Car rental agency

Polestar doubled its sales and revenue in the first half of 2022

The first six months of 2022 have been good for Polestar, the young Swedish brand spun off from Volvo, which today announced revenues of over $1 billion and strong sales.

The automaker sold 21,185 vehicles in the first half of the year, 123% more than in the first six months of 2021, when it sold just 9,510 vehicles. This contributed to total revenue of $1.047 billion, up 95% from the same period a year earlier, when it grossed just $534 million.

He said he was able to do this thanks to the Polestar 2, which is sold in more markets around the world. This includes the United Arab Emirates, Kuwait, Hong Kong, Ireland, Spain and Portugal.

Driven: 2023 Polestar 2 Long Range Dual Motor is worthy of the hype

A deal with Hertz also helped its sales. He agreed to sell the rental agency 65,000 vehicles and began delivering cars in June 2022, suggesting vehicle deliveries will continue to be strong in the second half of the year.

Increased electric vehicle sales also helped boost its gross profit by 49% to $17.6 million. Polestar says it continues to invest to expand its reach. It now has 125 locations and 934 service outlets across all markets, up 22 and 123 percent, respectively, since the end of 2021.

Thanks to its early successes, Polestar plans to reach its delivery target of 50,000 vehicles in 2022. Meanwhile, in October, it will present the Polestar 3, a performance SUV, to the world in Copenhagen, helping it to take advantage of its success in 2022.

“We made significant progress in the first half of 2022 by doubling our revenues and volumes, and successfully listing on the Nasdaq New York Stock Exchange,” said Thomas Ingenlath, CEO of Polestar. “In addition, we have maintained strong momentum in our global order intake and expect to deliver 50,000 cars to our customers this year, in line with our 2022 sales guidance. With several game-changing cars to come, Polestar is ready for a period of rapid growth.