Polestar has unveiled a three-year business plan for its future, including the introduction of three new EVs, two SUVs and the Polestar 5 sports sedan. Furthermore, in addition to announcing 2021 sales revenue, the Swedish auto maker shared optimistic sales projections for 2025.
Polestar is a Swedish premium electric vehicle brand launched in 2017 as a stand-alone venture between Volvo Cars Group and Geely Holding Group. To date, it has only produced one PHEV, the Polestar 1, but the all-electric Polestar 2 is now rolling out with modernized 2022 models.
The Swedish brand revealed plans to establish an electric vehicle manufacturing and sales operation in the US. The company announced details of a forthcoming Polestar 3 SUV to be produced and sold in the United States in 2022 as part of its strategy to offer EV production and retail there. We also found out that, following the release of the Polestar 3, a fourth battery-electric vehicle would be produced.
The Precept, which has been on a well-documented path from electric concept to production model, will in fact be known as the Polestar 5. With Polestar 1s and 2s on the road everywhere, and 3 and 5 planned, we couldn’t help but wonder if there would be a Polestar 4.
During a live presentation detailing its corporate plan for the next three years, Polestar has now confirmed that a Polestar 4 will come to market in 2023 as an electric SUV.
At the New York event, Polestar CFO Johan Malmqvist provided some insight into the company’s 2021 statistics and where it is heading through 2025. So far in 2019, Malmqvist revealed that Polestar has delivered almost 10,000 cars to clients, generating $1.6 billion in sales.
For a fairly new automaker backed by some big players in the industry, it’s not terrible. Polestar’s CFO, on the other hand, said that the firm expects to see a tenfold increase in sales and $17.8 billion in revenue by 2025.
Following its original aim to double its retail presence in 2021 to 100 shops in 18 global markets, the company is planning on growing its network by 150 new stores next year.
Polestar has ambitious plans. There will be three new EV models introduced over the next three years as part of Polestar’s mission. The Polestar 3 SUV will debut in 2022, followed by a Polestar 4 SUV in 2023, and a Polestar 5 sports sedan in 2024.
When it comes to the Polestar 5, company CEO Thomas Ingenlath finally took the cover off the upcoming EV for the first time today. Until now, we’d only seen footage of the Precept concept and one official image of the production version, which was released in November. The Polestar 5 still has a LiDAR sensor above the windshield, although it doesn’t stick out as much as it did on the Precept. According to Ingenlath, the sensor comes from Luminar.
The Polestar 5 has carriage doors and a “Smart Zone” grille that houses many of the vehicle’s ADAS sensors. Ingenlath said the Polestar 5 has most of the technology and design features that consumers will see on both the Polestar 3 and 4 in the near future. This includes Luminar’s LiDAR sensor.
More details are likely to emerge, and Polestar will begin its three-year plan in 2022.