JAKARTA Electric cars are now increasingly roaming the streets. Besides being considered efficient, this car is also known to be environmentally friendly because it does not emit carbon left over from the burning. No wonder now electric vehicles in various sweet selling models are sold.
Electric vehicle maker Polestar announced Thursday, September 1 that its revenue will almost double in the first half of 2022. This is due to soaring demand. They may even have to increase their price further if material costs continue to rise.
"We continue to have a very strong order book," Chief Financial Officer Johan Malmqvist told Reuters. "With respect for inflationary pressures, we have raised prices and that is something we closely monitor to see if there is a need to take additional price action to protect our margins."
Swedish-based automakers, founded by Geely China and Volvo Cars, also reaffirmed a full-year target of shipping 50,000 electric vehicles (EVs).
Polestar, which was listed on the Nasdaq last June through a merger with a special purpose acquisition company (SPAC), has grown to a new market this year but the cost of doing so means causing a net loss of $502.7 million for the January-June period, up from a previous loss of US$368.2 million (IDR 5.4 trillion), last year.
As countries target net zero carbon emissions and gas prices rise, demand for EVs has soared. Automakers have struggled to increase production amid supply chain bottlenecks and rising cost of components and battery materials.
Many automakers have raised vehicle prices as consumer demand remains strong, but some of them fear high inflation and economic uncertainty will reduce sales sooner or later.
Polestar reported revenue of US$1.04 billion for the six months ended June 30 compared to US$534.8 million a year earlier. At the end of June, Polestar sold cars in 25 countries, up from 19 countries in the previous year.
The company reported non-cash costs of US$372.3 million related to the listing on the Nasdaq. Malmqvist said the company ended the first half with $1.4 billion in cash.
Shipping by Polestar rose nearly 125% to about 21,200 cars in the first six months of the year, up from 9,510 a year earlier.
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