Polestar (NASDAQ: PSNY) disclosed Friday that it is still on track to deliver 50,000 vehicles in 2022 after its factory commenced full production following Covid lockdowns in China. According to the automaker, it delivered 9,215 vehicles during the third quarter, totaling about 30,400 vehicles so far this year. Polestar’s shares shot up 3% during premarket trading following the news.
“We needed to catch up on production after Covid-19-related setbacks in China and we have. The majority of Polestar 2 cars set for delivery in Q4 are ready and making their way to our customers in 27 markets around the world, with the fourth quarter set to be our strongest on record yet. I am confident we will meet our target of 50,000 cars for this year.” said Polestar CEO, Thomas Ingenlath.
The company expects to report its financial and operational results for the third quarter of 2022 on Friday, November 11. Polestar’s CEO and CFO will be on a live audio webcast that day to speak on the company’s financial and operational results and outlook.
Polestar is a joint venture between Sweden’s Volvo Cars and Geely, which has owned Volvo Cars since 2010. The company went public through a merger with a special purpose acquisition company in June.