Dating back to the late 1990s, Polestar has been to Volvo Cars what AMG has been to Mercedes-Benz, and BMW’s M division has been to the Bavarian Automotive brand. They’ve proved Volvos could be fun to drive and had a few production models offered alongside Volvo’s usual lineup for a few years. As a proof of concept of what they could do, quite literally since it involved a concept car that never went into production, Polestar built a highly modified version of the Volvo S60 back in 2012 that Motor Trend tested around Mazda Raceway Laguna Seca and it went around the track just as quickly as an Audi R8 of the time.
In 2017, after an announcement from Volvo and its parent company, Geely Holdings, Polestar changed from being Volvo’s performance brand to a standalone Battery Electric Vehicle (BEV) manufacturer, receiving an investment of EUR 640 million to kick-start their BEV production in China. Last year, in June 2022, Polestar went public on NASDAQ, being traded under the ticker PSNY, and it raised $890 million to further invest in its BEV lineup.
Here Are The Expansion Plans In The Future Of Polestar
Polestar’s future plans involve production of 3 BEVs, which include the Polestar 3, a luxury BEV SUV with estimated deliveries starting in the fourth quarter of 2023 at a starting MSRP of $85,300, the launch of the beautiful looking Precept concept car that will be realized as the production model Polestar 5 sometime in 2024, and the Polestar 6, a 2+2 convertible electric roadster which has an expected release date in 2026.
The Polestar 3 preliminary figures aim for a range of 300 miles, with a 30-minute charging time. 0-60 MPH should take 4.6 seconds with up to 517 horsepower. Its exterior design is high-tech, with specially designed elements aimed at optimizing aerodynamics, along with other distinctive details. The roofline is lowered and extended, without compromising interior space. It comes in six different exterior colors, carefully curated to accentuate the car’s design. The side profile surface is flat, which helps keep the airflow glued to the body, reducing turbulence and wind noise. Privacy acoustic rear windows are standard. The interior is approached with a minimalist design. Clean and designed to stimulate the senses with a Bowers & Wilkins audio system with Dolby Atmos, and ambient lightning. Interior air quality is taken care of by an air particle filter that helps keep pollutants and other undesirable particles from reaching the inside of the cabin.
The Automaker Also Has The Polestar 5 and 6 In The Pipeline
The Precept, or Polestar 5, even though having been born as a concept car, has a firm footing in reality. It isn’t an outlandish super futuristic concept that will be stripped down of a lot of features when it reaches production. Polestar claims the car is the next step in its evolution, not a leap, and while it borrows some of its design and features from the future, with technology that is currently under development, it’s not looking 50 years into the future, but rather, the near future. The price of the Polestar 5 will be announced upon launch.
The Polestar 6, moreover, is taking the design language of the Precept a bit further, and with exclusivity in mind, as the first 500 units produced will be numbered and made available under the name Polestar 6 LA Concept edition. Its target specifications are a 0-60 MPH time of 3.1 seconds, 155 MPH top speed, and 300+ miles of EPA range, all made possible by a dual motor configuration that should be good for a combined 884 horsepower. All 500 of these first units are already reserved, but interested customers can join a waiting list, should there be any withdrawals. The price of the Polestar 6 is supposed to be around $200,000.
Polestar 2 Is Already Being Delivered In The U.S.
Polestar already started sales Stateside with its limited production, halo car, Polestar 1 coupe, which is a 619 horsepower plug-in hybrid with a 2+2 seating configuration, though the back seats are not supposed to be used by people taller than 4’9, or children up to 4’1 in a child seat. The Polestar 1 had a three-year production run that ended in 2021 with a total of 1500 models produced and 375 of those meant for the U.S. market.
The other car currently available for sale and delivery in the US is the Polestar 2, a four-door sedan with up to 476 horsepower and an EPA range of 270 miles. Some standard features of the Polestar 2 are LED headlights with active high beam, retractable frameless mirrors, 19-inch alloy wheels equipped with 245/45 R19 tires, heated front seats, a high-performance audio system, over-the-air updates, digital key with pre-climate, metallic paint, among many others. Polestar claims it raised the bar when it comes to standard features. The starting MSRP for the Polestar 2 is $48,400.
Polestar Is Heading Fast Toward Financial Sustainability
Polestar's global revenues for 2022 were close to $2.5 billion, with a total of 51,491 cars sold. For 2023, the company expects an increase in units sold of about 60 percent, for a total of 80,000. Currently running at an operating loss, due to investments and an increase in production, the company seems to be headed toward a sustainable financial future soon. Its products are looking good, and they should be viable options to mainstream EVs such as Tesla.