Polestar’s investor day in New York City was a huge day for the company, as it launched a variety of new initiatives. First and foremost, the firm revealed its three-year business plan, which states that by 2024, the pure-play electric vehicle (EV) manufacturer will have five current and future models on the global market. Polestar has confirmed that the Precept concept will now be known as the Polestar 5, a “luxury sport GT 4 door,” or sedan, as they call it. The Polestar 1 plug-in hybrid, as well as Polestar 2 EV, are already available, but Polestar has also confirmed that the Precept concept will now be known as the Polestar 5. At the NYC event, Polestar introduced the Polestar 5 in person.
Along with the Polestar 5, a bigger surprise arrived in the form of a teaser image for the Polestar 3, a “luxury aero SUV” that will compete in the extremely competitive midsize EV SUV segment, where Tesla Model Y (TSLA) and the impending Fisker Ocean (I) will be vying for market share.
Another distinguishing characteristic of Polestar 3 is that it is going to be manufactured in the United States, as opposed to China (Polestar’s parent company is China’s Geely).
Polestar CEO Thomas Ingenlath stated, “We will construct in America for Americans.” “Polestar 3 will debut in 2022 as an elite electric performance SUV which will define the design of SUVs in the electric era. It would also be the very first Polestar vehicle produced in the United States.”
Volvo (Polestar’s old company and also owned by Geely) has a facility in South Carolina, and it appears Polestar will use it to construct the Polestar 3. This is all part of Polestar’s “asset-light” business model, which involves building cars at existing Volvo and Geely (0175.HK) factories in China.
Polestar wants to boost its “operational leverage,” which means it will be more profitable by raising the volume, which is normally difficult to do.
Polestar also said that it had signed an agreement with Gores Guggenheim SPAC (GGPI), which is headed by billionaire Alec Gores, and that the transaction will conclude in the first half of 2022. Polestar also said that by 2023, it will be functioning in 30 markets, with sales expected to reach 290,000 automobiles by the close of 2025.
Polestar Engineered is a brand that offers performance improvements for Volvo automobiles. Engine optimizations with the same warranty and the same fuel economy and emissions are examples. Engine tuning improves power and torque output, which varies based on the engine model. The throttle response can be changed, as well as the transmission’s personality.