Polestar nearly doubles half-year revenue as demand soars

[September 01, 2022]  (Reuters) -Polestar Automotive Holding said on Thursday it nearly doubled revenue for the first six months of the year as demand soared for the Swedish company's electric vehicles. 

Staff members stand near a Polestar 2 electric vehicle (EV) displayed during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. REUTERS/Aly Song

As countries target net-zero carbon emissions and gas prices rise, demand for electric vehicles (EVs) has surged and EV makers have been scrambling to increase production amid supply chain bottlenecks and rising costs of components and battery materials.

The company reported a revenue of $1.04 billion for the six months ended June 30 compared with $534.8 million a year earlier.

Net loss widened to $502.7 million, compared with $368.2 million a year earlier.

Deliveries by the Swedish EV maker, founded by China's Geely (0175.HK) and Volvo Cars (VOLCARb.ST), rose almost 125% to about 21,200 cars in the first six months of the year, up from 9,510 a year earlier.

The company said deliveries will be weighted towards the fourth quarter due to COVID-19 disruptions in China and reaffirmed its full-year target of 50,000 deliveries.

(Reporting by Akash Sriram in Bengaluru and Nick Carey; Editing by Krishna Chandra Eluri)

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