Polestar 2: the Tesla Model 3 is not alone anymore
The electrification of the car industry is rapidly accelerating. After record sales volume registered in 2018, the EV market is finally working on one of its main challenges: the offer. If consumers complained about the lack of choice in the past, they now have an increasing number of models to choose from. Of course, the EV fleet is still small compared to the ICE fleet, but a lot of progress has been made over recent months.
Geneva 2019 is set to become the auto show where electric cars can finally be presented as a real alternative to ICE cars. The Polestar 2 is a good example. It is a fully-electric fastback that sits in the premium midsize segment, ready to hit the showrooms in 2020. Produced in China for global markets, this new car will be targeting the same potential consumers as the Tesla Model 3.
The second model of Volvo’s standalone electric brand joins a segment that is rapidly adopting alternative fuels. In 2018, the global sales of electric and hybrid premium midsize sedans/hatchback/SW totalled a record of 210,000 units. This was due to the successful take off of the Tesla Model 3, which counted for almost 2 in 3 of those sales. In fact, just one year earlier – before the Tesla was available – sales totalled 60,200 units, with plug-in hybrids counting for 61%.
The Polestar 2 will be the second pure electric premium midsize sedan/HB in the market. USA and China are likely to become its key markets even if the trade tension between these two countries continues, with current plans to only make this model in China. Europe would not be crucial considering that most of the demand in this segment is for the Station Wagon body type.