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Polestar Beats 2022 Production Target And Eyes Aggressive 2023 Goal
The rapidly growing EV manufacturer had some good news to start 2023
EV manufacturer Polestar (PSNY) had a difficult year in 2022 like most of their competitors. Geopolitical concerns and access to integral components like computer chips forced them to revise their original production projections downwards. However, recent reporting shows that not only did they end up beating these lower expectations, the company has also set aggressive guidance for the number of vehicles they plan to deliver to customers in 2023.
Swedish-Chinese EV maker Polestar completed a SPAC merger with Gores Guggenheim, Inc. (GGPI) earlier last summer on June 23rd. The company has produced highly regarded vehicles since 2017 and 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.
Inside EVs’ Mark Kane recently reported that production numbers for 2022 are in for Polestar. They had originally projected a target of 65,000 units, but downgraded that to 50,000 after the difficulties in obtaining needed materials became…
