Polestar has seen its gross profit rise by close to 50 per cent in the first six months of 2022, with the swedish manufacturer benefitting from the increased sales.
In the first half of 2022, the electric car company sold 21,185 cars worldwide, up 123 percent from 9,510 in 2021. The firm’s turnover increased 95 percent year-on-year to £900.4m ($1.04bn) at the start of this year.
In H1 of 2022, Polestar made a gross profit of £46.2 ($53.4m), but continued to lose £766.3 ($885.2m) in operating losses. Polestar CEO Thomas Ingenlath commented on the latest results, saying: “We doubled revenues and volume in the first half of 2022 and listed on the Nasdaq stock exchange.”.
‘In addition, we maintained strong momentum in our global order take and expect to deliver 50,000 cars to our customers this year, meeting our 2022 sales guidance. ‘With several ground-breaking cars to come, Polestar is poised for a period of rapid growth.’
After settling a copyright dispute with Citroen, Polestar is now set to enter the French market. It had been claimed that Polestar’s ‘North Star’ logo had to closely resemble its own ‘double chevron’ logo.
Since 2020, Polestar is prohibited from selling cars across the English Channel as a result of the claim. According to French news outlet Le Monde, the two carmakers have reached an agreement. Polestar confirmed earlier this summer that an agreement had been reached.