EV maker Polestar passes 50,000 cars sold per year

Polestar, which is co-owned by Sweden's Volvo and China's Geely, is aiming to challenge US-based Tesla in the high-end electric car market.

The joint venture, which was listed on the New York Stock Exchange last year, sold 51,491 cars last year, an increase of 80 percent, with reported revenue of $2.5 billion, the company said in its annual report.

At the same time, the net loss was halved to 465 million dollars.

Polestar also said Thursday it aims to increase sales by 60 percent this year to 80,000 vehicles, mainly pinning its hopes on the Polestar 2 model. The company hopes to sell 290,000 vehicles per year by 2025.

The carmaker, founded in 2017, currently produces its cars in China, but production of its future Polestar 3 model is also planned for the United States.

Polestar's main shareholder is Volvo Cars, with a 48 percent stake, but Volvo is itself owned by China's Geely.