Polestar showcased this week its vision for the future: new tech and next-generation vehicles that the Swedish EV company owned by China’s Geely Holdings hopes will spark sales and spur an era of growth.
The inaugural Polestar Day event in Los Angeles — designed to sell investors and journalists on its potential for a profitable future — stood in stark contrast to its present. Just a day prior, the company revised its outlook, cut delivery targets for 2023, announced a fresh investment from Volvo and Geely, and told the market that it’s still going to need another $1.3 billion in external funding in debt and equity until cash flows break even in 2025.Walking that line between the company’s financial reality and its product aspirations put even more focus on the event itself.
“Polestar Day has of course, a big meaning for us to actually portray and highlight this innovation melange that Is coming together here,” Polestar CEO Thomas Ingenlath told TechCrunch in an interview during the event.
And a melange it was: The company showed off its full future line-up, including the Polestar 3, 4, 5, Polestar Precept, the Polestar Electric Roadster Concept, and the Polestar Synergy. It also made a handful of announcements that at least nominally pulled together its vision for the future and offered investors and journalists rides in the upcoming Polestar 3 and Polestar 4.