Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: All or nothing: Why circular business models require a holistic approach
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automakers
July 13, 2022 08:25 AM

Polestar nearly matches 2021 volume with 125% first-half sales increase

Deliveries are still expected to be 15,000 below Polestar's target due to COVID.

Douglas A. Bolduc
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Polestar 2 black 2022

    Strong first-half demand for the Polestar 2 helped the Volvo subsidiary outsell Alfa Romeo, Jaguar, Subaru and Lexus in the key German market.

    Polestar increased sales of its electric vehicles by 125 percent to 21,200 during the first half, nearly matching its full-year volume from last year.

    The Volvo Cars EV subsidiary, which joined the Nasdaq last month in an $890 million deal, sold 29,000 vehicles last year and aims to increase that total to 290,000 by 2025.

    Despite the strong first-half numbers, the Tesla rival still expects to fall 15,000 units short of its sales target of 65,000 this year, blaming the hit on COVID-19 lockdowns in China, where it produces its only model, the Polestar 2.

    “I am very confident that the strong momentum we have seen this year in brand awareness and sales figures will accelerate powerfully in the coming years as more ground-breaking cars are revealed,” Polestar CEO Thomas Ingenlath, who will speak at the Automotive News Europe Congress on Thursday, said in a release.

    Without providing specifics, the company said that its order book its getting a lift from its deal with rental car firm Hertz Global Holdings, which announced in April it would buy up to 65,000 Polestar electric vehicles over five years.

    To help recover lost volume, Polestar has introduced of a second shift at its factory in Luqiao, China. The company said it is confident it will hit its delivery targets starting next year.

    A key part of reaching its 2023 goal -- 124,000 global sales -- is the arrival of the Polestar 3 premium large SUV, which will have its global debut in October.

    “The Polestar 3 will stand out among other SUV offerings and boost our growth trajectory,” Ingenlath said in the release. “It also represents the expansion of our manufacturing footprint into the United States as we become even more global.”

    The Polestar 3 will be built alongside Volvo’s forthcoming flagship SUV at the Swedish automaker’s U.S. factory near Charleston, South Carolina. The SUV will be followed by the Porsche Macan sized Polestar 4 in 2023 and the Polestar 5 large sedan in 2024.

    The production woes have not impeded Polestar's market expansion. It is now active in 25 markets, up from 23 after the first quarter and up from 19 at the end of 2021, with Spain and Portugal being among the key new additions.

    Italy and Israel will be added before year end as part of the company's aims to have operations going in 30 market at the close of 2022.

    The company said its number of global retail locations rose to 125 from 103 during the period, with approximately 30 more stores expected to open by the end of 2022.

    RECOMMENDED FOR YOU
    VW's potential battery IPO attracts high investor interest, top shareholder says
    Recommended for You
    VW Battery production
    VW's potential battery IPO attracts high investor interest, top shareholder says
    cupra-born_01.jpg
    VW's Cupra brand weighs entering U.S. market with larger EVs
    The Ford Mach-E
    Ford expects to lose $3B on EVs this year
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: All or nothing: Why circular business models require a holistic approach
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us