Polestar (PSNY) ended the year on a high note, with its fourth-quarter earnings showing narrowing losses and surging revenues. The Swedish EV maker reported revenue of $2.5 billion in 2021, up 84% from 2021 and exceeding Wall Street expectations of $2.4 billion. Net losses were cut in half to $465 million, thanks to higher Polestar 2 sales and lower fixed manufacturing costs.
The company is entering an exciting year with two new electric vehicle launches. Polestar aims to deliver 80,000 vehicles in 2023, an increase of around 60% from last year. The company recently launched a major update to the 2024 Polestar 2 with a new high-tech front end, more powerful electric motors and batteries, and additional rear-wheel-drive.
Polestar is also expanding its presence globally, with the Polestar 3 electric SUV debuting in October with over 300 miles range. The electric SUV is expected to play a key role in expanding the Polestar brand, with deliveries expected by the end of the year. In addition, Polestar is launching an electric performance SUV coupe this year, the Polestar 4, poised to take on top EVs in the segment like the Tesla Model Y. Next year, Polestar will follow it up with an electric performance 4-door GT, the Polestar 5.
Polestar has an advantage over other upcoming EV makers like Rivian with the “agility of a startup” and “stability of established players” from parent companies Volvo and Geely. Rather than building costly new electric vehicle manufacturing plants like other startups, Polestar can convert existing factories, such as the one opened by Volvo in Ridgeville, SC, where the Polestar 3 will be built.
Polestar stock is up over 20% following its Q4 release after falling over 50% in the past 12 months as investors digest the news. With two new electric vehicle launches and a strong financial position, Polestar is well-positioned to make a big impact in the EV market this year.
FAQ
Q1. When will electric cars be available in the UK?
A1. Electric cars are already available in the UK.
Q2. Where can I find electric car charging stations near me?
A2. You can use online resources such as Zap-Map to find electric car charging stations near you.
Q3. Which electric car is the best?
A3. The best electric car depends on your individual needs and preferences.
