“We needed to catch up on production after Covid-19 related setbacks in China and we have,” CEO Thomas Ingenlath said in a statement. “The majority of Polestar 2 cars set for delivery in Q4 are ready and making their way to our customers in 27 markets around the world, with the fourth quarter set to be our strongest on record yet. I am confident we will meet our target of 50,000 cars for this year.”
The announcement comes a day after Polestar said it had opened a new retail location in Bellevue, WA, which the company said was “an integral part of Polestar’s commitment to having a physical presence in all of America’s key electric vehicle markets.”
Washington is second to California for the largest population of electric vehicles, the company said. The location is part of Polestar’s plan to expand to 35 locations across North America by the end of the year.
Struggling to Stand Out? The company is steering into a rather crowded field of electric vehicles. Telsa (TSLA is, of course, the big kahuna of EVs, and most of the legacy car companies have announced plans to electrify their fleets, and they’ll be joined by a number of start-up companies.
Last month, Polestar said that its ລາຍໄດ້ nearly doubled in the first half of 2022, citing rising demand. The company’s operating loss widened in the first half as well, amid rising costs for auto parts and rapid expansion.
ໂພສະຕາ ໄດ້ເປີດເຜີຍໃນວັນທີ 24 ມິຖຸນານີ້ ໂດຍຜ່ານການລວມຕົວກັບບໍລິສັດໄດ້ຮັບຈຸດປະສົງພິເສດ, ຫຼື SPAC, Gores Guggheim (GGPI), ທີ່ໄດ້ຮັບການສະຫນັບສະຫນູນໂດຍເສດຖະກິດການລົງທຶນ Alec Gores ແລະ. ທະນາຄານການລົງທືນ Guggenheim Partners.
ບໍລິສັດ (PSNY finished its first day of trading at $13 share. Shares are trading below $6 currently.
Redburn analyst Charles Coldicott initiated coverage of Polestar in September with a sell rating.
As competition in electric vehicles increases, Polestar may “struggle to stand out,” especially beyond its core European market, Coldicott said.
‘Intimate Partnership’ Soft pricing hints at limited demand and he expects volumes below guidance, the analyst added.
Deutsche Bank analyst Emmanuel Rosner was more optimistic.
In August the analyst initiated coverage of Polestar with a hold rating and $10 price target.
Polestar was established in 1996 by Volvo Cars’ partner Flash/Polestar Racing and acquired in 2015 by Volvo, which itself was acquired by Geely in 2010.
Rosner said that he believed Polestar’s key strength is its “intimate partnership” with Geely and Volvo, creating an asset-light business model, speeding time to market, reducing manufacturing and supply risk, and ultimately allowing the company to focus on design, expansion and brand building.
Unlike many other electric vehicle startups, Rosner said Polestar has already delivered more than 50,000 vehicles worldwide since its start of production last year.