Polestar nearly doubles half-year revenue as demand soars (updated)

Brilliance China Automotive Holdings

01/09/2022 11:10

(Adds background, details)
    Sept 1 (Reuters) - Polestar Automotive Holding  PSNY.O  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.
    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.  urn:newsml:reuters.com:*:nL1N2YT1CT
    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)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))