Polestar Automotive Polestar has announced its third quarter 2022 financial results.
The results show that Polestar’s revenue nearly doubled this quarter, while gross profit surged and operating losses were reduced by a third. In the third quarter, Polestar delivered 9,215 new vehicles; cumulative deliveries of approximately 30,400 new vehicles in the first three quarters, January-September, were up more than 100%.
Polaris reported a third-quarter operating loss of $196.4 million, down from $292.9 million a year ago; revenue increased to $435.4 million from $212.9 million in 2021, and gross profit also increased significantly compared with the same period in 2021. Polaris’s gross profit also reached $57 million, well above last year’s $1 million.
In addition, Polestar also said that they released their first SUV, the Polestar 3, in October, and expects to complete the delivery target of 19,500 units in the fourth quarter and achieve the 100,000 mass production milestone. For the 2022 delivery target, Polestar reiterated its delivery target of 50,000 vehicles.
According to reports, the Polestar 3 will be mass-produced at the Chengdu plant in the middle of next year, and the Polestar 4 model is expected to be released early next year.
