Ex-SPAC Polestar to reach 2022 supply target after boost in 4th quarter

Jump to heading Ex-SPAC Polestar to reach 2022 supply target after boost in 4th quarter

Polestar, the Swedish-Chinese electric vehicle manufacturer, aims to deliver more cars required to meet its worldwide objective for the year in the 4th quarter of 2022 - that being more than twice the number supplied in the Q3 of this year (9000 aprox.) which saw an increased year-to-date total.

The company reduced its worldwide annual supply goal in May, owing in part to COVID-19 lockdowns in China. Polestar CEO, Thomas Ingenlath, explained how it had to catch up on manufacturing and have overcome post COVID-19 difficulties in China.

Ingenlath states that the bulk of Polestar 2 vehicles scheduled for delivery in the Q4 are ready and on their way to 27 countries across the globe, with it poised to be their best on record.

Polestar plans to release its financial and operational results for the third quarter of 2022 this Nov. According to statistics, they sold 85 Polestar 2 units in September, making it the 5th best-selling EV in the U.S. in the record-breaking month. It was only outsold by Tesla and Hyundai models.

The business has big aspirations for growth between now and 2024, with its plans to debut a new model every year and grow into 30 markets by 2030. It also plans to increase its yearly sales significantly.

The EV manufacturer will unveil the Polestar 3 SUV October 2022, which will be constructed on a variant of the new electric architecture. The Polestar 4 crossover will be presented in 2023, followed by the Polestar 5 in 2024, bringing the Polestar Precept concept vehicle to reality. The company has just revealed the Polestar 6, a manufacturing version of its O2 concept that would debut in 2026.

Polestar is a Swedish joint venture managed by Volvo and its Chinese parent Geely Holding that was listed on the NASDAQ earlier this year after a SPAC IPO.

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(ENDI Corp. and its affiliated Registered Investment Advisors do not own a position in Polestar nor Volvo as of October 12, 2022.)

Tags: blank-check companies; SPACs; merger; trader deals; IPO; stock market;
special purpose acquisitions; acquisitions companies; PIPE; public equity;
financing; public investments; Electric Vehicles; Tesla; Volvo; stock sales; Geely Holdings; NASDAQ