Polestar is a Swedish based, iconic manufacturer of electric vehicles that’s jointly owned by the Volvo and China’s Zhejiang Geely Holding Group. 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. 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.
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. It’s also reported that the 2022 Polestar 2 Beats Tesla Model 3's Range and Could Start As Low As $35,000
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