Polestar, the Swedish electric luxury performance car brand that’s been drawing raves from auto enthusiasts and analysts alike, recently released its second-quarter financials. And the numbers are anything but idle. For Q2 2023, Polestar announced a stellar delivery of 15,765 vehicles, marking a year-over-year growth of 36%. This brings the company’s six-month total to 27,841 global deliveries, hinting at a road well-paved for the rest of 2023.
Polestar enthusiasts and investors alike will be pleased to know that Polestar is still forecasting to deliver between 60,000 and 70,000 vehicles this year, and has already neared the halfway point of its goal. What’s more, they’re eyeing a gross margin of 4%, a figure that indicates excellent financial performance.
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Thomas Ingenlath, Polestar’s CEO, shed light on the brand’s future outlook, sharing that the Polestar 2’s significantly upgraded version is already seeing increased deliveries. But the Polestar 4 is also expected to start production come November, while the Polestar 3 is set for its grand debut in the first quarter of next year. It seems the brand is gearing up for an “exciting phase of higher volumes and value from our expanded model range,” Ingenlath enthused.
So what does this all boil down to? If you’re an investor, an electric car aficionado, or just someone with a penchant for luxury performance vehicles, keep your eyes on Polestar. The brand’s already scorching the tarmac in 2023 and is poised for even greater acceleration in the coming months. If their forecasts pan out, it looks like Polestar’s in for a ride—and it won’t be in the slow lane.
Source: Polestar
