A Class Of Its Own

Polestar CEO eyes eventual public listing but focus now is electric sedan launch

Polestar, the high quality electric vehicle maker owned China’s Geely and Volvo Vehicles, would like to eventually be publicly shown, but the quick emphasis is on effectively launching the new Polestar 2 electric sedan, the startup’s CEO claimed Tuesday.

“The mid- and extensive-phrase point of view certainly is to be … open for the inventory marketplace and an IPO,” CEO Thomas Ingenlath told reporters on a meeting phone. “This is certainly just one keep track of that is certainly even now on and has not changed” since Volvo Vehicles CEO Hakan Samuelsson claimed in January 2019 that Polestar could eventually be shown publicly, Ingenlath included.

Volvo Vehicles is owned by Geely.

Polestar’s best executive claimed the emphasis now is on a productive start of Polestar 2, dismissing a position made that other EV makers like Nikola Corp. and Fisker Inc. have gone community or introduced strategies to do so without the need of owning launched a vehicle.

“It is not about the brief-phrase considering. We have a extensive-phrase ambition,” Ingenlath claimed. “Let’s see where we are in a year’s time.”

Polestar will sell the Polestar 2 in China, Europe and the United States and the enterprise is focusing on annual profits of a lot more than 50,000 within two to 3 yrs, he claimed.

The auto will contend with Tesla Inc’s Product three sedan, but will be specific at homeowners of the gasoline-powered luxury sedans from Daimler’s Mercedes-Benz, BMW and Volkswagen Group’s Audi brand name, Ingenlath claimed.

Polestar, which was launched in 2017, previously has the low-volume halo Polestar one hybrid effectiveness auto that sells for about $150,000. Deliveries of the company’s initial substantial-volume auto, the Polestar 2, have started in Europe and will start out in North America up coming thirty day period, officials claimed.

Each autos are built in China and there are no quick strategies to make a Polestar auto in the United States, as the enterprise requirements to make profits in that marketplace initial, Ingenlath claimed.

The Polestar 2 will be offered by means of standalone retail destinations identified as “Polestar spaces” that are set up in substantial-targeted traffic pedestrian locations, officials claimed. Those showrooms will be owned and operated by Volvo sellers, which will also serve as the service destinations for the autos.