Polestar announced this Thursday that the new model from the Swedish brand will be the Polestar 7, a compact SUV that will be produced in Europe.
Although it did not reveal details about the new model, the Swedish company described the Polestar 7 as a “very progressive SUV” with a unique architecture, simplifying processes, reducing costs, and optimizing investments.
The location of the factory that will produce the new Polestar 7 has not been disclosed, but one of the production units of the brand in Sweden is considered a strong possibility.
“Polestar is recognized for its innovative design, where each vehicle stands out and makes a unique impact – the Polestar 7 will follow this same line. It is extremely exciting to take Polestar’s design philosophy into a new segment. The Polestar 7 will be exactly what our customers expect from us, both in terms of design and performance”, said Philipp Römers, Design Director at Polestar.
The revelation of the new addition to Polestar’s portfolio was made during the presentation of the strategic plan review, which anticipated expansion into several markets for the Swedish brand by 2025, but has been postponed to start in 2026. For now, Polestar will begin sales in France later this year.
The updated business plan of the electric vehicle manufacturer forecasts a compound growth in vehicles sold between 30% and 35% over the next three years, with positive adjusted basic profit expected by the end of 2025.
To avoid tariffs imposed by the European Union on electric cars produced in China, the Swedish brand has already begun transferring part of its production to factories in Europe.
Polestar currently manufactures cars in the USA and China and stated that it is on track to produce its Polestar 4 in South Korea in the second half of 2025.
“We are consolidating the strength of the Polestar brand, with design and performance as central pillars. However, significant changes are essential to transform this brand into a viable business operation. We are accelerating the expansion of our sales model and commercial transformation, adjusting our future model range and benefits while increasing our cost base. Both in terms of volume and financially, we expect 2025 to be the strongest year in Polestar’s history.”, emphasized Michael Lohscheller, CEO of Polestar.
The Swedish brand also announced that it expects to reveal its 2024 results on March 6.
