Electric vehicle manufacturer Polestar announced Wednesday that the company is on track to exceed its annual sales target.
Polestar Aims To Sell 50,000 EVs By 2022
In the first half of 2022, Polestar delivered around 21,200 automobiles. This number is more than double the 9,510 vehicles that the firm delivered in the same time period in 2021. The business has said that it intends to ship 50,000 automobiles during the course of this year.
This optimistic development should serve to stimulate the electric car division, which was recently spun off from Volvo and Geely through a merger with Gorges Guggenheim, a special purpose acquisition company (SPAc), and valued at $20 billion. The majority of electric car manufacturers that declared bankruptcy in the past two years immediately after going public through a SPAC did so because they were unable to fulfill their sales projections, which resulted in a precipitous drop in the price of their shares.
Polestar’s stock price has also decreased since the company’s launch, but the company still intends to grow its business internationally, increase production by adding a second shift at its plant in China, and start production of a second model at Volvo’s plant in South Carolina. In addition, Polestar plans to begin production of a second model at Volvo’s plant in South Carolina. In the not-too-distant future, we shall succeed in accomplishing each of these objectives.
In addition to providing the automaker with access to Volvo and Geely’s manufacturing knowledge, facilities, and relationships, the SPAC arrangement has also made available $890 million to assist the automaker’s expansion strategy that is planned for the next three years. These advantages distinguish the company from its rivals, such as Faraday Future, Electric Last Mile Solutions, and Lordstown Motors, all of which are having trouble gathering enough funding to get their own electric vehicle production lines up and running.
The only model that the company currently has available for purchase is the battery-electric car known as the Polestar 2. In the future, the company plans to launch the Polestar 4 midsize crossover as well as the Polestar 5 luxury sedan, which will come after the launch of the Polestar 3 SUV in the month of October.
The Polestar 3 is anticipated by industry analysts to create large sales because the category of vehicles it competes in is one of the most rapidly expanding and has one of the highest profit margins.