Polestar Reports Strong Start to 2022 With Record Sales, Continued Growth and Market Expansion

Polestar actively managing ongoing global supply chain challenges

Polestar, the premium electric performance car brand, has announced record sales for the first four months of 2022 as well as excellent global order intake fuelled by continued expansion into new and existing markets. In the first four months of the year, vehicle sales more than doubled to approximately 13,600 and the Company's order take more than tripled to nearly 23,000 compared to the same period in 2021.

During the period, Polestar increased its global presence to 23 markets, up from 19 at the end of 2021, putting the company on track to meet its target of 30 markets in aggregate by the end of 2023. New markets in the Middle East and Europe will be joined by Spain and Portugal imminently. Plans are underway to begin operations in Israel and Italy later in 2022.

In addition, Polestar has announced a global partnership with the car rental company Hertz to supply 65,000 cars over the next five years.

We promised growth and we are delivering on that promise, says Thomas Ingenlath, Polestar CEO.

While exceptionally strong order-take shows Polestar's ability to achieve its 2022 target of 65,000 vehicle sales, the company is facing supply chain constraints that continue to challenge the whole of the auto industry.

As a result of prolonged government COVID-19 lockdowns in China during the first half of 2022, Polestar has now announced a reduction to the number of customer vehicle sales that it will be able to deliver in 2022 from 65,000 to approximately 50,000.