Polestar aims to double market reach by 2023, ramp up sales by 2025


Swedish premium all-electric car brand Polestar wants to double its global market presence to 30 markets by 2023 and is aiming to ramp up sales to 290,000 vehicles by the end of 2025.

The production target was revealed in a filing with the United States Securities and Exchange Commission (SEC) this week, in advance of its plan to go public via a merger with special purpose acquisition corporation (SPAC) .

In the filing Polestar revealed it currently has a presence in 14 markets today, having started in 2020 with 10 global markets, and is looking to expand that to 30 markets by the end of 2023.

Polestar has already opened 46 new retail locations across their 14 markets in 2021, with 20 in the United States alone. The company now boasts a total of 86 retail locations globally, up from 40 at the end of 2020.

In the first half of 2022, Polestar will expand its European presence into Spain, Portugal, and Ireland, and will expand into the Middle East, firstly in Israel.

By 2025, Polestar is aiming to ramp sales to 290,000 vehicles, including its low-volume Polestar 1 performance hybrid as well as its all-electric Polestar 2 fastback.

While the Polestar 1 is nevertheless an impressive hybrid, with an all-electric range of 124-kilometres – the longest of any hybrid car in the world – and a 454kW/1000Nm drivetrain, it is the Polestar 2 which generally brings peoples attention the company’s way.

Polestar claims that over 110,000 test drives of its Polestar 2 have been completed since launch and has racked up more than 50 awards to date. More generally, Polestar also claims that more than two million people have visited Polestar retail locations since the start of deliveries began back in August 2020.

See our review here: Polestar 2 review: Breaking through the ICE with a chilled attitude

“We have driven tremendous growth since beginning full scale activity in 2020, underpinned by organic market expansion, strong interest in our award-winning Polestar models and benefits from post-pandemic retail tailwinds,” said Thomas Ingenlath, Polestar CEO.

“We look forward to further accelerating growth by expanding our global presence and continuing to innovate our product portfolio.

“New markets and growth in our existing markets underpin our near-term volume ambitions. Longer-term, this expansion will be fuelled by our plan to launch a new car every year for the next three years. These are the foundations of our rapid growth strategy.”

Originally established as the new and standalone Swedish premium EV manufacturer in 2017 by Volvo Cars and parent company Geely Holding, Polestar has since made steady progress into the mainstream EV market.

Back in September, Polestar confirmed that it will roll out three new EV models including its first SUV which it plans to launch in 2022, as well as luxury versions that the company hopes will compete with the likes of Porsche and Mercedes.

 



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