Polestar plans three new EVs by 2024

Polestar has revealed exciting plans to launch three new electric cars in the next three years, kicking off with its 3 SUV in 2022. Shown only under sheets, CEO Thomas Ingenlath also confirmed the names of a Polestar 4 Coupé-SUV set for 2023 and an upmarket Polestar 5 saloon due to arrive in 2024. They’ll join the Polestar 1 performance plug-in hybrid and all-electric 2, which is the brand’s Tesla Model 3 and Volkswagen ID.3 rival.

The Polestar 3 is a large, all-electric SUV that will go into production at Volvo’s South Carolina plant. It will share its SPA2 platform with the next-generation Volvo XC90, but even under wraps, it clearly has a lower and sleeker roofline to help separate the two brands. It’s likely to cost more than £60,000, making it a rival for models including the Jaguar I-Pace and Porsche Cayenne.

When it arrives in 2023, the Polestar 4 will sit beneath the 3, with sporty crossover looks and a price tag starting from around £40,000. This will put it in direct contention with the Tesla Model Y and forthcoming all-electric Porsche Macan. It’s also likely to serve as a stepping stone for buyers moving up from the Polestar 2 who want something a bit bigger, or more SUV-like in proportions. In the following year, the Polestar 5 will arrive to satisfy saloon buyers, taking its inspiration from the Polestar Precept concept. It will also give Polestar a rival to the Porsche Taycan and Tesla Model S.

Ingenlath was speaking following Polestar’s listing on the Nasdaq for the first time, at a value of £14.6 billion. Polestar delivered 10,000 vehicles in 2020 and plans to sell 290,000 units annually by 2025. The brand also plans to expand from 14 countries today, to 30 different markets by 2023.