By: Mark Kane
Polestar reports that in 2021 it met its "global sales target of 29,000," which represents year-over-year growth exceeding 185%.
The company does not provide details, but the overwhelming majority of the sales fall on the Polestar 2 all-electric car (a small number* of sales might be Polestar 1 plug-in hybrid cars).
"The company delivered on its global sales target of 29,000 vehicles in 2021, representing year-on-year growth exceeding 185%."
Polestar 2 entered series production in China in March 2020, and the first cars arrived in Europe in mid-2020.
Assuming the numbers provided by the manufacturer, we can estimate also the 2020 sales result:
2021: 29,000 (up 185% year-over-year)
2020: about 10,175
Total: roughly 39,000
Polestar says that last year, the global presence of the brand expanded from 10 to 19 markets. In the first half of 2022, a few more countries will be added: Spain, Portugal and Ireland in Europe, as well as the UAE, Kuwait and Israel in the Middle East. The plan is to expand to at least 30 global markets by the end of 2023.
Also, the retail footprint is expanding:
"Polestar’s retail footprint more than doubled in 2021 to 100 locations globally and the company aims to have 150 in operation by the end of 2022. In addition to the openings of inner-city Polestar Spaces, the company debuted its new, larger, out-of-town Polestar Destinations. The first permanent Polestar Destination opened in December 2021, outside Gothenburg, Sweden."
One of the most important things for Polestar will be the upcoming business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022.
Polestar is also expected to launch its second all-electric car, the Polestar 3 - described as a premium electric performance SUV - in 2022 (see the teaser here). This new model will be produced in the U.S. at Volvo's Ridgeville plant in South Carolina alongside the all-electric successor of the Volvo XC90.
In 2023, the lineup will be expanded by the Polestar 4, and by 2024 it should consist of a total of five models. The fifth will be the Polestar 5 flagship sedan.
* the plan was to produce only 1,500 Polestar 1 over a period of a few years, before the company will go all-electric
