 in the starting blocks.’
Volumes smashed through the 51,000 barrier in 2022 – an 80 per cent increase on 2021.
The number of markets the brand operates grew by eight in 2022 to a total of 27.
Retail and handover locations rose from 103 to 158 while the number of Volvo cars service centres jumped from 811 to 1,116.
In January 2023, Polestar’s UK boss Jonathan Goodman told Car Dealer it will have six dealer-run ‘Spaces’ by the end of the year.
Polestar operates under an agency model where the dealer looks after customer service and operating the ‘Space’.
Goodman will be a star speaker at next week’s Car Dealer Live conference. You can watch what he intends to discuss with conference attendees in the video above.
Held at the British Motor Museum, Gaydon, the conference will be discussing the future of the car dealer and automotive retail.
Only a handful of in-person tickets are left to purchase, but streaming tickets can also be purchased on the event website.
Car Dealer Live – the future of the car dealer – exclusive conference features talks from leading car dealers, Google and Auto Trader among much more. Find out the full event details and book tickets.
