Polestar a highly respectable EV maker delivering more than 10,000 vehicles in the midst of the 2020 pandemic and in 2021 delivering 29,000 bringing in $1.6 billion in revenues.
No it’s not as impressive as Tesla but the value is in four things,
- 1. Vehicle selling price in some areas as low as $41,000 with higher end models ranging in the 6 figures which is extremely competitive compared to the industry leaders.
- 2. The 400Km + range, performance of 0-60 in 4.45s and build quality has been marvelled by the YouTube community who have torn the car from top to bottom likes Sandy Munro
- 3. Production and demand with an Austen Texas factory on its way the company plans to produce 300,000 EVs a year
- 4. The SPAC merger with NASDAQ: GGPI expected in early 2022, will likely drive in ESG rule based funds looking for pure EV investments that are not trading at such high values. Currently GGPI trades for $12 a share with a base unit price around $9.75 The current market cap is $1.2 billion.
Polestar increased its global presence from 10 to 19 markets in 2021, with growth in Europe and Asia Pacific. In the first half of 2022, Polestar plans to add Spain, Portugal and Ireland to its European market footprint, and enter the Middle East with presence in the UAE, 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. In addition to the openings of inner-city Polestar Spaces, the company debuted its new, larger, out-of-town Polestar Destinations. The first permanent Polestar Destination opened in December 2021, outside Gothenburg, Sweden.
“We are delivering on our targets,” says Thomas Ingenlath, Polestar CEO. “It is a hugely exciting time for the brand, with new markets and models to support the ambitious growth plans we have set for ourselves. Thanks to the relentless dedication of Polestar employees across the globe, we are progressing with confidence towards our proposed public listing.”