Polestar mentioned provide points that lingered after China’s COVID-19 lockdowns earlier this 12 months will weigh on outcomes the electric-car maker is releasing subsequent month, although it’s sticking with its full-year deliveries goal.
The Volvo plant in Luqiao, China, that produces the Polestar 2 was hamstrung or stopped completely for nearly eight weeks within the spring, and the corporate continues to be scrambling to get sufficient laptop chips and different important elements.
Polestar handed over simply 9,215 of these sedans to patrons in the course of the quarter ended Sept. 30. The corporate might want to greater than double that determine this quarter to succeed in its 50,000-vehicle goal for the 12 months, because it’s delivered 30,400 thus far.
“We principally have doubled output,” CEO Thomas Ingenlath mentioned in an interview. “The automobiles are produced, the shoppers are ready, the one factor left is that we ship.”
Polestar’s shares have roughly halved for the reason that firm went public in New York in June within the greatest climate-technology SPAC deal in the course of the first half.
Urge for food to put money into startups has waned since then due to report inflation, rising rates of interest and a worsening financial outlook. Whereas drivers appear eager on the Polestar 2, the corporate might must faucet its major traders Volvo and Zhejiang Geely Holding Group for more money, Bernstein analysts mentioned in June.
Polestar is evaluating funding choices together with each debt and fairness, the CEO mentioned.
On the intense facet, demand is robust. Each automotive Polestar will make this 12 months has already been offered, although that’s considerably frequent throughout the trade as clients swap to EVs quicker than many vehicle executives anticipated.
Polestar’s queue additionally lengthened considerably in April, when Hertz ordered 65,000 automobiles for its rental fleet at an undisclosed worth.
Ingenlath mentioned Polestar, which is focusing on round 290,000 EV gross sales by 2025, is experiencing “strong demand.”
Subsequent week, the producer will unveil the Polestar 3, which can give the producer a presence within the profitable SUV section.
It’s the primary mannequin Polestar developed from scratch, with out drawing considerably on elements and engineering from Volvo.
Ingenlath mentioned the Polestar 3 can be sportier than Tesla’s Mannequin Y, likening it to the Porsche Cayenne. “I imply that sort of aspirational automotive,” he mentioned.