Polestar EV Sales Will Grow Tenfold by 2025, Says CEO

Polestar CEO Thomas Ingenlath, in a recent interview with Automotive News Europe Managing Editor Douglas A. Bolduc, said the company expects sales to grow tenfold, from 29,000 cars in 2021 to 290,000 by 2025.

Since Polestar plans to go public later this year via a merger with special-purpose acquisition company (SPAC) Gores Guggenheim Inc., the electric vehicle (EV) maker is now obligated to provide detailed sales and financial targets for the very first time.

Ingenlath said it was “absolutely terrifying” to reveal the company’s midterm plan, but also noted that it has ended up being a great motivator to achieve the goals that have now been made public.

Bolduc: Polestar has a lot of work to do to reach its 2025 goal, right?

Ingenlath: Yes. By then we want to grow to 290,000. It’s very clear a lot has to happen in the next few years to achieve such a volume. We will expand into more markets and increase the size of our lineup by adding the Polestar 3, 4 and 5. This will give us a product portfolio with two SUVs (the Polestar 3 and 4) and two fastback sedans (the Polestar 2 and 5).

We will be helped by the switch from combustion engines to electrification. I imagine this will keep increasing, causing a snowball effect. The more EVs that are driven around, the more people will be exposed to them and the more the infrastructure will grow. That will be a nice dynamic in this field.

Polestar is a high-performance, all-electric subsidiary of Volvo Car Group, which is in turn owned by China’s Zhejiang Geely Holding Group Co. The company currently expects to reach breakeven sometime in 2023.

The Swedish electric carmaker was spared from the worst of the ongoing global chip shortage, which knocked many automakers to their knees, said Ingenlath during the interview.

Ingenlath also noted that the company plans to start production in the U.S. with a manufacturing facility in South Carolina sometime in the near future. Polestar is steadily expanding in the U.S. and has made significant headway with its showroom network in the region. “In the U.S. last year, we went from four to 25 Polestar Spaces,” said the Polestar CEO.

Last month, the company announced plans to further expand its showroom network as it teased its Polestar 3 CUV. In 2021, Polestar also debuted in several new markets across the globe.