The electric car brand Polestar has sold 29,000 vehicles worldwide in 2021, reaching its sales target. Compared to the previous year, sales increased by 185 per cent.
In 2021, Polestar increased its global presence from ten to 19 markets, with a focus on Europe and the Asia-Pacific region. Just at the end of the year, a few more markets were added. When Polestar showed the prototype of the Polestar 3 in early December and set a target of 29,000 vehicles, there were only 14 markets.
The expansion is expected to continue in the coming months. In the first half of 2022, Polestar says it plans to expand its footprint in Europe to include Spain, Portugal as well as Ireland, and in the Middle East to open branches in the United Arab Emirates, Kuwait and Israel.
By the end of 2023, Polestar aims to be active in at least 30 global markets. Polestar’s planned merger with Gores Guggenheim for the purpose of an IPO is expected to be completed in the first half of 2022.
“We are delivering on our targets,” said Thomas Ingenlath, CEO of Polestar. “It is a hugely exciting time for the brand, with new markets and models to support the ambitious growth plans we have set for ourselves.”
Mike Whittington, Head of Sales at Polestar, highlighted the “fantastic response” to the expanded Polestar 2 model range – the brand had announced the two single-engine variants in April, and since September the more affordable models have been delivered alongside the four-wheel-drive version. The effect can also be seen in Germany: while the all-wheel-drive model only managed to increase sales by just over 200 vehicles a month in March, Polestar 2 registrations rose significantly when deliveries of the single-engine models began – to as many as 467 vehicles in December.
In terms of sales, no specific target for 2022 has been announced, but the aim is to increase sales tenfold to 290,000 vehicles by 2025. Not only new markets, but also three new models are to contribute to this. In addition to the aforementioned sporty SUV Polestar 3, the larger SUV Polestar 4 and the electric sedan Polestar 5 are to follow. The production design of the latter model was already shown in November, although the car will not be launched on the market until 2024.
According to reports, Polestar is working on a new 800-volt motor that will produce 475 kW. The Polestar-exclusive drive could debut in the Polestar 5.
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