You have to admire the ambition.
Launching a new luxury car brand doesn't often lead to immediate sales success, but Swedish automaker Polestar is ready to face the uphill battle of becoming an established player. Polestar announced its global sales for 2021, exceeding its target of 29,000 vehicles. That's a tiny number compared to Tesla's 936,172 deliveries, but it still represents 185% growth compared to 2020.
"We are delivering on our targets," says Thomas Ingenlath, Polestar CEO. "It is a hugely exciting time for the brand, with new markets and models to support the ambitious growth plans we have set for ourselves. Thanks to the relentless dedication of Polestar employees across the globe, we are progressing with confidence towards our proposed public listing."
Polestar is planning to merge with Gores Guggenheim, Inc., with plans to launch an IPO.
With the limited-run Polestar 1 ending production, the all-electric 2022 Polestar 2 is the company's only model for now. It will soon be joined by the 2023 Polestar 3, an electric SUV built in South Carolina, plus two other models in the next three years. Polestar says it plans to sell 290,000 vehicles per year by 2025, a lofty ten times what it sold in 2021.
"With strong new market launches and the fantastic reception of an expanded Polestar 2 model line-up, we have seen interest in Polestar and vehicle sales increase in all our markets," says Polestar Head of Sales Mike Whittington. "Our order intake is strong and we are looking forward to further growth in our sales volume again in 2022."
In addition to upcoming models like the Polestar 4 and Polestar 5 (an affordable crossover and aerodynamic sedan, respectively), Polestar will grow sales by expanding into new markets. The Swedish automaker increased from 10 to 19 markets in 2021 with plans to enter Spain, Portugal, Ireland, UAE, Kuwait, and Israel in 2022. By the end of 2023, Polestar says it will sell cars in 30 markets. While expanding into new countries, Polestar will increase its footprint with more Polestar Spaces. In 2021, Polestar doubled its retail locations to 100 and plans to have 150 operational by the end of 2022. Noble efforts, but the brand has a long way to go to meeting its goal of becoming an electric Porsche rival.