Geely-backed electric vehicle maker Polestar was listed on the Nasdaq in New York under the ticker PSNY on Tuesday through a business merger with Gores Guggenheim, a special purpose acquisition company (SPAC).
Polestar was founded in 2017 by Volvo Cars and Zhejiang Geely Holding Group Co., Ltd. Presently, two models are in mass production, namely the Polestar 1 and the Polestar 2. The Polestar 1 is limited to only 1,500 units worldwide with an official price of 1.45 million yuan ($216,050) while the Polestar 2 is currently priced from 257,800 yuan.
According to Thomas Ingenlath, CEO of Polestar, by 2024, the company expects to launch three new high-performance pure EV models. Later this year, it will launch its first SUV, the Polestar 3. By 2025, it expects a global annual sales target of 290,000 units, a tenfold increase compared to 2021.
Looking beyond products, Polestar is accelerating its global market expansion process, and has already released products in 23 countries, with expansion to Spain, Portugal, Thailand and Malaysia in the near future. By the end of 2023, Polestar expects its global presence to reach at least 30 markets with more than 150 retail outlets.
In the Chinese market, Polestar has set up an R&D center. In addition to its Taizhou factory and Chengdu production base, the car manufacturer is planning to build a new factory to manufacture its Polestar 5. In terms of retail network, it is estimated that by the end of 2022, Polestar will have more than 50 retail outlets in China and cover 30 core cities.
Nathan Forshaw, Head of China and Asia Pacific at Polestar, spoke about the company’s expansion plans: “At present, China is not our largest market, but we believe that after having more product layouts in the future, we will see growth in the Chinese market.”