Member-only story
EV Auto Maker Polestar To Add Manufacturing E-Bikes To Its Resume
A major player in the electric car world is about to add a whole new branch to their growing company
Electric vehicle manufacturer Polestar (PSNY) has emerged as one of the most prominent names in the EV world. While they have made impressive progress designing and delivering their cars, they will soon have a whole new line to offer potential customers. The company’s CEO has announced they will simultaneously begin building their own electric bicycles (e-bikes), giving them exposure in yet another corner of the transportation industry.
Swedish-Chinese EV maker Polestar completed a SPAC merger with Gores Guggenheim, Inc. (GGPI) earlier this summer on June 23rd. The company has been producing highly regarded vehicles since 2017 and has continued to report aggressive growth plans to investors. In 2020, they earned approximately $645 million in revenue, which WCCTech indicates was more than 600% growth relative to 2019. They followed that up by selling 29,000 vehicles in 2021, representing a 185% increase in sales year over year.
Sales have been strong so far in 2022, as Polestar reported sales of 21,200 vehicles in the first six months of the year, which was a substantial increase over the 9,510 they sold during the…
