Polestar, Volvo’s new electric performance brand, has confirmed that it will deliver 50,000 vehicles in its first year of production. The news was confirmed by Polestar CEO Thomas Ingenlath on the sidelines of the Shanghai auto show in China. The company will build the vehicles in its new factory in China, which will be located near the city of Chengdu in the province of Sichuan. The opening date for the plant has not been set, but Polestar says it will be open before the end of 2019 and begin production of its first model – due to launch in 2020.
Polestar, a Swedish manufacturer of electric vehicles, announced on Friday that it is still on target to deliver 50,000 vehicles in 2022 after resuming full production at its facility following delays caused by Covid outbreaks in China.
In the third quarter, according to Polestar, 9,215 automobiles were delivered, increasing the company’s total for the year to nearly 30,400 vehicles. The fourth quarter will be crucial for the company’s objectives even though that is approximately double its amount from a year ago.
Following the announcement, shares of Polestar increased by nearly 3% in premarket trading.
Given that many of the vehicles Polestar anticipates delivering by the end of the year have already shipped, CEO Thomas Ingenlath expressed confidence that Polestar will meet its goal.
After the Covid-19-related delays in China, we needed to catch up on manufacturing, and we have, according to Ingenlath.
Due to Covid-19 lockdowns ordered by the government, Polestar’s corporate parent, Chinese manufacturer Geely, was forced to shut down its Luqiao production for a number of weeks in the first half of 2022. The Polestar 2 crossover is produced at the plant along with vehicles for other Geely brands.
Volvo Cars of Sweden and Geely, which has owned Volvo Cars since 2010, have partnered to create Polestar. Through a combination with a special purpose acquisition business, it became publicly traded in June.
The Polestar 3 SUV, which is Polestar’s next model, will be constructed in both Luqiao and the United States at a Volvo facility in South Carolina. On Wednesday, the Polestar 3 is anticipated to make its official premiere at a gathering in Copenhagen, and manufacturing will then start.