1:32 pm, January 16, 2025
Swedish electric performance brand Polestar has confirmed it will be adding a compact SUV to its range, as it targets major growth and profitability this year.
The new 7 will join the firm’s existing 2, 3 and 4 models along with the new 5 four-door GT – the latter tis scheduled for release later this year. The 6, a two-door electric sports car, is slated for a 2026 launch with the 7 arriving a year later.
Despite the newcomer being positioned below the 3, it will wear the ‘7’ name as Polestar labels its cars sequentially rather than by size.
It’ll be manufactured in Europe, with the Swedish brand already having production facilities in the USA, South Korea and China.
In a major switch, cars built after the Polestar 7 will follow a single-platform method, rather than the multi-platform approach currently adopted by the brand. Polestar says that this will help reduce ‘complexity, costs and investments’.
As part of the announcement, Polestar also revealed it will plough ahead with more dealerships.
Called ‘Spaces’, Polestar will expand its number of sites in Europe from 70 currently to 130.
The brand also expects to see ‘significantly increased revenue contribution’ through the sales of carbon credits to other brands which aren’t able to hit stringent emissions targets.
Polestar has stated that it already has an EU carbon pool with four other manufacturers but hasn’t announced which firms are included.
Michael Lohscheller, Polestar CEO, said: ‘With Scandinavian design, performance and a premium brand, Polestar has successfully positioned itself in the global automotive market. We have three outstanding cars on the road and a growing, passionate customer base.
‘We are building on the strong Polestar brand with design and performance at its core. But significant changes are needed to make this well-respected progressive brand a successful and viable business.
‘We are speeding up our retail expansion and commercial transformation, whilst adjusting our future model line-up and significantly reducing our cost base.
‘Both in terms of volumes and financials, we expect 2025 to be the strongest year in Polestar’s history.’
