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 launch of three new models. Polestar is expected to be present in 30 markets by the end of 2023, up from 14 currently.
Spain, Portugal, Ireland and Israel will be the first new countries to be added in the first half of 2022, according to the brand. Polestar released the details as part of its planned U.S. IPO via merger with SPAC Gores Guggenheim to bolster its growth ambitions. The business combination is expected to close in the first half of 2022.
"Since becoming fully operational in 2020, we have achieved tremendous growth supported by organic market expansion, strong interest in our award-winning Polestar models and the benefits of post-pandemic retail tailwinds," said Thomas Ingenlath, CEO of Polestar. "We look forward to further accelerating growth by expanding our global footprint and continually evolving our product portfolio."
As for the evolution of the product portfolio, Polestar had recently confirmed some details about the upcoming models. What is already known is the Polestar 3 E-SUV, which will be built in the U.S. along with the electric Volvo XC90. This vehicle is expected in 2022 and is expected to get a target range of 600+ kilometers. In terms of price, the Polestar 3 will be based on a Porsche Cayenne.