Polestar, a Swedish company that makes high-performance electric cars, wants to merge with Gores Guggenheim, Inc. The goal is to finish the deal by the end of June 2022. As the company grows and moves into new markets, consumer demand will rise, and its innovative products will help it take the lead in the lucrative luxury SUV market.
Compared to the ten launch markets in 2020, Polestar expanded significantly by entering 25 markets in the first half of 2022. Six new markets, including the United Arab Emirates, Kuwait, Hong Kong, Ireland, Spain, and Portugal, have seen Polestar's expansion efforts since 2022. In the second half of 2022, the company hopes to expand into Israel and Italy, two key markets in the Middle East and Europe. By 2023's end, Polestar hopes to have a presence in 30 different markets around the world. In addition, potential new markets are constantly under review.
Polestar CEO Thomas Ingenlath: "Polestar already sells its vehicles in 25 countries around the world, and thus has a unique position in the field of electric mobility." We are not a promise-based company; instead, we are a legitimate business. More than 55,000 Polestar vehicles are now on the road worldwide, and we've introduced an impressive portfolio of three new models in just three years. All of these great electric vehicles have reached a significant milestone in their development, and thanks to Polestar's experienced industrial partners, Polestar can now make the highest-quality vehicles in large numbers.
The brand-new Polestar 3, a high-performance electric SUV, will debut in October 2022, continuing the company's strategy of aggressive product expansion. The Polestar 3 is the first product from the company aimed at the lucrative and rapidly expanding SUV market. Polestar 4 is an electric SUV coupe, and Polestar 5 is a four-door electric GT.
In 2023, we should see the launch of the Polestar 4. This puts Polestar right in the middle of one of the most competitive market segments regarding demand, performance, and design.
The launch of the Polestar 5 is planned for 2024, and development is well underway. At the Goodwood Festival of Speed in 2022, between June 23 and 26, a prototype will be shown for the first time.
"It's exciting for the whole team to see this growing momentum in our business," said Mike Whittington, Head of Global Sales at Polestar. We are receiving orders for more than 75,000 vehicles annually, which is a record high. This strengthens our position even further as the production situation stabilizes. In addition, we will set the standard for electrification in the lucrative and large premium SUV segments with the Polestar 3 and Polestar 4. By 2025, we should be able to make more than 160,000 of these two electric vehicles each year. This will help us grow our business quickly and get more customers.
Polestar plans to have 160 stores open by the end of 2022, up from its current number of nearly 130. Cities like London, Madrid, Tel Aviv, Reykjavik, Vancouver, Austin, and Shenzhen, as well as others, are on the list of planned expansions for Polestar Spaces and Destinations in both established and emerging markets.
The number of Polestar 2 orders has increased to over 32,000 since early 2022, a 290% year-over-year increase. Polestar's presence in 25 markets worldwide is well ahead of its target of 30 by 2023. Nearly 130 stores are open worldwide, and another 30 are set to open this year. Following the success of the Polestar 3, the company released the Polestar 4 and Polestar 5, electric SUV coupes, and four-door electric GTs, respectively.