During a live event at the Classic Car Club in Manhattan, Polestar has shared its three-year business plan that includes the launch of three new EVs, including two SUVs and the Polestar 5 sports sedan. Furthermore, the Swedish automaker shared its 2021 revenue, alongside promising sales projections for 2025.
Polestar is a Swedish premium EV brand launched in 2017 as an independent venture between Volvo Cars Group and Geely Holding Group. To date, it has delivered one PHEV in the Polestar 1, and the all-electric Polestar 2, which is now seeing revamped 2022 models roll out.
As part of its plans to offer EV manufacturing and retail in the US, the automaker shared details of an upcoming Polestar 3 SUV to be built and sold stateside in 2022. We then learned that the Polestar 3 would be followed by a fourth EV, previously known to the public as the Precept concept.
Last month, Polestar confirmed that the Precept, which has been on a documented journey from EV concept to production model, would in fact be called the Polestar 5. With Polestar 1s and 2s on roads around the world, and a 3 and 5 confirmed, we couldn’t help but wonder, “what about a Polestar 4?”
During a live event outlining its business strategy over the next three years, Polestar has now confirmed a Polestar 4 is in the works for 2023, and it will join the 3 as an electric SUV.
Polestar shares optimistic financial future, two more EVs alongside 5
During the event in Manhattan, Polestar CFO Johan Malmqvist shared some insight into Polestar’s stats for 2021, and how the company is tracking through 2025. So far this year, Malmqvist revealed that Polestar has delivered EVs to nearly 10,000 customers, generating $1.6 billion in revenue.
Not bad for a fairly nascent automaker backed by some major players in the market. Not to be outdone, Polestar’s CFO stated that the company expects to see a growth in sales that’s tenfold what it is today, estimating 290,000 EV deliveries and $17.8 billion in revenue by 2025.
This expansion strategy includes 150 new retail locations next year, following its previous goal to double its retail presence in 2021 to 100 locations across 18 global markets.
Part of Polestar’s ambitions includes three new EV models to arrive over the next three years. This will begin with the aforementioned Polestar 3 SUV in 2022, a Polestar 4 SUV in 2023, and the Polestar 5 sports sedan in 2024.
Speaking of the Polestar 5, company CEO Thomas Ingenlath pulled the sheet off the upcoming EV for the first time publicly today. Up until this point, we had only seen footage of the Precept concept and one official image of the production version revealed in November.
Although it doesn’t appear to protrude as much as it did on the Precept, the Polestar 5 still comes equipped with a LiDAR sensor above the windshield. According to Ingenlath, the sensor is supplied by Luminar.
The Polestar 5 features carriage doors and a “Smart Zone” grill that houses many of the sensors for the EV’s ADAS. Ingenlath explained that the Polestar 5 features much of the tech and design lines consumers will soon see on both the Polestar 3 and 4. This includes the LiDAR sensor from Luminar.