Sept 1 Reuters Electric vehicle maker Polestar said on Thursday that its revenue nearly doubled in the first half of 2022 on soaring demand and that it may have to raise its prices further if material costs continue to rise.

We continue to have a very strong order book, Chief Financial Officer Johan Malmqvist told Reuters. In regards to inflationary pressures, we have increased prices and that is something that we are closely monitoring to see if there39;s a need to take additional actions to protect our margins.

The Swedishbased carmaker, founded by China39;s Geely and Volvo Cars, also reaffirmed its fullyear target to deliver 50,000 electric vehicles EVs.

Polestar, which listed on the Nasdaq in June via a merger with a specialpurpose acquisition company SPAC, has expanded into new markets this year but the cost of doing so meant it reported a net loss of 502.7 million for JanuaryJune, up from a 368.2 million loss a year earlier.

As countries target netzero carbon emissions and gas prices rise, demand for EVs has surged. Carmakers have been scrambling to increase production amid supply chain bottlenecks and rising costs of components and battery materials.

Many carmakers have raised vehicle prices because consumer demand has remained strong, but some fear high inflation and economic uncertainty will dent sales sooner or later.

Polestar reported revenue of 1.04 billion for the six months ended June 30 compared with 534.8 million a year earlier.

As of the end of…