Swedish-based Polestar is not new to the game. With 10,000+ vehicles on the road, rumors of going public and Volvo harboring their success, Polestar is the clear front-runner of electric vehicle startups.
By Dana Donovick | Co-Founder Disrupting & ChargeTalk
Polestar is a Swedish based, iconic manufacturer of electric vehicles that’s jointly owned by the Volvo and China’s Zhejiang Geely Holding Group. Established in 1996 by Volvo Cars' partner Flash/Polestar Racing and acquired in 2015 by the former, the company is headquartered in Gothenburg, Sweden with vehicle production taking place in China, and soon in Volvo’s Ridgeville South Carolina’s production plants. In June 2017, Volvo announced Polestar would begin producing high-end electric performance cars as its own entity, and as of July 2021 is rumored to be going public via SPAC merger with $GGPI, Gores Guggenheim.
Polestar launched the Polestar 1, a plug-in hybrid, as its first model, and the Polestar 2, an all-electric car that entered production in March.
Polestar is currently retailing two cars: the hybrid Polestar 1 that costs over $150,000, and the all-electric Polestar 2 that starts retailing at $59,900 and boasts of a range of around 260 miles.
However, the 2022 Polestar 2 is expected to beat the Tesla Model 3's range & could start as low as $35,500.
Why is Polestar leading all other electric vehicle startups?
Other than the 10,000+ cars already on the road, and a family of new vehicles being built in 2022, No other EV startup has the internal capabilities, infrastructure and production horsepower that Volvo provides. Volvo is essentially harboring Polestar’s success, and anticipates building the Polestar 3 SUV in Volvo’s Ridgeville South Carolina’s production plants.
Polestar entered into an alliance with charging infrastructure company ChargePoint earlier this year to create seamless charging. Through the partnership, an in-car app will let Polestar 2 owners plug in the vehicle and charge with billing and payment already completed.
Polestar aims to be sustainability-centric. The interiors of their vehicles built from environment-friendly materials, including recycled PET bottles, reclaimed fishing nets, and recycled cork vinyl. Additionally, the EV manufacturer aims to reduce the weight of interior components by 50 percent and reduce plastic content by 80 percent via the utilization of a flax-based composite.
Polestar 2 Specifications:
At the heart of electric performance lies the Polestar 2’s battery: 324 cells. 265 miles. 1 single charge. That’s a roundtrip from LA to San Diego, or a one-way from New York to D.C.
One-pedal regenerative braking: When one-pedal mode is activated, release the accelerator to bring the car to a halt, this reverses the torque direction of the motors, and uses the brakes friction to extend the battery’s charge.
With all-wheel drive electric motors4, a powerful battery and heightened handling, the Polestar 2 delivers powerful performance on an unprecedented scale.
0–60 mph in 4.5 sec
Up to 2000 lbs towing capacity
Up to 408 hp / 300 kW
It’s rumored to be in talks to go public GGPI, Gores Guggenheim at a $25B valuation, or 38 times it’s 2020 revenue of $600M. For reference, Tesla is currently trading around 20 times its 2020 revenue. Nonetheless, given that Polestar is just entering into its aggressive growth phase, a rich valuation multiple is to be expected. If you know anything about SPAC rumors via Bloomberg, they’re generally true and finalize within 30-60 days.
What’s next for Polestar?
The company wants to DOUBLE its global retail stores to 100, add more service centers and 60 more test drive locations by the end of 2021.
Watch the 2 Minute Pump: Polestar, $GGPI
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