Polestar rules out budget EV as boss tells Car Dealer that cheaper models are ‘not our business’

  • Cheaper Polestar models ‘not our business’ says firm’s CEO
  • Thomas Ingenlath has resisted the move towards an entry-level model
  • German tells Car Dealer ‘our business is clearly in that more performance luxury segment’

Time 7:41 am, November 14, 2023

A more affordable, entry-level Polestar vehicle isn’t on the cards, the Swedish firm’s boss has stated. 

Thomas Ingenlath told Car Dealer at the recent Polestar Day event in Los Angeles that although it’s ‘important’ that cheaper EVs are offered, ‘it’s not our business and we are not moving there’. 

‘Whenever people say “oh Thomas, wouldn’t it be great if you would do a car below the Polestar 2”, you have to concentrate on what you’re good at and our business is clearly in that more performance luxury segment,’ he said.

‘That’s the discussion that I have with our customers.

‘They don’t talk about price. That’s our clientele and we have to be successful, we have to convince them with a car that they are passionate for’.

Polestar has ramped up its range of electric vehicles of late, building on the success of the ‘2’ – its first electric model – with ‘3’, ‘4’, ‘5’ and ‘6’ models all set to arrive on the scene shortly.

The ‘3’, in particular, is anticipated to be a big-seller for Polestar, with the electric SUV set to rival the likes of the Mercedes EQB and Audi Q8 e-tron. It brings a range of up to 379 miles from a charge, too. 

The Swedish firm recently announced its third-quarter results, celebrating a 41 per cent year-on-year revenue that totalled $613m, or around £500m.

It also delivered an increased 13,976 cars worldwide – a rise of 51 per cent. 

Ingenlath said that Polestar wouldn’t be relying too heavily on trading CO2 credits to other less EV-heavy manufacturers, stating that ‘it’s a part but not a major part of the business’. 

Last week’s Polestar day also say the firm publicly unveil its new 6 electric saloon for the first time. You can read all about the upcoming model here.

Jack Evans's avatar

Jack Evans is the head of editorial for Car Dealer parent company Blackball Media. An experienced motoring journalist, he covers the latest car launches, motoring news and produces a variety of features for this website.

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