Polestar 2022 Financial Results
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Swedish electric performance car brand Polestar, has reported its preliminary unaudited financial and operational results for the year ended December 31, 2022.
Polestar released their fourth quarter and fiscal year 2022 financial results. The figures show notable growth for the company, which bodes well for their future.
Revenue for 2022 totaled USD 2.5 billion, a rise of 84% from the previous year, with 51,491 vehicles shipped during the year - 80% more than in 2021. Cash and cash equivalents at end of December 31st 2022 are estimated to be around USD 974 million.
Polestar CEO, commented: “We left 2022 having exceeded our 50,000 delivery target, grown revenue over 80 percent and with strengthened liquidity. We are focused on business execution and have had a busy start to this year with a major update to Polestar 2, excellent reception for Polestar 3, and welcomed additional sustainability partners for our ambitious Polestar 0 project. Our business will continue to gain momentum through the year as we start producing Polestar 3 - and with Polestar 4 in the starting blocks.”
- Revenue increased USD 1,124.7 million, or 84%, mainly driven by higher Polestar 2 vehicle sales with continued commercial expansion across markets.
- Gross profit increased USD 118.5 million, as the result of higher Polestar 2 sales and lower fixed manufacturing costs. This growth was partially offset by foreign exchange rates which led to higher cost of sales, and product and market mix.
- Selling, general and administrative expenses increased USD 149.9 million, or 21%. This increase primarily reflects Polestar’s international business expansion partially offset by active cost management.
- Research and development expenses decreased USD 62.0 million, or 27% due to the absence of Polestar 1 amortisation. This decrease was partially offset by continued investments in future vehicles and technologies.
- Operating loss increased USD 291.5 million, or 29%, impacted by a Q2 2022 one-time share-based listing charge of USD 372.3 million.
- Adjusted operating loss decreased USD 80.8 million, or 8%, benefiting from higher gross profit and active cost management.
Data from Polestar
Additional News - Upcoming 2023 Development
Polestar has set its sights on a 60% growth in worldwide sales for 2023, expecting to reach approximately 80,000 vehicles, with the majority being driven by the popularity of the Polestar 2.
The Polestar 4 car launch is expected in late 2023. The P4 is soon to join its main rivals such as Porsche Macan EV, Tesla Model Y. The starting price of approximately £49,000.
Google is introducing a high-definition version of Google Maps for vehicles running its Android Automotive OS. Coming to the Volvo EX90 and Polestar 3.
Polestar Recent developments
Delivered 51,4911 vehicles for the full year 2022, an increase of 80% year on year.
Launched a major update to Polestar 2 Model Year 2024.
Expanded partnership with Luminar to include Polestar 5.
Polestar product portfolio, Global Markets, Management Team,
Smart partnerships and collaborations
Autonomous driving partners: Luminar – Advanced Lidar System Nvidia – centralised computing Zenseact – AI powered software
- MobilityXlab – global start-up community pipeline
- Infotainment system built on AndroidTM Automotive OS with Google built-in
- End-to-end integration of Android features
- Native applications without requiring smartphone
Polestar 2 Model Year 2024
Start the new year off with a bang — the Polestar 2 model year 2024. Make this monumental change to upgrade your lifestyle and take advantage of all it has to offer. The switch to RWD is a major alteration that improves the driving experience and optimises the performance of the electric motor.
Polestar Luminar LiDAR
Luminar is bringing its advanced lidar tech to the Polestar 3, Volvo and Geely’s all-electric SUV. With this technology, the Polestar 3 will be able to see obstacles and recognise traffic signs. Additionally, it will help enhance active safety features.
Google Maps New Updates To Polestar & Volvo Electric Cars
Google has implemented new functions in its Google Maps feature specially designed for electric vehicles such as Polestar and Volvo. These additional capabilities will provide enhanced support to those driving EVs.
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