Polestar losses swell despite one-car EV range's 123% sales growth

High-performance electric vehicle (EV) brand Polestar has grown its revenues 95% and registrations by 123% during the first half of 2022 – and has yet to expand its one-model car range.

The Geely-owned brand, which floated on the New York Stock Exchange in June, has reported revenues of $1.04 billion in the first six months of 2022, up 95% year-over-year as its car sales accelerated from 9,510 to 21,185.

But while Polestar’s gross profit rose 49% to $53.4m, it posted an operating loss of $885.2m as its cost of listing topped $372.3m and its cost of sales swelled by 95% to $987.9m in the period.