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Polestar’s Deal Providing Batteries And Chargers To Flying Boats A Possible Turning Point For Company
The EV manufacturer will open up new streams of revenue by supplying other companies with their technology
It’s been a busy year for EV manufacturer Polestar (PSNY). Not only did they complete a long-awaited SPAC merger, they have continued with impressive production and delivery numbers. However, the recent news that they just inked an agreement to provide batteries and charging systems to a company called Candela, which produces electric flying boats may be yet another pivotal turning point for the EV maker.
Swedish-Chinese EV maker Polestar finalized their SPAC merger with Gores Guggenheim, Inc. (GGPI) earlier this summer on June 23rd. The company has produced 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 remained 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…
