GOTHENBURG, SWEDEN: Development of Polestar 3 continues at pace and is nearing completion, after two weeks of extreme hot weather testing in the United Arab Emirates. With production planned to start in the first quarter of 2024, Polestar will soon have three models on the road, including the two new SUVs, Polestar 3 and Polestar 4.
Following its global dynamic debut at the 2023 Goodwood Festival of Speed in England, Polestar 3 prototypes headed to the UAE in August with a development team of engineers to fine-tune the climate system in the hottest of environments. The expedition took place in the urban metropolises and deserts surrounding Dubai and Abu Dhabi in temperatures up to 50 degrees Celsius, and is one of several extreme weather tests that Polestar cars undergo during development.
Thomas Ingenlath, Polestar CEO, says: “The Polestar 3 development and testing programme is progressing well, and I expect production to start in Q1 2024. Polestar 3 is at the start of its journey and customers can now visit our retail locations around the world to see its great proportions and sit in its exclusive and innovative interior.”
Selected Polestar Spaces across 27 markets now feature Polestar 3 prototype display cars which are available for customers to explore. These will be followed by test drive cars in 2024. Polestar 3 is already available to buy online at Polestar.com.
About Al-Futtaim Automotive
Al-Futtaim Automotive, one of the main five operating divisions within the UAE-based Al-Futtaim Group of companies, is a conglomerate of motoring-related businesses, franchising some of the world’s most-recognised automotive brands and services.
Operating in 10 countries across the Middle East, Asia and Africa and empowered by around 9,000 associates, the UAE-headquartered Group’s services span across distribution of new and used vehicles, manufacturing, leasing, and aftersales.
Ranging from passenger cars to SUVs, commercial vehicles, industrial and construction equipment as well as motorbikes and quads, Al-Futtaim Automotive Group offers an integrative customer-centric experience for motorists, fleet operators and contractors alike, and strives to become the leader in tailor-made mobility solutions
About Al-Futtaim Group
Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates.
Structured into five operating divisions; automotive, financial services, real estate, retail, and health; employing more than 33,000 employees across more than 20 countries in the Middle East, Asia, and Africa, we partner with over 200 of the world's most admired and innovative brands.
Al-Futtaim Group’s entrepreneurship and relentless customer focus enable the organisation to continue to grow and expand, responding to the changing needs of our customers within the societies in which we operate. By upholding our values of respect, excellence, collaboration, and integrity, Al-Futtaim Group continues to enrich the lives and aspirations of our customers every day. For more information, visit: www.alfuttaim.com.
Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific. The company plans to create the first truly climate-neutral production car, without offsetting, by 2030.
In the United Arab Emirates, Polestar is based in Dubai. A retail location, known as a Polestar Space, is available in Mall of the Emirates for customers to physically engage with non-commissioned Polestar Specialists, arrange test drives and schedule handovers.
Polestar 2 launched in 2019 as the electric performance fastback with avant-garde Scandinavian design and up to 350 kW. Polestar 3 launched in late 2022 as the SUV for the electric age – a large high-performance SUV that delivers sports car dynamics with a low stance and spacious interior. Polestar plans to release three more electric performance vehicles through to 2026.
Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Polestar and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestar’s ability to maintain agreements or partnerships with its strategic partners Volvo Cars and Geely and to develop new agreements or partnerships; (2) Polestar’s ability to maintain relationships with its existing suppliers, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (3) Polestar’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (4) Polestar’s reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Polestar by its partners in order for Polestar to be able to increase its vehicle production capacities; (5) competition, the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) Polestar’s estimates of expenses and profitability; (7) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (8) the possibility that Polestar may be adversely affected by other economic, business, and/or competitive factors; (9) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on Polestar’s future business; (10) changes in regulatory requirements, governmental incentives and fuel and energy prices; (11) the outcome of any legal proceedings that may be instituted against Polestar or others; (12) the ability to meet stock exchange listing standards; (13) risks associated with changes in applicable laws or regulations and with Polestar’s international operations; (14) Polestar’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (15) delays in the design, manufacture, launch and financing of Polestar’s vehicles and Polestar’s reliance on a limited number of vehicle models to generate revenues; (16) Polestar’s ability to continuously and rapidly innovate, develop and market new products; (17) risks related to future market adoption of Polestar’s offerings; (18) risks related to Polestar’s distribution model; (19) the impact of the global COVID-19 pandemic, inflation, interest rate changes, the ongoing conflict between Ukraine and Russia, supply chain disruptions and logistical constraints on Polestar, Polestar’s projected results of operations, financial performance or other financial and operational metrics, or on any of the foregoing risks; and (20) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the SEC by Polestar. There may be additional risks that Polestar presently does not know or that Polestar currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.
Marketing Communications Manager
Account Director at Gambit Communications