Polestar boasts strong EV production figures for 2022 in forward guidance

Yahoo Finance autos reporter Pras Subramanian joins the Live show to break down the latest guidance from Polestar's CEO.

Video Transcript


DAVE BRIGGS: Pras, you also sat down with the Polestar CEO after earnings. Biggest takeaway there?

PRAS SUBRAMANIAN: Well, you know, you guys just talked about luxury, right? Polestar is a luxury brand, and they had a nice quarter. Narrower loss than expected, which is good to hear, and the revenue up 80%. But the big thing was, they hit their production forecast, 50,000 cars this year. We spoke to the CEO, Thomas Ingenlath, earlier today. Here's what he had to say about that.

THOMAS INGENLATH: We had a very, very strong production run in the second half of '22, which then left it up to our countries to deliver these cars right to the last day in '22 in order to get really all the produced cars out. And you can imagine we had a very, very happy Christmas party knowing that we are in the run for delivering and really making that distinction, really being the EV startup that delivers on the targets.

PRAS SUBRAMANIAN: So yeah, they delivered on that target. And for 2023, they see deliveries going up to 80,000 units. So you don't see that happening much with EV pure-play startups. They're usually missing these targets. But they're actually hitting them, and they're actually going to expand for next year. So good news there for Polestar.

DAVE BRIGGS: Yeah. Rivian, for example. Polestar, are they planning on expanding that lineup in the years ahead?

PRAS SUBRAMANIAN: Yeah, most importantly, this year, the Polestar 3 SUV comes out back half of the year. And the Polestar 4, which is more of a sportier SUV, comes out later this year. So two new cars this year at the end of the year. So they're going to round out that portfolio. And then probably 2024 will be a big year for them from a big sales point of view.

DAVE BRIGGS: That's really solid progress from Polestar. Pras Subramanian, good stuff. Thank you, my friend.