EV Maker Polestar Passes 50,000 Cars Sold Per Year
Chinese-Swedish electric vehicle maker Polestar announced Thursday that it sold over 50,000 cars last year, as sales nearly doubled.
Polestar, which is co-owned by Sweden's Volvo and China's Geely, is aiming to challenge US-based Tesla in the high-end electric car market.
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The joint venture, which was listed on the New York Stock Exchange last year, sold 51,491 cars in 2022, an increase of 80 percent, with reported revenue of $2.5 billion USD, the company said in its annual report.
At the same time, the net loss was halved to $465 million USD.
Polestar also said Thursday it aims to increase sales by 60 percent this year to 80,000 vehicles, mainly pinning its hopes on the Polestar 2 model. The company hopes to sell 290,000 vehicles per year by 2025.
The carmaker, founded in 2017, currently produces its cars in China, but production of its future Polestar 3 model is also planned for the United States.
Polestar's main shareholder is Volvo Cars, with a 48 percent stake, but Volvo is itself owned by China's Geely.