Polestar this year targets to deliver 50,000 electric vehicles. With supply chain problems facing the target is a form of optimism from the automaker.
During the first nine months of this year, Polestar delivered 30,400 electric vehicles globally. This means that during the last three months of 2022, the Swedish manufacturer will have to deliver almost 20,000 vehicles to customers.
In an interview with Yahoo Finance, Polestar CEO Thomas Ingenlath said he was optimistic that he could meet the delivery target of 50,000 electric vehicles this year.
“The key message for me is, we’re on track to deliver 50,000 cars this year. So cars are manufactured, on their way to customers, and we’re cruising through to the end of the year, delivering these cars.” said Polestar CEO Thomas Ingenlath
Its asset-light business model, developed with assistance from parent companies Volvo Cars and Geely, allowed Polestar to achieve its production goals, while also cutting its operating costs.
“Being a start-up backed by Volvo makes the difference. We can work with very experienced production, we can work with very, very established, experienced logistics.” said Polestar CEO Thomas Ingenlath
Sales in North America are expected to increase especially next year, as the company’s electric vehicle production portfolio has expanded with the launch of the Polestar 3.
The Polestar 3 is predicted to overtake the Polestar 2 in terms of sales, especially in the US. The Polestar 3 will arrive in late 2023 with initial production taking place in China before production will also begin in the US starting in 2024, at the Volvo Cars plant in Charleston, South Carolina.
The company will add to its electric vehicle portfolio with the Polestar 4 in 2024 which is of the coupe crossover type. Meanwhile, the Polestar 5 electric sedan will be launched in 2025.
Previously, Polestar received total US$1.6 billion in funding from two main shareholders, Volvo Cars and Geely, which will help capitalize the company through 2023.
Volvo Cars will provide an $800 million loan over 18 months, while PSD Investment Ltd, controlled by Chinese billionaire Li Shufu, will contribute a similar amount through direct and indirect financing and liquidity support.
