Thomas Ingenlath is convinced that the Polestar 2 has not received the recognition it deserves.
“In 2023, Polestar was a one-car company,” the CEO expressed to InsideEVs during the New York Auto Show. “The Polestar 2 carried a significant load.”
Despite this, he proudly stated, “Polestar achieved a global sales figure of 54,000 cars in 2023, outranking many of its EV competitors. Our business is set to expand this year, a rare prospect for 2024.”
Polestar’s challenges lie ahead
2024 marks a crucial year for Polestar, an EV performance brand spawned from Volvo that aims to establish itself in the mainstream. With two new electric SUVs on the horizon, the company hopes to achieve mass-volume success and win investors’ confidence in its sustainability.
The catalysts for this growth are anticipated to be the two crossover models, the Polestar 3 and Polestar 4, showcased behind Ingenlath during our conversation. Both EVs are expected to play a pivotal role in sustaining Polestar’s long-term presence in the market.
Despite surpassing Lucid and Rivian in deliveries in 2023, the Polestar 2 sedan faced significant challenges last year and into this year. The Polestar 3 flagship crossover had to be postponed for the second time due to software issues, impacting its parent company, Volvo. Rental giant Hertz backed out of a significant purchase plan for 65,000 Polestar 2s, leading to a decline in stock performance and reduced investments from Volvo. Despite this, industry analysts remain skeptical about the brand’s current status.
In New York, Ingenlath appeared more relieved than optimistic. The upcoming Polestar 3, starting at $73,400, is set for release this summer, followed by the Polestar 4 at $54,900. Both models, aimed at a broader audience than the compact Polestar 2 sedan, are anticipated to catapult the brand towards achieving critical mass.
Polestar CEO Thomas Ingenlath and Polestar Precept Concept