Polestar (NASDAQ:PSNY) stock is in the green this morning after the electric vehicle (EV) maker announced record-high Q2 EV deliveries.
At its recent deliveries announcement, the Swedish automaker revealed it had delivered approximately 15,800 vehicles in its fiscal Q2 and about 27,900 EVs so far in 2023. This represents the most quarterly vehicle deliveries in the company’s history and a 36% increase over last year’s Q2 deliveries.
As it stands, Polestar is on pace to deliver between 60,000 and 70,000 vehicles this year.
Polestar Chief Executive Thomas Ingenlath had some kind words for the company’s progress this past quarter.
“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. More than 20 permanent Polestar Spaces are planned to open over the coming months, as we expand our footprint and shift from temporary locations into larger facilities that can accommodate our growing line-up. I’m really pleased that the first Polestar 3 display cars will be arriving in our Spaces in the coming weeks.”
PSNY Stock Climbs on Strong Deliveries
It seems investors are encouraged by the once-tenuous EV startup’s progress. Indeed, at the time of writing, PSNY stock is up nearly 5% as investors digest the latest promising piece of Polestar news.
PSNY stock has climbed more than 20% in just the past three months on a number of notable announcements. That said, Polestar remains a notable loser in the market this year, down nearly 21% year-to-date, as the S&P 500 and Nasdaq enjoy gains of 15% and 31%, respectively.
Today’s report comes just days after the EV maker inked a deal with Tesla (NASDAQ:TSLA) to allow Polestar drivers access to Tesla’s vast Supercharger network. This gives Polestar owners access to one of the largest networks of chargers in the country, a major win for both the company and its customers.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
