Polestar on track to sell 50,000 EVs in 2022

Polestar said it is on track to meet its sales target.

Polestar delivered more cars in the first half of the year than it did in the entire year. 50,000 cars are expected to be delivered this year.

That is a good sign for the EV company, which spun out from Volvo and Geely by merging with Gorges Guggenheim, a special purpose acquisition company. Most EV manufacturers that have gone public through a SPAC instead of an IPO during the last two years have struggled, missing their sales targets and sending share prices into freefall.

Since its debut, Polestar's share price has declined, but the company still plans to scale its operations worldwide, increase production by adding a second shift at its factory in China and begin making a second model at Volvo's factory in South Carolina.

The automaker, which raised $890 million through its SPAC deal to fund its three-year growth plan, also benefits from access to Volvo and geely's manufacturing expertise. The advantages set it apart from other companies that have struggled to raise enough money to build their own electric vehicles.

The Polestar 2 battery-electric sedan is the only one of its kind. The lineup will be expanded with the arrival of the Polestar 3 SUV in October, as well as the Polestar 4 and Polestar 5 flagship sedans.

The Polestar 3 is expected to be one of the automotive industry's fastest-growing and highest margin segments.

The company plans to grow its presence to 30 countries by the end of the year, and will sell 290,000 cars annually by the end of the decade.

Polestar said it has begun delivering the first vehicles to Hertz under a $3 billion deal to sell the rental car company 65,000 electric vehicles.