Revenue doubled in the third quarter of 2022, delivering a total of 30400 new cars from January to September.

CTOnews.com, November 14 (Xinhua)-- Polestar has announced its results for the third quarter of 2022.

According to the financial report, Polar's revenue nearly doubled in the quarter, while gross profit soared and operating loss decreased by 1/3. In the third quarter, Polar delivered a total of 9215 new cars; in the first three quarters, that is, January-September, the cumulative delivery of about 30400 new cars increased by more than 100%.

CTOnews.com learned that Star posted an operating loss of $196.4 million in the third quarter, down from $292.9 million in the same period last year, revenue increased to $435.4 million from 212.9 million in 2021, and gross profit increased significantly compared with the same period in 2021. At the same time, Polar gross profit reached $57 million, up from $1 million last year.

In addition, Polar also said that they released the first SUV Polar 3 in October, and it is expected that the delivery target of 19500 vehicles will be completed in the fourth quarter and the 100,000 production milestone will be reached. For the 2022 delivery target, Star reiterated its delivery target of 50000 vehicles.

According to reports, the Star 3 will be mass produced in the Chengdu factory in the middle of next year, and the Polestar 4 model is expected to be released early next year.