Polestar is confident it will be able to achieve its reworked target of 50,000 deliveries this year, with a big boost expected in quarter four to get it over the line.
The Swedish-Chinese electric vehicle (EV) maker delivered around 9215 vehicles in the third quarter of 2022, bringing its year-to-date figure to approximately 30,400 cars.
In the last quarter (Q4) of 2022, Polestar expects to deliver the roughly 20,000 vehicles it needs to be able to achieve its 50,000 global target for the year.
That Q4 target would be more than double the amount of cars it delivered in the third quarter of this year.
Polestar trimmed back its global annual delivery target in May from 65,000 units to 50,000 units due in part to COVID-19 lockdowns in China.
“We needed to catch up on production after COVID-19 related setbacks in China and we have,” said Polestar CEO Thomas Ingenlath.
“The majority of Polestar 2 cars set for delivery in Q4 are ready and making their way to our customers in 27 markets around the world, with the fourth quarter set to be our strongest on record yet.”
“I am confident we will meet our target of 50,000 cars for this year.”
Polestar expects to detail its financial and operational results for the third quarter of 2022 on November 11.
On the local front, Polestar sold a total of 779 examples of its 2 high-riding liftback until the end of September, according to VFACTS registration data.
Australia is considered an important launch market for Polestar. It currently offers the Polestar 2, but the broad range of future products it is gearing up to reveal are all on track to come Down Under as well.
The company recently announced plans to open its first flagship Australian ‘Space’ at Melbourne’s Chadstone Shopping Centre this summer.
This will supplement the existing Spaces in Sydney, Brisbane, Melbourne, Perth, and Hobart, but is viewed as a more permanent solution.
Polestar also has bold expansion plans. It wants to launch a new model every year between now and 2024, and will expand into 30 markets by 2030. It also intends to grow its sales from 29,000 per year to 290,000 per year by 2025.
Polestar is a Sweden-based joint venture company run by Volvo and its Chinese parent Geely Holding, and earlier this year was listed on the NASDAQ after a SPAC IPO.