Polestar delivers on growth promise, expands into new markets, and develops product portfolio

15 June 2022, 12:02:09

Polestar continues to deliver on its growth promise as it progresses toward a planned listing on the Nasdaq through a proposed business combination with Gores Guggenheim, Inc. expected to close at the end of June 2022. Expansion into new markets and a growing retail footprint are both driving and supporting customer demand, while the development of new models is set to propel the brand further into high-margin premium SUV segments.

Polestar launched its 25th global market in the first half of 2022, a significant increase from 10 markets in 2020. Polestar has added six new markets since the start of 2022, including UAE, Kuwait, Hong Kong, Ireland, Spain, and Portugal. The company also plans to launch in Israel and Italy in the second half of 2022, adding to its Middle East and European footprint. By the end of 2023, Polestar plans to be present in an aggregate of at least 30 markets globally, while continuing to evaluate new market opportunities for the future.

Polestar now has close to 130 retail locations open around the globe and expects to have 160 locations open by the end of 2022. More Polestar Spaces and Destinations are planned in existing and new markets, in cities including London, Madrid, Tel Aviv, Reykjavík, Vancouver, Austin, Shenzhen, and others.

Product expansion also continues with the Polestar 3 electric performance SUV, scheduled for its world premiere in October 2022. Polestar 3 marks the company’s first product for the attractive, high-growth SUV market. This will be followed by the Polestar 4 electric SUV coupe, and the Polestar 5 electric 4-door GT.

Polestar 4 is expected to be launched in 2023 and enters one of the most competitive market segments in terms of demand, performance and design.

Polestar 5 is also in advanced stages of development and is planned to be launched in 2024. A prototype will be shown in public for the first time at the 2022 Goodwood Festival of Speed from 23 to 26 June 2022.

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