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., 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.
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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 Polestar3 electric performance SUV, scheduled for its world premiere in October 2022. Polestar3 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 electric 4-door GT.
Polestar4 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.