Polestar is a Swedish automotive manufacturer specializing in electric vehicles. Founded in 2017 and headquartered in Torslanda, Sweden, Polestar designs and engineers high-performance electric cars with a focus on sustainable practices and innovative technology [2][8]. The company aims to accelerate the shift towards electric mobility with a design-focused approach [8].
Overview#
Polestar operates as an electric performance car brand [8]. Its business model centers on creating premium electric vehicles that combine performance, design, and technology [8][12]. Polestar vehicles are sold in 28 markets across North America, Europe, and Asia Pacific [8]. The company targets consumers who value sustainable transportation, innovative technology, and sophisticated design [8]. Polestar aims to differentiate itself through a commitment to sustainability, a focus on minimalist Scandinavian design, and integration of cutting-edge technology [8][11].History#
Polestar's roots trace back to 1996 as a racing team and tuning brand associated with Volvo [2]. In 2005, Polestar Racing was established [2]. Volvo acquired Polestar in 2015 and, in 2017, relaunched it as a standalone electric car brand [2][14]. This transition marked a strategic shift towards electric vehicle production, leveraging Polestar's performance heritage [14]. The first car released under the new brand was the Polestar 1, a hybrid performance car, followed by the Polestar 2, a full-electric fastback [2].Products and Services#
Polestar currently offers three models: the Polestar 2, Polestar 3, and Polestar 4 [8]. The Polestar 2 is a fully electric fastback [1]. The Polestar 3 is an all-electric performance SUV with a range of up to 635 km and can accelerate from 0-100 km/h in 3.9 seconds with the performance pack [5]. The Polestar 4 is an electric SUV coupé, which has a range of up to 385 miles, can accelerate from 0-60 mph in 3.7 seconds, and delivers up to 536 bhp [13]. Planned models include the Polestar 5, a four-door GT set to be introduced in 2025, the Polestar 6 roadster, and the Polestar 7 compact SUV [8].Polestar vehicles incorporate features such as Google built-in, which allows drivers to control apps and car functions using voice commands through Google Assistant [5][13]. The Polestar 3 features active air suspension that uses sensors to adapt to road conditions [5]. The company also emphasizes sustainable materials in its vehicle interiors, such as recycled PET waste [7][13].
Business Operations#
Polestar's revenue model is based on the sale and leasing of its electric vehicles [1]. As a public company traded on the Nasdaq under the ticker symbol PSNY [8], Polestar releases quarterly and annual financial reports [8]. In 2023, Polestar reported revenue of US$2.38 billion, an operating loss of US$1.46 billion, and a net loss of US$1.17 billion [2]. The company's total assets in 2023 were US$4.13 billion, with total equity of US$1.25 billion [2].As of December 2022, Polestar had 2,377 employees [2]. The company has a presence in 28 markets globally, including North America, Europe, and Asia Pacific [8]. Polestar vehicles are manufactured in both Asia and North America [8][14]. Production of the Polestar 3 has begun in Chengdu, China, and Ridgeville, South Carolina [14]. Polestar plans to diversify its manufacturing footprint further, with production of the Polestar 7 planned in Europe [8].