Shares of Polestar Automotive Holding (NASDAQ: PSNY) were up in pre-market trading on Friday as the Swedish premium electric vehicle (EV) manufacturer reported surging car volumes.
The company delivered around 9,215 vehicles globally in Q3 this year, bringing the total year-to-date delivery to 30,400 cars for the first nine months of 2022, a 100% percent year-over-year growth rate.
This year, Polestar is targeting the delivery of 50,000 vehicles.
The company’s CEO, Thomas Ingenlath commented, “The majority of Polestar 2 cars set for delivery in Q4 are ready and making their way to our customers in 27 markets around the world, with the fourth quarter set to be our strongest on record yet. I am confident we will meet our target of 50,000 cars for this year.”
Polestar is expected to announce its Q3 results on November 11.
Is Polestar Stock a Buy?
Analysts are sidelined about the stock, with a Hold consensus rating based on one Buy, one Hold, and one Sell.
The average price target for PSNY stock is $11.50, with upside potential of 104.3% at current levels.
