Polestar, Volvo’s electric vehicle brand, has just posted huge numbers in Q1 and Q2 of this year. Year-over-year sales have shot from 9,510 to 21,200, a jump of 125%.
This is all the more astonishing given the severe headwinds faced by almost every industry in the world in the wake of the global Covid pandemic and the financial and logistic catastrophes it’s caused.
What’s The EV Maker’s Position in 2022?
The number of Polestar retail locations rose from 103 to 125 around the globe during the first six months of 2022, with around 30 more expected to open by the end of 2022.
Somewhat of a dark horse in the EV game, the Swedish company has managed to field a small roster of very impressive vehicles, keeping every one of Volvo’s high standards and emphasis on design aesthetic in its products. Polestar’s naming convention is as simple as its cars’ design minimalism: Polestar 1, Polestar 2, Polestar 3.
If you were to call Polestar the Apple of cars you wouldn’t get much, if any, disagreement from designers, or from me. Their products are clean and well-positioned in the market.
Polestar’s Future Is…
I expect Polestar to be a juggernaut in the EV space, and so does Polestar: We currently have 157 jobs in 23 locations, according to their careers page. That’s a good sign, as is the clean-sheet origin of the company itself (if you don’t count its original mission as Volvo’s racing-then-performance unit).
Polestar is now traded as a public company, ticker PSNY, after having gone public just 4 weeks ago via what’s called a SPAC merger.
