POLESTAR ELECTRIC SPORTS CAR COMES WITH ITS OWN DRONE

Polestar’s CEO says the group will not follow Tesla into chasing the mass market, as the electric car brand steps up a push as a premium, high-performance brand with plans for future vehicles to have an in-built drone that can be launched while the car is moving.

Polestar is owned by Chinese giant Geely, which also owns Volvo. The first base model Polestar 2 electric vehicles selling for $64,900 are set to be delivered to Australian customers from next week.

Polestar is also preparing for a Nasdaq listing in New York via a special purpose acquisition company (SPAC) where it will combine with Gores Guggenheim. Investors expect a valuation of some $US20 billion ($27.6 billion). It will join the ranks of Tesla and Rivian, backed by Amazon founder Jeff Bezos, on publicly listed markets.

Chief executive Thomas Ingenlath said on Thursday the group intends to become a serious player in Australia, which still has low take-up of EVs. Cutting-edge technology, part of a new electric vehicle roadster concept car known as the 02 that has the in-built drone, is part of the appeal and will help drive sales for the overall brand, he said.

“It’s good to be part of what is starting to happen in Australia,” he said in a briefing from Los Angeles early on Thursday.

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He said while Polestar has ambitious plans more broadly, “we don’t have too fancy numbers” in our business plan. Last year, the group sold 29,000 cars worldwide, and is targeting sales of 65,000 this year. The goal is to reach 290,000 by 2025.

Polestar’s just-unveiled O2 concept car sports car uses pioneering technology. The O2 comes with a Hoco Flow drone positioned behind the rear seats. The drone can be launched while the car is underway via an aerofoil that rises up, creating a small pocket of “negative pressure”.

It can be launched at speeds up to 90km/h and then return to the car once filming is finished. Polestar is yet to decide whether it will do a full production run of the sports car. But a different Precept concept car from 2020 is earmarked to enter full production as the Polestar 5 sports coupe model that will come to market in 2024.

Mr Ingenlath said being a publicly listed company would bring extra discipline around achieving the production goals and expansion, as part of building a long-term business.

Polestar is steering clear of any short-termism.

“If anyone’s out for the quick money, obviously we won’t be the right company,” he said.

“This is not about a short win,” he said.

Geely is majority owned by founder Li Shufu, who goes by the name Eric Li outside of China. Geely bought Volvo Cars in 2010 for $US1.8 billion. The sale included a smallish motorsport division called Polestar. Geely has subsequently reinvigorated Polestar as a “Global Electric Performance Car Company” and Polestar became a standalone electric vehicle brand from 2017.

Mr Ingenlath said Polestar’s future models will be pitched as premium, high-performance and it will not chase mass-market volumes, like Tesla had done.

“Tesla obviously at some point switched into much more mass market targeting,” he said.

Polestar would aim for the “top-notch” premium market.

He said the global semiconductor shortage is causing difficulties for the entire industry and has been a handbrake on production.

“It’s very clear we are in an unusual situation in the car industry,” he said. Polestar vehicles are currently made at two factories in China, and the company aims to set up a manufacturing site in the United States.