EV maker Polestar expands to Israel, its 26th market amid global expansion

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

The Swedish EV maker Polestar expanded this week its services to Israel amid the global expansion to a total of 30 markets by the end of 2023. The entrance in the market is in partnership with the Mayer’s Cars and Trucks Ltd. becoming the 26th global market for the Geely-backed automaker.

Mayer’s Cars and Trucks Ltd. was founded in 1967 and beagan as the exclusive importer of Volvo cars to Israel adding later other products including trucks, buses, engines and also heavy mechanical machinery.

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The entrance in this market follows the investment announced by Polestar in the Israel-based company StoreDot last May. The extreme fast charging battery firm aims to produce batteries for electric vehicles capable of charging up to 99 miles of range in just five minutes by 2024.

At the time, the EV maker said “StoreDot’s advanced battery technology aligns with Polestar’s strategy of leveraging broader innovative industry partners to drive advancements in electric mobility”.

Last week, the company reported a 95% jump in revenue to $1.04 billion from the first half of the year when compared to the first six months of 2021.

In addition, Polestar CEO Thomas Ingenlath said the company is “poised for a period of rapid growth” while confirming the production guidance of 50,000 vehicles for this year. The result represents 28,815 vehicles delivered in the second half of the year, up from 21,185 in the first six months.

Recently, the company said its recently announced Polestar 6 sold out the 500 units of the ‘LA Concept edition’ in one week. The company plans to open reservations on build slots for regular versions later this year.

On August 16, the automaker said it will bring the electric Roadster concept into production with the market launch scheduled for 2026 opening the reservations opened on the same day. To reserve the $200,000 roadster, the company asked for $25,000 warning that the final price could change until the production phase.

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

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