Polestar also forecasts that its gross profit margin will reach double digits by the end of 2024, and it expects to achieve its goal of cash flow breakeven by 2025. The automaker has previously said it would need $1.3 billion in external funding to break even by 2025.

According to reports, the financing is a three-year loan jointly provided by 12 banks including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and Shanghai Pudong Development Bank.

“Sales and margins are expected to grow in the second half of 2024 as both SUVs commence full production and global distribution,” the company said of the launch of the Polestar 3 and 4 models this year.

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This model is positioned as an “ultra-luxury high-performance pure electric SUV”. The official website data shows that its power can reach 517hp, it can accelerate from 100 kilometers to 100 kilometers in 4.7 seconds, and its WLTP range can reach 628 kilometers. Using a 250 kW DC charger, the battery can be charged from 10% to 80%. It takes 30 minutes.

It is worth mentioning that Polestar Brand Technology Day will be held in March, and Polestar’s first phone, the Polestar Phone, will also be released in March.

Thomas Ingenlath, CEO of Polestar Automotive, said, “This amazing product has taken an important milestone with the start of mass production, and also marks that we will have 3 products in the global market this year. Two products are on sale at the same time. Our factory in Ridgeville, South Carolina is also ready to go into production, and the mass production plan of Polestar 3 in the United States is progressing very smoothly.”

Polestar plans to launch five new high-performance pure electric models by 2026. It is learned through an official announcement that Polestar launched the luxury pure electric high-performance coupe Polestar 2 in 2019, and will launch its first ultra-luxury high-performance pure electric SUV Polestar 3 at the end of 2022. The pure electric high-performance coupe The SUV Polestar 4 will be delivered gradually from 2023 to 2024, and the luxury high-performance pure electric 4-door GT coupe Polestar 5 and the luxury pure electric supercar Polestar 6 will also be launched soon.

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The main reason for the reduction of Polestar’s delivery target is the delayed delivery of Polestar 3. It was previously reported that Polestar’s main shareholder and partner Volvo needs more time for software development and testing of the new electric vehicle platform for the EX90, so the delivery time of the next new car Polestar 3 sharing the platform will not be met. Not extended to the first half of 2024. Polestar also pointed out that the mass production plan of Polestar 4 will not be affected, and it is expected to be released in China in the fourth quarter of 2023.

Polestar 3 will be officially released in the Chinese market at the Shanghai Auto Show in 2023. The dual-motor long-endurance version is priced at 698,000 CNY and the dual-motor high-performance version is priced at 798,000 CNY. It was originally planned to start the first batch of deliveries in the fourth quarter of this year.

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Sadly though, the road test car is covered in camouflage stickers, and we can only tell that it’s a crossover coupe, presumably shorter than the Polestar 3, and with less interior space.

Polestar boss Thomas Inglenlath has previously said the Polestar 4 is positioned as an SUV sibling to the Polestar 2, but it will offer comparable utility to the larger Polestar 3. “The car is slightly smaller [than the 3], but we don’t compromise too much length on the interior. It’s a little bit more grounded, and the roofline is more coupe-like.”

At the time, he also revealed that it might launch at a suggested price of around $55,000 (currently about 375,000 CNY), but the latest forecasts suggest the new car should cost between £49,000 (currently about 403,000 CNY) and 66,000 pounds (currently about 375,000 CNY). 543,000 CNY), positioned just between the Polestar 2 sedan and the Polestar 3 SUV.

According to the official introduction, the car will be mass-produced at Geely’s Hangzhou Bay factory. It is based on the PMA1 platform similar to Zeekr 001. There should be two versions of rear-wheel drive and four-wheel drive. Polestar says the Polestar 4 will eventually offer a range of more than 600 kilometers.

For reference, attached are some parameters of Zeekr 001. The car is equipped with a high-performance permanent magnet twin electric drive system. The dual-motor version has a maximum speed of 200km/h, and the ultra-long battery life version NEDC has a battery life of up to 712km.

The wheelbase of the car is over 3 meters, and the weight distribution is 50:50. The high-end version is also equipped with air suspension + CCD electromagnetic shock absorption, and the ground clearance can be adjusted from 117mm to 200mm. This car supports fast charging technology, and it can travel 120km in 5 minutes.

The long battery life dual motor version has a comprehensive battery life of 526km. The ultra-long battery life dual motor version is also equipped with Yamaha advanced audio, smart sensor automatic doors and other configurations. The current manufacturer’s guide price is between 300,000 and 403,000 CNY.

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The results show that Polestar’s revenue nearly doubled this quarter, while gross profit surged and operating losses were reduced by a third. In the third quarter, Polestar delivered 9,215 new vehicles; cumulative deliveries of approximately 30,400 new vehicles in the first three quarters, January-September, were up more than 100%.

Polaris reported a third-quarter operating loss of $196.4 million, down from $292.9 million a year ago; revenue increased to $435.4 million from $212.9 million in 2021, and gross profit also increased significantly compared with the same period in 2021. Polaris’s gross profit also reached $57 million, well above last year’s $1 million.

In addition, Polestar also said that they released their first SUV, the Polestar 3, in October, and expects to complete the delivery target of 19,500 units in the fourth quarter and achieve the 100,000 mass production milestone. For the 2022 delivery target, Polestar reiterated its delivery target of 50,000 vehicles.

According to reports, the Polestar 3 will be mass-produced at the Chengdu plant in the middle of next year, and the Polestar 4 model is expected to be released early next year.

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So far, Polestar has two electric sedans to its name, both of which offer top performance to their target market. This coming vehicle is the company’s third shot at creating an electric car for consumer usage. Polestar expresses the conviction that this vehicle will set a new standard for drivability, usability, and sustainability among other vehicles in the electric SUV industry.

Read also: XPeng G9 flagship SUV gets a configuration upgrade.

From the available information on this vehicle, it will make use of a large battery offering up to 600km range. The NVIDIA processing power and LiDAR sensors are present to help this vehicle perform well at autonomous driving. By integrating these processors and sensors into the Polestar 3, the company is preparing to take a plunge into the world of vehicle intelligence.

The grill design of the company’s previous EV will feature on the coming electric SUV to give it the iconic Polestar look. As shown in official teaser images, the design of this vehicle will appeal to those shopping to get a luxury electric vehicle. Pricing of this vehicle will fall somewhere within the $77,000-$111,000 range, bringing it in close competition with similar vehicles from the likes of Tesla, Rivan, and Mercedes.

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Polestar 3: Design

The swooping shape of the car seen in the earlier videos seems final on the car. The side profile of the car looks sporty thanks to the sloping roofline and a large rear spoiler. The latest views of the car reveal design elements of the Precept luxury saloon concept donned by a taller SUV frame of the car. These seem more obvious at the front where the car adopts a T-shaped angular headlight profile with ‘Thor’s hammer’ daytime running lights. A sloping bonnet has a larger vent that spans its entire width and some smaller ones on the wing. Whether these latter ones function to aid in the aerodynamics of the car or are just for show off is something that we would know only when the car launches in October. Something that certainly would enhance the aerodynamics are the flush-fitting door handles that would help lower the car’s drag coefficient.  The front face also sports a thin blanked-off grille.

Polestar 3: Specs and launch

Polestar 3 would be a dual-motor powertrain enabled with a large battery that would yield a WLTP range of 600kms (372 miles). Polestar’s CEO Thomas Ingelnath mentioned that the car would be offered with both two and four-wheel drives. The car would share its platform with the upcoming Volvo XC90.

Production of the car will begin in early 2023, at the company’s South Carolina plant in US, and in China. The car promises to offer tough competition to other models such as the Audi e-tron Sportback and BMW iX.

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