Polestar previewed what will be its 5th model just a few weeks after sharing the first photograph of the future production Precept car. Polestar wants to float its shares on the NASDAQ as a portion of a $20 billion valuation, according to the latest teaser.
The first of the new teaser photographs features the current Polestar 1 coupe as well as Polestar 2 sedan, as well as three other cars, all of which are hidden under white sheets. The Polestar 3, which is going to be a rakish SUV based on the same SPA 2 platform as the next-generation Volvo XC90, will be in the middle. The production model of the Precept, which will look substantially identical to the concept car, may be seen on the far right. Between the 3 as well as the Precept, though, comes Polestar’s newly revealed model, about which we had only heard rumours.
According to the two teasers published, the fifth model would have a form similar to the Polestar 2, but with a higher upright SUV feel. We can see a coupe-like greenhouse, a sloping hood with crisp lines, a pronounced shoulder line, large wheel arches, and a prominent shoulder line. It looks similar to previous electric crossovers such as the Genesis GV60 and Tesla Model Y, so we’re guessing it’ll be a crossover version of the 2.
Polestar plans to release the 3 SUVs in 2022, followed by the next two versions in 2024. Given how far advanced Precept development appears to be, that sedan is likely to be the first to hit the market. In 2020, the brand delivered roughly 10,000 automobiles internationally, with a goal of selling 290,000 vehicles per year by 2025.
A merger with SPAC Gores Guggenheim is leading the latest round of investments. Polestar Automotive Holding UK Limited, with the ticker code PSNY, will be the new company’s name. The deal includes an $800 million investment by Gores Guggenheim and a $250 million PIPE investment. The purchase is expected to finalize in the first half of 2022, according to Polestar.
Polestar is a Swedish automaker founded in 1996 by the Volvo Cars’ partner Flash/Polestar Racing and bought by Volvo in 2015. Volvo was acquired by Geely in 2010, and Polestar was acquired by Volvo in 2015. From 2017, the Polestar brand will be “independent” and “co-owned” by Geely and Volvo Cars. Its headquarters are in Gothenburg, Sweden, and it manufactures vehicles in China. Through its Polestar Engineered branch, the company creates electric performance vehicles and provides performance hardware modifications and engine software optimizations for the Volvo models.