Polestar, the Swedish EV company owned by China's Geely Holdings, unveiled its ambitious plans for the future at the inaugural Polestar Day event in Los Angeles. Despite recent financial challenges and a revised outlook, the company showcased a lineup of next-gen vehicles, emphasized fast charging, automated driving, and V2G technology, highlighting its commitment to growth and profitability.
The Polestar Day event comes on the heels of the company's revised outlook, which included a cut in delivery targets for 2023 and the announcement of fresh investments from Volvo and Geely. Polestar also disclosed its need for an additional $1.3 billion in external funding in debt and equity until cash flows break even in 2025. Balancing these financial realities with its product aspirations put extra focus on the event.
Polestar showcased its full future lineup, featuring the Polestar 3, 4, 5, Polestar Precept, Polestar Electric Roadster Concept, and Polestar Synergy. With a spotlight on the Polestar 3 and Polestar 4, the company aims to leverage these upcoming models to reach break-even goals by 2025, emphasizing a focus on price over volume.
Attendees were offered the opportunity to ride along in pre-development versions of the Polestar 3 and Polestar 4, gaining insights into the vehicles' features and technology. The Polestar 3, described as more luxurious, offers a spacious and quiet ride with advanced features, while the Polestar 4, an SUV-coupe, provides a unique design and driving experience.
Polestar highlighted partnerships with tech companies like Luminar, Mobileye, and StoreDot. While these collaborations were not new announcements, the event showcased the potential capabilities of next-gen vehicles, including lidar for automated driving and fast-charging battery technology developed in collaboration with StoreDot.
Polestar emphasized its partnership with StoreDot, showcasing a "0-100 in 5 minutes" silicon anode battery technology. This extremely fast-charging (XFC) battery aims to revolutionize EV charging, offering a warranty of half a million miles with minimal degradation even after 1000 fast charging cycles. The jointly developed battery pack is set to debut in a Polestar 5 prototype in 2024.
Polestar announced plans for Vehicle-to-Grid (V2G) technology in Sweden and California. The company aims to participate in pilot projects leveraging V2G with a fleet of Polestar 3s in Sweden and a pre-study for a V2G roadmap in California. The potential of V2G technology aligns with Polestar's Virtual Power Plant (VPP) system, allowing Polestar3 owners to contribute energy back to the grid while parked.
Despite headwinds in the EV market and financial challenges, Polestar's Polestar Day event underscores the company's determination to navigate these challenges and position itself for a profitable and innovative future.