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The electric offshoot by Volvo and Geely is expected to be valued at US$20 billion.

by Farhan Shah  /   January 4, 2022

As new electric cars enter the market every month in Singapore, the electric revolution is gathering momentum. Polestar has made its debut here with the introduction of its all-electric Polestar 2. The first variant was a plug-in hybrid produced in limited numbers.

Formerly Volvo’s racing skunk works company, Polestar has evolved into a standalone electric offshoot owned by Volvo and Geely. The electric cars are made in China – where more and more electric carmakers are choosing to set up manufacturing headquarters – and shipped worldwide.

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While Tesla focuses more on eye- catching speed, Polestar concentrates on build quality and the ownership experience. However, that doesn’t mean the Polestar 2 is slow. The long-range dual electric motor variant – the top of the line available here – completes the century sprint in 4.7 seconds and has a purported range of 480km.

The other two models brought in are the standard range, which features a single 170kW electric motor and a 69kWh battery pack. The long-range single motor model has an increased battery capacity of 78kWh.

All three are configured as beautiful, five-door fastbacks. The Polestar Destination will soon open in Singapore and will offer test drives and handovers.

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Many of the early reviews praise the car’s luxury design as well as its incredible driving performance. Considering how new Polestar is to the electric segment – less than half a decade – this is quite an achievement.

The company aims to have 150 dealerships worldwide by the end of the year and sell 290,000 cars annually by 2025. However, as it’s only expected to produce 10 per cent of that this year, there’s a lot of ground to make up for.

In addition, the company plans to go public by merging with Gores Guggenheim, a special-purpose acquisition company, this year. Once the dust settles, it is expected to be valued at US$20 billion (S$27.4 billion). In comparison, Tesla’s market cap is close to a trillion dollars while Volkswagen’s is above the US$100 billion mark.

The Polestar 2 is distributed by Wearnes Automotive in Singapore.

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