2023 Polestar 3
POLESTAR - Polestar, the Swedish electric performance car brand, continues to
deliver on its growth promise as it progresses towards a planned listing on the
Nasdaq through a proposed business combination with Gores Guggenheim, Inc.
(Nasdaq: GGPI, GGPIW, and GGPIU), expected to close at the end of June 2022.
Expansion
into new markets and a growing retail footprint are both driving and supporting
customer demand, while the development of new models is set to propel the brand
further into high-margin premium SUV segments.
Polestar launched its 25th global
market in the first half of 2022, a significant increase from 10 markets in
2020. Polestar has added six new markets since the start of 2022, including
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 an aggregate of at least 30 markets globally, while continuing to evaluate
new market opportunities for the future.
Thomas
Ingenlath, CEO of Polestar, says: “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. These gorgeous EVs are all in advanced
development stages, and we have the ability to produce great quality cars with
our experienced industrial partners.”
Product
expansion also continues with the Polestar 3 electric performance 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 electric SUV coupe, and the Polestar 5 electric
4-door GT.
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
is also in advanced stages of development and planned to be launched in 2024. A
prototype will be shown in public for the first time at the 2022 Goodwood
Festival of Speed from 23 to 26 June 2022.
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 have the ability to scale
quickly and attract new customers to the brand.”
Polestar
now has close to 130 retail locations open around the globe and expects to have
160 locations open by the end of 2022. More Polestar Spaces and Destinations
are planned in existing and new markets, in cities including London, Madrid,
Tel Aviv, Reykjavík, Vancouver, Austin, Shenzhen, and others.