Polestar Reports Strong Q1 Delivery Results of 2023!
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The Swedish electric car company Polestar listed on the Nasdaq with the ticker $PSNY, has reported their global volumes for Q1 of 2023.
Polestar record output of more than 51,000 delivered in 2022, the Company sold nearly 12,000 vehicles in the initial quarter of 2023, representing a growth of 26% from the previous year. As ordinarily expected with seasonal fluctuations affecting distributions in the beginning of the year, Polestar anticipates total deliveries across 2023 to swell near 60%, amounting to roughly 80,000 cars; driven predominantly by orders for their Polestar 2 model.
The Polestar 3 SUV will begin it's delivery to customer in the 4th quarter of 2023.
“2023 is going to be another year of great progress for Polestar as we expand our portfolio and continue to grow our retail network. In addition to the significant upgrades we have made to Polestar 2, we expect to start production of our highly anticipated electric SUV Polestar 3 in the summer and we will shortly launch Polestar 4, the SUV coupe transformed,” says Polestar CEO, Thomas Ingenlath.
Polestar is expecting to disclose their unaudited financials and operational performance for the initial quarter of 2023 on Thursday 11 May 2023, ahead of the USA markets opening.
Links to the webcast and relevant documents can be found on Polestar's Investor Relations website at https://investors.polestar.com/.
In the first half of 2022, Polestar delivered 21,185 cars - a significant improvement on 2021's figure of 9,510 for the same period. The new question becomes can Polestar deliver up to 30,000 vehicles in the first half of 2023? If Polestar can do this, the company would have a remaining 50,000 vehicles needed to be delivered in Q3 and Q4 respectively.
This is all more than accomplishable, given that the company can simply deliver on average 25,000 vehicles per quarter and wallah, they would have it at 80,000 vehicles in total.
Despite this positive report being published on the 6th of April 2023, the stock price of $PSNY has not moved an inch upwards. This could suggest that the news hasn't yet reached worldwide awareness of the electric vehicles audiences, hence why there was no indication that the news has been well received. It might be days or perhaps weeks before the price of $PSNY stock reacts to the sentiment of the global market.
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