The Polestar 2 has been a pioneering force in the Swedish automaker’s mission to offer cutting-edge, premium electric vehicles. Despite its impressive features, it has not translated into skyrocketing sales figures. In 2023, global sales saw a modest 4% increase year-over-year, with just over 53,000 units sold, while Q4 2023 sales experienced a significant 43% decline. To address this, Polestar is gearing up for a radical transformation of the EV as it approaches the end of its lifespan by 2027, starting with a rebranding to Polestar 7.
Polestar’s current naming strategy may seem confusing to some. Each number corresponds to a different body style – the 2 is a sedan on stilts, the 3 is an SUV, the 4 is a coupe-style SUV, and so on. The upcoming Polestar 7 will circle back to the next-generation 2. Even EV experts may struggle to associate these numbers with the correct vehicle type.
Polestar Makes A Case For Itself
CEO Thomas Ingenlath believes that Polestar stands for exclusivity, performance, and cutting-edge technology. However, in a market shifting towards affordability, the brand will need a strong business strategy and a bit of luck to thrive.
Ingenlath explained, “As much as we might build a very similar car, because it has a different number we won’t have this natural trap where we’re boxed into that concept of what the car had been.” He emphasized the importance of breaking free from preconceived notions about the brand and its offerings.
The future Polestar 7 is expected to be built on Geely Group’s Sustainable Experience Architecture (SEA), or a new version of the same platform that underpins the Polestar 4, Zeekr 001, and Volvo EX30.
Polestar’s strategy defies the current trend in the EV industry, which is shifting towards smaller, affordable electric vehicles for profitability. Ingenlath spoke with InsideEVs ahead of the New York International Auto Show, discussing the Polestar 4 and the company’s plans to overcome financial and sales challenges while pursuing larger EV ambitions.
Ingenlath pointed out, “You have to be clear about the nature of your company, and for us, it’s the performance-focused and premium exclusive segment.” Polestar aims to expand its offerings with the Polestar 3 and 4 in the U.S. this year, targeting growth in both volume and revenue.
With a slew of new EVs entering the market by 2027, Polestar 7 will need to make a significant impact to stand out.