Polestar, the Swedish upstart EV brand born from both Volvo and parent company Geely, has aggressive expansion plans and mainstream sales targets that are set to see thousands of new cars on the road by 2024.
Starting with the keenly priced Polestar 2 which arrives in January 2022, the Polestar range is set to explode in the coming years with three new models in key segments.
Due late next year, Polestar’s range expansion will kick off with a larger SUV it dubs the Polestar 3, and the brand’s local division has confirmed it’s headed to Australia.
Polestar calls its third model a ‘luxury aero SUV’, and its latest investor briefing documents have it targeting the Porsche Cayenne on the price-scale. For reference, the Cayenne currently costs from between $147,400 and $336,100 in Australia, making the Polestar 3 a truly premium offering compared to the more mainstream pricing of the Polestar 2.
Read more about the Polestar 2
Next up will be the Polestar 4. The briefing documents seem to indicate this next model will be a smaller SUV, specifically targeting the Porsche Macan on the price scale. It is due globally in 2023 and targets a driving range of more than 600km in top variants. For reference, the Macan scales from $84,800 to $145,100 in Australia.
The final model in Polestar’s near-term plans is the Polestar 5. Due in 2024, the Polestar 5 is pitched as a ‘luxury sport GT four-door’ and targets the Porsche Panamera on the price-scale (but will more likely compete with the Audi e-tron GT and Porsche Taycan on the electrification front). It’s also targeting more than 600km of range in high-spec variants. For reference, Panamera pricing in Australia ranges from $203,500 to $426,500 – so expect this to be a properly high-end offering.
To support these new models, Polestar plans to open three new manufacturing facilities in China (where cars destined for Australia will be built) and one new factory to service the North American market. The incoming Polestar models will continue to share their platforms and underpinnings with Volvo models and the brand plans to allow owners to be supported through Volvo workshops.
Polestar also plans to take on Tesla and Porsche with what it calls “one of the most powerful [electric] motors in the world”.
Dubbed the P10 rear motor, the new electric powertrain will reside in the brand’s higher-end offerings and is said to offer 450kW in rear-drive applications, or 650kW in all-wheel-drive applications.
It is paired to a new two-speed transmission and is planned to outpunch rival offerings from Porsche (300kW single motor) and Tesla (375kW single motor). It will be backed by a new battery architecture with 800v architecture, facilitating battery sizes of up to 103kWh and 80 per cent charging in 20 minutes. It will also be ready for bi-directional charging.
Polestar says it expects sales figures of up to 290,000 units globally by 2025 based on its catalogue expansion and premium segment EV growth during that time. It is also targeting carbon neutrality by 2030, as well as at least one vehicle capable of self-driving autonomy in a freeway environment by 2024.
The Polestar 3 is the next vehicle confirmed for an Australian launch, with a timeline exactly one year behind the Polestar 2. That would suggest an arrival of early 2023. Time will tell if an Australian audience is hooked by the Polestar 2’s keen pricing, generous range and Scandinavian design.