Polestar hits 2021 sales target, eyes 124% increase this year

Polestar reached its 2021 global sales goal of 29,000 cars, which was a increase of more than 185 percent on 2020, the Volvo Cars subsidiary said on Tuesday.

Polestar, which plans to go public via a merger with the special-purpose acquisition company Gores Guggenheim in the first half of this year, has an even tougher goal for this year: 65,000 sales.

CEO Thomas Ingenlath told Automotive News Europe he is cautiously optimistic the electric car maker, which relies on the Polestar 2 for the most of its current volume, will be able to boost sales by nearly 125 percent this year despite the ongoing chip crisis.

"So far, we have had no reason to adjust our outlook downward, but who knows how bad things will be. We will have to wait and see how 2022 develops," he said.

Polestar, which ranks itself alongside Tesla as the only global EV-only players in the premium market, will debut a new model each each year starting with the Polestar 3 premium large SUV in 2022.

It will be followed by the Polestar 4 midsize SUV and the Polestar 5 premium large sedan in 2023 and 2024, respectively. The aim is to reach global sales of 290,000 by 2025 (see chart, below).

Polestar expanded its reach to 19 markets last year from 10 in 2020, led by new additions such as Austria, Denmark and Hong Kong.

The growth will continue in the first half of this year as Polestar plans to add Spain, Portugal and Ireland as well as enter the United Arab Emirates, Kuwait and Israel.

By the end of 2023, Polestar aims to be operating in at least 30 global markets.

Additionally, 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.

"This definitely will accelerate with the increase in volume that will come with the arrival of the Polestar 3," Ingenlath told ANE. "It is happening in all the countries where we are active as we move from being in the big capitals to the next wave of locations."