8:28 am, September 2, 2022
Polestar saw its gross profit rise by almost 50 per cent in the first six months of this year, with the Swedish brand benefitting from soaring sales.
The EV outfit sold a total of 21,185 cars around the world in the first half of 2022, a rise of 123 per cent on the 9,510 it sold over the same period in 2021.
As a result, turnover went through the roof at the start of this year, with the firm reporting a year-on-year rise of 95 per cent to £900.4m ($1.04bn).
Polestar ended H1 of 2022 with a gross profit of £46.2 ($53.4m) but continued to run an operating loss of £766.3m ($885.2m).
Commenting on the latest results, Thomas Ingenlath, Polestar CEO, said: ‘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.’
Firm to start selling cars in France after resolving Citroen row
In more good news for the Swedish firm, Polestar is now set to be allowed to enter the French market after settling a copyright dispute with Citroen.
The French outfit had claimed that Polestar’s ‘North Star’ logo had to close a resemblance to its own ‘double chevron’ crest.
As a result of the claim, Polestar has been barred from selling cars on the other side of the English Channel since 2020.
However, according to French news outlet, Le Monde, the two carmakers have reached a settlement.
A Polestar spokesperson confirmed that an agreement was reached earlier this summer.
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