Polestar will bolster its range of cars with a new compact SUV as the Swedish firm aims to increase its sales worldwide.
Announced as part of the brand’s strategy update, the new Polestar 7 will join existing 2, 3 and 4 models, as well as the new 5 four-seater grand-tourer which is set to go on sale in the second half of this year.
The Polestar 7 will also be manufactured in Europe, with the Swedish brand already having production facilities in the USA, South Korea and China. In a major switch, cars built after the Polestar 7 will follow a single-platform method, rather than the multi-platform approach currently adopted by the brand. Polestar says that this will help reduce ‘complexity, costs and investments’.
Michael Lohscheller, Polestar CEO, says: “With Scandinavian design, performance and a premium brand, Polestar has successfully positioned itself in the global automotive market. We have three outstanding cars on the road and a growing, passionate customer base.”
“We are building on the strong Polestar brand with design and performance at its core. But significant changes are needed to make this well-respected progressive brand a successful and viable business. We are speeding up our retail expansion and commercial transformation, whilst adjusting our future model line-up and significantly reducing our cost base. Both in terms of volumes and financials, we expect 2025 to be the strongest year in Polestar’s history.”
Polestar is planning to expand the number of retail spaces it has, increasing their number from 70 to 130 within Europe. The brand also expects to see ‘significantly increased revenue contribution’ through the sales of carbon credits to other brands which aren’t able to hit stringent emissions targets. Polestar has stated that it already has an EU carbon pool with four other manufacturers but hasn’t announced which firms are included.
