Premium EV company Polestar met global sales target of 29,000 cars in 2021 (about 185% year-on-year growth), has expanded from 10 to 19 markets, doubled its retail footprint to 100 locations and is delivering on growth plans ahead of a proposed listing with Gores Guggenheim closing in the first half of 2022.
Most of Polestar’s growth last year was in Asia Pacific and Europe, this year intending to add Spain, Portugal and Ireland to its European market footprint, and enter the Middle East with a presence in the UAE, Kuwait and Israel.
By the end of 2023, Polestar aims to be operating in at least 30 global markets.
“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,” Polestar chief executive Thomas Ingenlath says.
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Polestar sales head Mike Whittington says orders are strong and that the expanded Polestar 2 model line-up has had a “fantastic reception”.
The company aims to have 150 retail locations in operation by the end of this year. In addition to the openings of inner-city Polestar Spaces, the company debuted its new, larger, out-of-town Polestar Destinations with the first permanent Polestar Destination opening in December 2021 outside Gothenburg, Sweden.
That month it also announced a software upgrade.
In 2021, Polestar also announced plans to launch three new cars in the coming three years.
Polestar 3, a premium electric performance SUV, is set to launch in 2022 and will be the first Polestar to be built in the US.
It will benefit from advanced technologies from Luminar, Nvidia and Zenseact that will provide cutting-edge unsupervised autonomous driving functionality, the company says.
Smaller electric performance SUV coupe the Polestar 4 is expected to follow in 2023.
In 2024, the Polestar 5 electric performance four-door GT is planned to be launched as the production evolution of the Polestar Precept and a climate-neutral car is expected by 2030.
Polestar was established as a standalone Swedish premium EV manufacturer in 2017, founded by Volvo Cars and Geely Holding, its cars made in two facilities in China, with additional manufacturing planned in the USA.
Article written by AutoTalk