Polestar (PSNY) stock spikes after reporting strong Q2 2023 deliveries

EV maker Polestar (PSNY) delivered roughly 15,800 vehicles in the second quarter of 2023, up 31% from Q1. Polestar’s stock is trending, up 5%, following the rising deliveries.

Polestar records over 15K deliveries in Q2, stock spikes

After delivering 12,076 vehicles in the first three months of the year, Polestar raised concerns by lowering its annual global volume from 80K to between 60K to 70K.

The lower guidance came following a delay in producing its first electric SUV, the Polestar 3. Polestar initially planned to launch the electric SUV during the second quarter but pushed it back until the first quarter of 2024.

Polestar said it was “recently informed that additional time for final software development of the new all-electric platform shared by Volvo Cars is needed.” Volvo also delayed production of the EX90 until the first half of next year.

Despite the hurdles earlier this year, Polestar reported Q2 deliveries Thursday, indicating strong first-half results. Through the first half of the year, Polestar’s deliveries reached around 27,900.

The EV maker says it’s still on track to reach its 60K to 70K delivery goal this year. Thomas Ingenlath, Polestar’s CEO, commented on the progress, saying:

As expected, deliveries have continued to gather pace from month to month, resulting in a record second quarter. I’m confident this trend will continue into the seasonally stronger second half of the year, which will also see the first deliveries of our significantly upgraded Polestar 2, with up to 22% longer range.

Polestar revealed last month that the 2024 Polestar 2 will start at $51,300 (including the destination fee) and will feature bigger batteries and more powerful motors alongside several other upgrades.

Deliveries of the Polestar 2 are expected to begin in August 2023. Meanwhile, the EV maker was part of a recent wave of automakers, including Ford, GM, Rivian, Volvo, and more, that revealed plans to adopt Tesla’s NACS to gain access to the Supercharger network.

Polestar’s stock is trending up following the news. Shares are up over 27% over the past month, with solid Q2 deliveries from several EV makers, including Tesla and Rivian. However, Polestar shares are still down over 56% over the past 12 months.