Corona lockdowns in China: Polestar collects sales forecast for 2022

As a result of the massive corona restrictions in China, Polestar has lowered its sales forecast for the current year. Around 50,000 vehicle sales to customers are now expected for 2022, as the Swedish electric car manufacturer announced on Thursday. So far, the company had assumed 65,000 units.

The company said the reduction was “100 percent” due to the state lockdown in China. Together with the investors Volvo and Geely, they will continue to actively tackle these ongoing challenges in the supply chain.

Polestar vehicles are manufactured at a car factory in Luqiao, east China. The complex is owned by Geely and operated by Volvo. Among other things, with the introduction of a second shift, they want to make up for part of the production loss suffered in the course of the year, it said. Polestar is confident of achieving the targeted sales figures for 2023 to 2025.

“The drivers for increasing sales of electric cars remain, and the momentum is stronger than the uncertainties that we are currently experiencing,” said Polestar CEO Thomas Ingenlath. “Any short- to medium-term economic impacts have not affected our goal of selling 290,000 cars in 2025 – ten times more than in 2021.”

Strong order intake

At the beginning of the year, Polestar was able to continue its rapid growth from the previous year. As of the end of April, the company sold 13,600 vehicles – more than double the number for the same period in 2021. The order intake has more than tripled to almost 23,000 vehicles, it said. “We promised growth and we keep that promise,” said Ingenlath. The extraordinarily strong order intake is being supported by expansion into new and existing markets.

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Polestar is continuously expanding its global presence and aims to be represented in a total of 30 markets by the end of 2023. In Europe, Spain and Portugal will be added shortly, and the start of business activities in Israel and Italy is planned for later in the year.

The manufacturer expects further impetus from its new Polestar 3 model, the world premiere of which has been announced for October. Ingenlath: “We believe that our entry into the lucrative SUV market later this year (…) will further accelerate our future growth.” The electric SUV, which will be produced in the USA and China in the future, will stand out clearly from other offers.