Polestar delivering on growth promise

Polestar delivering on growth promise, continues to drive customer demand, expand into new markets, increase retail sales footprint and develop product portfolio

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Polestar 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.

  • Over 32,000 customer orders globally for Polestar 2 since start of 2022; increase of 290% versus the same period in 2021
  • Polestar already operating in 25 global markets; well ahead of plan on being present in 30 by end of 2023
  • Nearly 130 retail locations open globally; with 30 more expected to open in 2022
  • Polestar 3 to be followed by Polestar 4 electric SUV coupe and Polestar 5 electric 4-door GT

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 New Markets

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.”

Polestar Product

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 annualised run-rate of over 75,000 vehicles, putting us in a strong position as the production landscape normalises. 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.

About Rob Fraser 1979 Articles
Rob Fraser – General dogsbody & Director Rob is the founder of the business. He constantly mutters something about way too many red wines one evening being to blame. Often known for taking the 4WD in the driveway over the sports car, he has travelled pretty much everywhere in Australia and when he is bored goes for a drive. He first learned to drive on the farm in a left hand drive WW11 Jeep when he was 11, and was hooked on 4WDriving way back then. In addition to 4WD he is an avid motoring enthusiast and has maintained a strong interest in the industry ever since his teens. He has owned way too many cars in his time as well. Having previously lived at the top of corporate life he retired in 2000 and hasn’t put a suit and tie on since. Cars are his passion so why not have a business doing what you love he figures. He has towed either a caravan or camper trailer to most parts of Australia, has run guided tours for camper trailers’ and instructed drivers in off road towing.