Tesla Rival Clocks 80% Jump In 2022 Deliveries Amid Disastrous Year For EV Companies

Swedish electric vehicle manufacturerPolestar Automotive Holding UK plcPSNY on Monday reported strong deliveries for the fourth quarter and the full year and issued a positive outlook for 2023.

What Happened:Polestar delivered 21,000 EVs in the quarter and 51,000 units in 2022, an 80% jump from a year earlier.

"Im proud of the many milestones we achieved in 2022 and, in particular, the massive team effort that went into delivering our strongest quarter to date surpassing our 50,000 global volumes target for the year, said CEOThomas Ingenlath.

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The company said it expects to deliver 80,000 units in 2023, thanks to the strong performance of the Polestar 2, and start deliveries of the Polestar 3 later this year.

There will be the usual quarterly variations, but Im confident that we will continue to actively manage our supply chain to meet the growing demand for Polestar 2, commence first deliveries of Polestar 3 and launch Polestar 4," Ingenlath said.

Fund managerRoss Gerbersaid Polestar's guidance looked conservative.

Why Its Important:Polestars performance comes against the backdrop of an awful year for EV companies and internal combustion engine autos as well.

EV market leaderTesla, Inc TSLA recentlyreported full-year delivery growth of 40.34%,trailing the consensus estimate and company expectations of a 50% growth. It began slashing vehicle prices globally toward the end of the year.

Rivian Automotive Holdings, Inc.RIVN also missed its annual production forecast, citing global supply chain issues.

Price Action: Polestar shares ended Mondays session 1.71% lower at $5.55, according toBenzinga Pro data.

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