Polestar continues growth

The premium full-electric Geely daughter Polestar is continuing to grow. Over 32 000 customer orders have been registered globally for Polestar 2 since 2022. That’s an increase of 290% versus the same period in 2021. The brand is also expanding its market coverage and preparing to launch three other models.

Meanwhile, the manufacturer has started to deliver the first Polestar 2 cars to car rental company Hertz. Not so long ago, it struck a mega deal with Hertz, planning the delivery of no less than 65 000 Polestars over the coming five years.

25 markets

Polestar launched its 25th global market in the first half of 2022, significantly increasing from the ten markets in 2020. In addition, Polestar has added six new markets since the start of 2022, including the United Arabic Emirates (UAE), Kuwait, Hong Kong, Ireland, Spain, and Portugal.

The company also plans to launch in Israel and Italy in the second half of 2022, adding to its Middle East and European footprint. By the end of 2023, Polestar plans to be present in at least 30 markets while evaluating new market opportunities for the future.

CEO Thomas Ingenlath comments: “Selling already in 25 countries across the globe, Polestar has a unique position in the pure-play EV market. We are a real company, not one based on slideshow promises. More than 55 000 Polestar cars are on the roads globally today, and we are launching a stunning portfolio of three new models in just three years.”

Polestar now has nearly 130 retail locations open around the globe and expects to have 160 locations by the end of 2022. In addition, more Polestar Spaces and Destinations are planned in existing and new markets, including cities like London, Madrid, Tel Aviv, Reykjavík, Vancouver, Austin, Shenzhen, and others.

Three new models

Product expansion continues. The first will be the Polestar 3 electric SUV, scheduled for its world premiere in October 2022. Polestar 3 marks the company’s first product for the attractive, high-growth SUV market.

This will be followed by the Polestar 4, an electric SUV coupé still under wraps on the ‘family picture’. Polestar 4 is expected to be launched in 2023 and enters one of the most competitive market segments in terms of demand, performance, and design.

Polestar 5, finally, is an electric 4-door GT based on the Precept concept car. According to Polestar, the sporty sedan is in advanced stages of development and is planned to be launched in 2024. A prototype will be shown in public for the first time at the 2022 Goodwood Festival of Speed next week.

Mike Whittington, Head of Global Sales at Polestar, adds: “It’s exciting for the whole team to experience this growing momentum in our business. Our order intake is at record levels and currently represents an annualized run-rate of over 75 000 vehicles, putting us in a strong position as the production landscape normalizes.”

“In addition, with both Polestar 3 and Polestar 4 on the horizon, we are set to play a leading role in the electrification of lucrative and sizeable premium SUV segments. With a 2025 production capacity for these two EVs expected above 160 000 vehicles per year, we will be able to scale up quickly and attract new customers to the brand.”

The company is progressing toward a planned listing on the Nasdaq through a proposed business combination (SPAC) with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), expected to close at the end of this month.

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