Polestar: Featuring the biggest electric cars, no model below Polestar 2

The Swedish-Chinese manufacturer Polestar is releasing several electric cars starting this year, the mid-size sedan Polestar 2 was the brand’s only model for a long time. Two SUVs are now following, and more electric vehicles are planned. CEO Thomas Ingenlath is with the portal Inside the EVs He talked about plans.

Polestar – like its sister brand Volvo, part of the Chinese Geely group – delivered 54,000 electric cars last year. Initially, 80,000 cars were supposed to be sold, but Ingenlath still considers the negative result to be good from the point of view of other competitors. “This is something that puts us ahead of many electric car competitors. Our business will grow this year… that will be a rare thing in 2024,” he said.

Many expect demand for electric vehicles to be weaker this year. However, Polestar hopes to win more customers than last year with the new Polestar 3 and 4 Polestar SUVs. Polestar 5 sedan and Polestar 6 roadster will enter the market later.

“People forget how long it took Tesla to get to this model range in the 25 countries where we operate,” said Ingenlath. “It took a decade for them to be recognized. As a new brand in the electric vehicle industry, you have to get to the table a little faster.

However, Polestar’s growth plan is limited. The boss doesn’t see a cheaper model below the Polestar 2. “The mass market is not our market.” “You have to be clear about the nature of your business. And for us it’s a premium, unique and functional part,” explained Ingenlath.

Differentiating itself from Volvo, Polestar’s CEO said: “Scandinavian design, but more technical, more driver-oriented, more performance-oriented. Completely different from the core values ​​of the Volvo brand.” Ingenlath emphasized that parent company Geely is “very committed to the Polestar brand.” He compared the company to Volkswagen, which has the same business as Seat and Skoda in Europe.

So far, Volvo has been heavily involved in establishing Polestar, but in the future it will no longer receive any investment from the Swedes. The traditional manufacturer is also divesting most of its stake in the startup. However, Geely will support growth with additional resources, including more financing from banks.

In addition to the $950 million in debt financing obtained in February, Polestar’s announced new shareholder structure provides a “solid foundation” for further development of the brand’s business, it said in a statement a few weeks ago. Under the new structure, Geely Sweden Holdings will become the second largest shareholder and Volvo intends to retain an 18 percent stake.