Polestar, the Swedish electric performance car company, has
announced that the world premiere of its next car, the Polestar 3
electric performance SUV, will be in October 2022. Polestar 3 is
the company’s first SUV.
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Polestar, the Swedish electric
performance car company, has announced that the world premiere of
its next car, the Polestar 3 electric performance SUV, will be in
October 2022. Polestar 3 is the company’s first SUV. (Photo:
Business Wire)
The launch of the car marks Polestar’s entrance into one of the
highest margin and growth segments in the automotive industry,
particularly in the United States.
Polestar 3 will, over time, offer autonomous highway piloting
powered by the best-in-class LiDAR sensor from Luminar and
centralized NVIDIA computing power. At launch, Polestar 3 will
feature a dual-motor drivetrain and a large battery, with a range
target of over 600 km / 372 miles (WLTP).
The confirmation of the world premiere comes with a new film and
a first undisguised image of the car. Customers can expect to order
Polestar 3 in initial launch markets from the day of the premiere.
Production is expected to begin in early 2023, and Polestar 3 will
be manufactured in the United States and China.
“Polestar 3 is the SUV for the electric age. Our design identity
evolves with this high-end large luxury EV, with a strong,
individual brand character,” says Thomas Ingenlath, Polestar CEO.
“With this car, we bring the ‘sport’ back to the SUV, staying true
to our performance roots.”
Thomas Ingenlath adds: “This is a major milestone for our
company, one that boosts our growth trajectory and takes us into
our next phase.”
Polestar plans to launch a new car every year for the next three
years, starting with Polestar 3, and aims to increase its presence
to at least 30 global markets by the end of 2023. This supports
Polestar’s plans to grow ten-fold from global sales of
approximately 29,000 in 2021 to approximately 290,000 by the end of
2025.
Polestar intends to list on the Nasdaq in a proposed business
combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and
GGPIU), which is expected to close in the first half of 2022.
About Polestar Polestar was established as a new,
standalone Swedish premium electric vehicle manufacturer in 2017.
Founded by Volvo Car AB (publ) (together with its subsidiaries,
“Volvo Cars”) and Zhejiang Geely Holding Group Co., Ltd (“Geely”),
Polestar enjoys specific technological and engineering synergies
with Volvo Cars and benefits from significant economies of scale as
a result.
Polestar is headquartered in Gothenburg, Sweden, and its
vehicles are currently available and on the road in markets across
Europe, North America, China and Asia Pacific. By 2023, the company
plans that its cars will be available in an aggregate of 30
markets. Polestar cars are currently manufactured in two facilities
in China, with additional future manufacturing planned in the
USA.
In September 2021, Polestar announced its intention to list as a
public company on the Nasdaq in a business combination agreement
with Gores Guggenheim, Inc. Full information on this definitive
agreement can be found here.
Polestar has produced two electric performance cars. The
Polestar 1 was built between 2019 and 2021 as a low-volume electric
performance hybrid GT with a carbon fibre body, 609 hp, 1,000 Nm
and an electric-only range of 124 km (WLTP) – the longest of any
hybrid car in the world.
The Polestar 2 electric performance fastback is the company’s
first fully electric, high volume car. The Polestar 2 model range
includes three variants with a combination of long- and standard
range batteries as large as 78 kWh, and dual- and single-motor
powertrains with as much as 300 kW / 408 hp and 660 Nm.
From 2022, Polestar plans to launch one new electric vehicle per
year, starting with Polestar 3 – the company’s first electric
performance SUV. Polestar 4 is expected to follow in 2023, a
smaller electric performance SUV coupe.
In 2024, the Polestar 5 electric performance 4-door GT is
planned to be launched as the production evolution of Polestar
Precept – the manifesto concept car that Polestar released in 2020
that showcases the brand’s future vision in terms of design,
technology, and sustainability. As the company seeks to reduce its
climate impact with every new model, Polestar aims to produce a
truly climate-neutral car by 2030.
In early March 2022, Polestar revealed its second concept car,
the Polestar O₂ electric performance roadster. Polestar O₂ builds
on the design, technology and sustainability ambitions laid out by
Precept and showcases the brand’s vision for future sports cars.
The hard-top convertible presents an evolution of the unique design
language first shown by Precept and emphasises a dynamic driving
experience. The concept further develops the focus on
sustainability and technology, aiming towards greater
circularity.
About Gores Guggenheim, Inc. Gores Guggenheim, Inc.
(Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition
company sponsored by an affiliate of The Gores Group, LLC, founded
by Alec Gores, and by an affiliate of Guggenheim Capital, LLC.
Gores Guggenheim completed its initial public offering in April
2021, raising approximately USD 800 million in cash proceeds for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. Gores Guggenheim's
strategy is to identify and complete business combinations with
market leading companies with strong equity stories that will
benefit from the growth capital of the public equity markets and be
enhanced by the experience and expertise of Gores' and Guggenheim’s
long history and track record of investing in and operating
businesses.
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For inquiries regarding Polestar: Bojana Flint Polestar
(Investor Relations) bojana.flint@polestar.com Jonathan Goodman
Polestar jonathan.goodman@polestar.com Andrew Lytheer Polestar
andrew.lytheer@polestar.com John Paolo Canton Polestar
jp.canton@polestar.com For inquiries regarding The Gores Group and
affiliates: Jennifer Kwon Chou Managing Director The Gores Group
jchou@gores.com John Christiansen/Cassandra Bujarski Sard Verbinnen
& Co GoresGroup-SVC@sardverb.com
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