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GEELY AUTOMOBILE HOLDINGS LIMITED

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Polestar sees global vehicle sales growing tenfold by 2025-CEO

12/02/2021 | 12:51pm EST
Polestar sees global vehicle sales growing tenfold by 2025-CEO

(Reuters) - Polestar, the premium electric vehicle maker owned by China's Geely and Volvo Cars, expects sales to hit 29,000 this year and to grow tenfold by 2025 as it rolls out new vehicles starting with an SUV next year, its chief executive said.

The Polestar 3 SUV, which will be built at Volvo Cars' plant in South Carolina starting in the second half of 2022, is an "important step for our company," Thomas Ingenlath said in an interview ahead of a series of events Polestar is hosting with investors to discuss company strategy.

"We are not a virtual company waiting to build factories and sell cars; we are an actual company already building and selling cars around the world," he said.

Polestar launched in 2017 with the low-volume halo Polestar 1 hybrid performance car. It now sells the fully electric Polestar 2 car, and on Thursday, released a teaser image of the Polestar 3.

In September, the EV maker announced a deal to go public through a reverse merger with special-purpose acquisition company (SPAC) Gores Guggenheim at a valuation of $20 billion. That deal is expected to close in the first half of 2022.

Polestar, based in Gothenburg, Sweden, expects global sales to hit 29,000 this year, and with plans to launch a new vehicle annually for the next three years, it expects to sell 290,000 units by 2025, Ingenlath said.

The Polestar 4 SUV coupe is scheduled to follow in 2023 and the Polestar 5 four-door GT in 2024. The company expects 40% of sales in the medium term to come from Europe and 30% each from North America and Asia.

Polestar expects revenue of $1.6 billion this year, double that amount next year, and is targeting $17 billion in 2025, according to Ingenlath.

Part of that push will be the addition of over-the-air updates for its vehicles, starting with a performance upgrade for the Polestar 2 that sells for about 1,000 euros and gives a 68-horsepower boost in performance. The company also expects to add self-driving capability on the highway for the Polestar 3 around mid-decade.

(Reporting by Ben Klayman in Detroit; Editing by Bernadette Baum)

By Ben Klayman


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GEELY AUTOMOBILE HOLDINGS LIMITED -3.50% 18.76 End-of-day quote.-11.92%
GORES GUGGENHEIM, INC. 0.19% 10.57 Delayed Quote.-9.83%
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Financials
Sales 2021 102 B 16 128 M 16 128 M
Net income 2021 6 526 M 1 031 M 1 031 M
Net cash 2021 18 233 M 2 880 M 2 880 M
P/E ratio 2021 28,4x
Yield 2021 1,06%
Capitalization 188 B 24 148 M 29 697 M
EV / Sales 2021 1,66x
EV / Sales 2022 1,23x
Nbr of Employees 34 000
Free-Float 57,3%
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Number of Analysts 32
Last Close Price 18,76 CNY
Average target price 24,79 CNY
Spread / Average Target 32,1%
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Sheng Yue Gui Executive Director
Wen Ze Xu President
Shu Fu Li Chairman
Cheuk Yin Lee Independent Non-Executive Director
Sau Hung Yeung Independent Non-Executive Director
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