Polestar Warns Slow Recovery From Lockdown Dragged on Results
Startup sticks with target to deliver 50,000 electric cars this year despite challenges with ramping back up in China.
The forthcoming Polestar 3 is the automaker’s first car developed from scratch.
Source: PolestarPolestar Automotive Holding said supply issues that lingered after China’s Covid lockdowns earlier this year will weigh on results the electric-car maker is releasing next month, though it’s sticking with its full-year deliveries target.
The Volvo Car AB plant in Luqiao, China, that produces the Polestar 2 was hamstrung or stopped entirely for almost eight weeks in the spring, and the company is still scrambling to get enough computer chips and other essential parts. Polestar handed over just 9,215 of those sedans to buyers during the quarter ended Sept. 30. The company will need to more than double that figure this quarter to reach its 50,000 vehicle target for the year, as it’s delivered 30,400 thus far.