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Polestar sees global vehicle sales growing tenfold by 2025-CEO -Breaking – Street Register


© Reuters. Handout photo from Polestar. Polestar is a premium electric vehicle producer in China. Polestar/Handout via REUTERS

By Ben Klayman

(Reuters] – Polestar is a premium electric vehicle producer owned by China’s Geely Cars. The company expects its sales to reach 29,000 by this year. This number will grow tenfold by 2025, according to the chief executive.

Ingenlath spoke out ahead of an interview about the Polestar 3 SUV that will be made at Volvo Cars South Carolina’s plant. He said it was an “important step” for his company.

He stated that “We’re not just a company in the virtual world waiting for factories to be built and cars sold;” he added.

Polestar’s low-volume hybrid Polestar 1 performance car was launched by the company in 2017. The Polestar 2 fully-electric car is now available for sale. A teaser photo of the Polestar 3 was released on Thursday.

In September, the EV maker made an announcement about a plan to become public via a reverse merger of Gores Guggenheim and special-purpose acquisitions (SPAC). The deal was valued at $20 billion. This deal is expected close within the first half 2022.

Polestar is based in Gothenburg (Sweden) and expects worldwide sales of 29,000 units this year. Ingenlath stated that the company plans to introduce a new model every three years. It also expects to sell approximately 290,000.

In 2023, the Polestar 4 coupe SUV will be followed by the Polestar 5, four-door GT GT in 2024. In the medium-term, 40% of sales will be from Europe while 30% from North America and Asia.

According to Ingenlath, Polestar is expecting a revenue of $1.6 Billion this year and doubling that next year. In 2025, they are targeting $17 Billion.

A part of the push for that increase will be adding over-the-air upgrades for its vehicles. This includes a performance upgrade to the Polestar 2 for around 1000 euros that gives the vehicle a 68-horsepower bump in performance. In the middle of the decade, the company plans to offer self-driving capabilities on the Polestar 3’s highway.

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