Polestar has big ambitions for its electric vehicle lineup for the next few years, especially the upcoming Polestar 3 midsize SUV and Polestar 4 compact SUV coupe. Polestar expects to produce more than 160,000 SUVs annually by 2025, with most of that production going to the U.S. market, where crossovers and SUVs account for more than half of new vehicle sales in 2021.
The Polestar 3 electric SUV, which will go on sale in the U.S. in the first quarter of 2023, will be built at Volvo’s South Carolina plant alongside the next-generation XC90. Polestar expects to sell 24,000 midsize SUVs globally next year, 67,000 in 2024 and 77,000 in 2025, company figures show.
The Volvo XC60-sized Polestar 4 is expected to be launched in the US in 2024, when the company estimates its global sales will reach 43,000 units and 79,000 in 2025. The sporty SUV is expected to go into production in China by the end of 2023.
The rear-end designs of the Polestar 3 and Polestar 4 have been previewed in a new group photo alongside the Polestar 5 and Polestar 2, revealing the clear family resemblance between them. These were released by Polestar in an investor presentation that also announced that Polestar 2 had more than 32,000 global customer orders since the beginning of 2022, a 290% increase compared to the same period in 2021.
Mike Whittington, global head of sales at Polestar, said: “It’s exciting that the entire team is experiencing the growing momentum in our business. Our order book is at an all-time high and is currently running at an annualized rate of over 75,000 vehicles, with the normal production environment change, we are in a good position.”
The company also announced details of the market expansion, with the automaker revealing that it entered its 25th global market in the first half of 2022, a significant increase from 10 markets in 2020.
Polestar also plans to launch in Israel and Italy in the second half of 2022 to expand its market presence in the Middle East and Europe, which, in addition to key markets, includes the UAE, Kuwait, Ireland, Spain and Portugal. The brand now has nearly 130 retail locations worldwide and expects to have 160 by the end of 2022.
More Polestar Spaces and Destinations are planned in existing and new markets in London, Madrid, Tel Aviv, Reykjavik, Vancouver, Austin, Shenzhen and more. By the end of 2023, Polestar plans to operate in at least 30 markets around the world.