Polestar continues along its path of luxury EV growth.
As a manufacturer, Polestar is one of the newest entrants into the electric vehicle world, let alone the automotive industry at large. However, it’s already rapidly expanded its lineup, with two new all-electric SUV models, a grand touring model coming soon, and a roadster set for an upcoming launch as well, according to the manufacturer’s plan to grow its lineup to 5 models in a 5-year period.
As the new electric vehicle manufacturer continues along that path, its global results are in for the first quarter of 2024, and reflecting on its first-quarter performance, the brand optimistically looks forward to continuing to push the EV luxury car world forward.
During the quarter, Polestar delivered roughly 7,200 cars. Showcasing its latest innovations and design, around 1,200 of those were Polestar 4 models, whose production is already underway in China. In addition, important financial developments took place for Polestar during the period, including securing $950 million in external funding to fuel its next phase of development, revising its ownership structure with Geely Holdings becoming a major new shareholder with 24%, and Volvo Cars retaining 18%, and starting production for the Polestar 3 and 4.
Looking forward, Polestar plans to expand manufacturing of the 3 to the United States later this year, and the 4 to South Korea in 2025, as both cars enjoy positive media reception. As one the automotive world’s youngest manufacturers continues to grow, the EV landscape beomes more exciting than before.