Tesla Rival Clocks 80% Jump In 2022 Deliveries Amid Disastrous Year For EV Companies

Swedish electric vehicle manufacturer Polestar Automotive Holding UK plc PSNY on Monday reported strong deliveries for the fourth quarter and the full year and issued a positive outlook for 2023.

What Happened: Polestar delivered 21,000 EVs in the quarter and 51,000 units in 2022, an 80% jump from a year earlier.

"I’m proud of the many milestones we achieved in 2022 and, in particular, the massive team effort that went into delivering our strongest quarter to date – surpassing our 50,000 global volumes target for the year,” said CEO Thomas Ingenlath. 

See also: Best Electric Vehicle Stocks

The company said it expects to deliver 80,000 units in 2023, thanks to the strong performance of the Polestar 2, and start deliveries of the Polestar 3 later this year.

“There will be the usual quarterly variations, but I’m confident that we will continue to actively manage our supply chain to meet the growing demand for Polestar 2, commence first deliveries of Polestar 3 and launch Polestar 4," Ingenlath said.

Fund manager Ross Gerber said Polestar's guidance looked conservative.

Why It’s Important: Polestar’s performance comes against the backdrop of an awful year for EV companies and internal combustion engine autos as well.

EV market leader Tesla, Inc TSLA recently reported full-year delivery growth of 40.34%, trailing the consensus estimate and company expectations of a 50% growth. It began slashing vehicle prices globally toward the end of the year.

Rivian Automotive Holdings, Inc. RIVN also missed its annual production forecast, citing global supply chain issues.

Price Action: Polestar shares ended Monday’s session 1.71% lower at $5.55, according to Benzinga Pro data.

Read next: Tesla's FSD Beta Gets Hands-Free Driving Feature This Month, Says Ark Invest — How It Compares To GM's 'Super Cruise’


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Posted In: NewsRetail SalesTop StoriesTechelectric vehiclesEurasiaEVsPolestar 2Thomas Ingenlath
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