Polestar, the Swedish electric start-up, has reported promising annual results for 2022, with sales doubling to $US2.5 billion, a boost in margins and a reduced loss. This comes as the company prepares to launch more EV models into global markets this year and next.
The Gothenburg-based Polestar, jointly owned by Volvo and its Chinese owner Geely, started off as Volvo’s racing specialist before transitioning into a stand-alone EV maker. Its early signature vehicles include the Polestar 2. In 2022, the company sold 51,491 of its all-electric cars, an 80% increase compared to the 28,677 it sold in 2021. Gross margins also increased from 0.1% in 2021 to 4.9% in 2022.
Despite the positive financial results, Polestar still ran at a loss of $US466 million in 2022, though this was down by over half on 2021’s loss of $US1007 million. CEO Thomas Ingenlath commented that “We left 2022 having exceeded our 50,000 delivery target, grown revenue over 80 percent and with strengthened liquidity.”
2023 is set to be a big year for Polestar. The company will launch its Model Y sized Polestar 4 this year, as well as the all-electric Polestar 3 SUV, the successor to the popular Polestar 2 electric sedan. Polestar also recently announced significant improvements to its Polestar 2 model, including a shift to rear-wheel drive for the single motor options, new electric motors with increased power, upgraded batteries and faster charging.
With its promising financial results and upcoming launches, Polestar is well on its way to becoming a major player in the electric vehicle market. Daniel Bleakley, a clean technology researcher and advocate with a background in engineering and business, believes that the company is “building momentum” and is “focused on business execution”.
FAQ
Q1: Are electric car batteries recyclable?
A1: Yes, electric car batteries are recyclable.
Q2: Are electric car chargers free?
A2: It depends on the charger and the location. Some electric car chargers are free, while others may require a fee.
Q3: Can electric car batteries be rebuilt?
A3: Yes, electric car batteries can be rebuilt with the right tools and knowledge.
