Polestar wants to double market reach by 2023
The electric car brand Polestar aims to increase its annual sales to 290,000 vehicles by the end of 2025 with expansion in existing and new markets and the introduction of three new models. By the end of 2023, Polestar should already be present in 30 markets – currently there are 14.
In the first half of 2022, Spain, Portugal, Ireland and Israel will be the first new markets to be added, according to the brand. Polestar released the details as part of its planned US IPO via merger with SPAC Gores Guggenheim to underpin its growth ambitions. The business combination is expected to close in the first half of 2022.
Polestar has 86 retail locations across its 14 markets, up from 40 at the end of 2020, with recent additions including facilities in New York City and Boston in the US. Expansion is expected to continue rapidly there: 25 US locations are already planned by the end of the year.
“We have driven tremendous growth since beginning full scale activity in 2020, underpinned by organic market expansion, strong interest in our award-winning Polestar models and benefits from post-pandemic retail tailwinds,” says Thomas Ingenlath, CEO of Polestar. “We look forward to further accelerating growth by expanding our global presence and continuing to innovate our product portfolio.”
On the further development of the product portfolio, Polestar had recently confirmed some details about the upcoming models. Already known is the Polestar 3 electric SUV, which will be built in the US along with the electric Volvo XC90. This vehicle is expected in 2022 and is expected to have a target range of 600+ kilometres. In terms of price, the Polestar 3 will be similar to a Porsche Cayenne.
These details come from Polestar itself, they were shown on the sidelines of the Polestar 2 Single Motor driving presentation. The Polestar 3 “Luxury Aero SUV” is to be followed in 2023 by another electric SUV, the Polestar 4 as a ‘Premium Sport SUV’. Here, too, the target range is 600+ kilometres, and in terms of price (and presumably dimensions) the Porsche Macan is the reference.
To stay with the Porsche comparisons: a comparable model to the Panamera is to be launched in 2024. The Polestar 5 is described as a ‘Luxury Sport GT 4-door’. With the Polestar Precept, the Swedish-Chinese brand had already shown a sedan-like study – it is not known how much of the concept car will also be included in the Polestar 5. But here, too, there is a target range of 600+ kilometres.