Polestar delivered about 21,200 vehicles in the first half, a year-on-year increase of 120%

While the previous coronavirus lockdown in China has created challenges for Polestar’s factories in the country, the electric car brand said on Wednesday it expects to deliver 50,000 vehicles by 2022, in line with previous guidance.

In a statement, Polestar said that it delivered about 21,200 vehicles in the first six months of the year, up from 9,510 in the same period last year.

“When it comes to order intake, we are on a very safe track to make the numbers that we’ve put out for 2022,” Polestar Chief Executive Thomas Ingenlath said in an interview. “Even now in July, we are already on safe ground with that.”

“The big uncertainty in the plan is always unforeseen COVID-19 lockdowns,” he added.

Polestar sold about 29,000 vehicles last year and is targeting tenfold growth to 290,000 in 2025.

Last month, Polestar, a joint venture between Sweden’s Volvo Cars and Chinese auto giant Geely, went public via a merger with a special purpose acquisition company or SPAC.  

The company plans to use the $890 million raised from the deal to fund its three-year plan to build new vehicles and eventually become profitable.

Driven by loose monetary policy, SPACs have become a trend in the past two years. Many EV companies, including Lucid Group, Fisker, and Nikola, have gone public through SPACs.

But compared to its competitors, Polestar’s advantages include already established brand awareness and mass production capabilities. Polestar currently has a factory in China, and the South Carolina project is expected to begin production of the Polestar 3 electric SUV later this year.

Polestar’s plan is to be operating sales and service networks in 30 countries by the end of next year, but Ingenlath said the company would likely reach that milestone sooner.