The electric car brand Polestar aims to increase its annual sales to 290,000 vehicles by the end of 2025 with expansion in existing and new markets and the introduction of three new models. By the end of 2023, Polestar should already be present in 30 markets – currently there are 14.
In the first half of 2022 the Company is planning to launch in Spain, Portugal, Ireland and Israel. Polestar released the details as part of its planned US IPO via merger with SPAC Gores Guggenheim to underpin its growth ambitions. The SPAC Merger is expected to close in the first half of 2022.
As of today, Polestar has 86 retail locations across its 14 markets. This is up from 40 at the end of 2020.
On the further development of the product portfolio, Polestar had recently confirmed some details about the upcoming models. Already known is the Polestar 3 electric SUV, which will be built in the US along with the electric Volvo XC90. This vehicle is expected in 2022 and is expected to have a target range of 600+ kilometers.
In terms of price, the Polestar 3 is expected to be priced similar to a Porsche Cayenne.