Polestar raises sales & lowers losses

Polestar has presented its business figures for the first half of 2023. The electric car brand saw its sales increase by 18 per cent year-on-year from January to June to around $1.2 billion (€1.11 billion).

Polestar posted a net loss of about $313 million (€288.5 million) in the first half, compared to $503 million (€463.6 million) in the year-ago period. This included a $274 million (€227.7 million) operating loss in Q2 alone. Revenue in Q2 was $685 million (631 million euros), up 16 percent from Q2 2022.

The company attributed the increased revenue in part to shipment growth, but also to price increases, with higher sales partially offset “by distribution channels, product mix and higher discounts,” Polestar said. In addition, the document points to higher contract manufacturing and procurement costs for semiconductors and batteries.

The company delivered a total of 27,841 electric cars from January to June, 31 per cent more than in the first half of 2022. As reported, 15,800 of these electric cars were delivered in the second quarter. For 2023 as a whole, the electric car brand is sticking to its target of 60,000 to 70,000 vehicles, so deliveries in the second half of the year will have to be slightly higher than the 27,900 units.

Since the Polestar 3, already unveiled in 2022, will be delayed until 2024 (the planned start of production is in the first quarter), Polestar will have to meet the 2023 targets only with the Polestar 2. Revised 2024 models of the mid-size sedan have recently begun shipping.

polestar.com (PDF)