Polaris halved its net loss in 2022, while revenue surged 84 percent.
In 2022, Polestar, the electric car maker, not only halved its net loss but also saw a big increase in revenues.
On March 3, Polestar said its revenue rose 84 percent year-on-year to about $2.5 billion in 2022 as full-year deliveries exceeded its target of 50,000 vehicles. Net losses fell to $466m from more than $1bn in 2021; Adjusted operating loss narrowed 8 percent to $914 million.
Polar Star Chief Executive Thomas Ingenlath described Polar Star’s 2022 performance as the basis for its “different phases” of growth, noting that the company aims to increase deliveries by nearly 60 percent more to about 80,000 vehicles. Ingenlath noted that most of its sales growth will come from the updated Polestar 2 EV. Polestar will release two new electric vehicles this year — Polestar 3 and Polestar 4 — and both are expected to reach mass production in 2024.
“It’s been an exciting year for us because we finally have three products instead of just one,” Ingenlath said in an interview. Polestar expects gross margin in 2023 to be “essentially flat” from 4.9 percent in 2022, “with volume and product mix supporting margin growth later this year.”
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