The Swedish electric onslaught is coming.
Polestar, the Swedish electric performance car company, has been riding the wave of growth currently experienced in the electric vehicle market and is showing great ambition with plans to build the greenest car the world has ever seen. In the short term, the company has been tweaking its lineup, and now offers its smaller Polestar 2 with a cheaper single motor option, and has also launched its app-based charging solution which shows that it is serious about taking on the market leader and global innovator, Tesla. To further accelerate its growth, Polestar has just announced a $550 million investment boost from its first-ever external investors. Things sure are looking rosy.
The new investment could not have come at a better time, as the electric vehicle market is on the tipping point of massive expansion. Not only is the car-buying public opening up to the idea of electric vehicles, but concern over the environment is at an all-time high, and as companies continue to invest in cleaner transport, prices keep tumbling. Polestar's investment rally is being led by Chongqing Chengxing Equity Investment Fund Partnership, Zibo Financial Holding, and Zibo Hitech Industrial Investment. South Korean giants SK Inc have also thrown weight behind the drive, but full details of the major investment are yet to be disclosed.
"Our new investors have recognized that Polestar offers an alluring combination of established industrial and technological capability alongside superlative growth potential as the global auto industry goes electric," says Thomas Ingenlath, CEO of Polestar. Polestar is still a relative newcomer to the market, but in its three and a half years of existence, it has already opened up a high-tech manufacturing plant in China and has successfully launched two competitive vehicles. The future is looking bright for this exciting young brand, and with upcoming models including production versions of the classy Precept concept, the added investment bodes well for what's to come.