Polestar loses nearly $900 million

Polestar loses nearly $900 million
Polestar loses nearly $900 million

Polestar loses nearly $900 million

Polestar posted first-half sales of $1,041 billion. That is 95 percent more than in the same period last year. The Swedish-Chinese car company delivered 21,185 cars, compared to 9,510 a year ago.

Ruud Peys
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September 5, 2022 09:33

The operating loss increased from 365 million to 885 million dollars. This is largely due to the stock exchange listing that cost more than 372 million dollars. In addition, due to its rapid commercial expansion and entry into many countries, Polestar lost $449 million in selling, general and administrative expenses, which is $160 million more than in the first six months of 2021, the semi-annual report shows. Polestar is now present in 25 countries, up from 19 at the beginning of the year. The number of points of sale has increased from 103 to 125, the number of service points from 811 to 934.

Thomas Ingenlath, Polestar CEO: “We made significant progress in the first half of 2022, doubling sales and volume and successfully listing on the Nasdaq stock exchange in New York. In addition, we maintained strong momentum in order intake. We expect to be able to deliver 50,000 cars to our customers this year, meeting our sales target for 2022.”

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‘Citroen and Polestar bury French hatchet’

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