Polestar China achieved 471 percent year-on-year growth in 2021, increasing its retail network from 15 to 20 in the country.

(Image credit: Polestar)

Polestar, a Swedish electric vehicle maker owned by Volvo Cars and , today said it met its global sales target of 29,000 units in 2021, up 185 percent year-on-year.

In 2021, Polestar's global presence expands from 10 to 19 markets, with growth coming primarily from Europe and Asia Pacific, it said.

In the first half of 2022, Polestar plans to continue to expand into Europe, entering Spain, Portugal and Ireland, the company said, adding that it will also enter Middle Eastern markets including the UAE, Kuwait and Israel.

By the end of 2023, Polestar expects to expand its global presence to at least 30 markets, the company said.

With the opening of new markets and the launch of new models, Polestar is moving aggressively toward more ambitious goals, said Thomas Ingenlath, the company's CEO.

Polestar 2 is receiving positive feedback globally and sales of the product are growing, said Mike Whittington, the company's head of global sales, adding that the company's order intake is strong and believes it will see further sales growth in 2022.

Polestar China achieved a 471 percent year-on-year growth rate in 2021, increasing its retail network from 15 to 20 units covering major luxury EV sales markets including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and Degree, the company said.

Nathan Forshaw, president of Polestar China and Asia Pacific, said the Polestar brand has its roots in China, where Polestar 1, Polestar 2 and Polestar 3 are all produced, and a brand new factory is currently under construction.

In 2021, Polestar announced plans to launch three new models in the next three years.

The Polestar 3, a luxury high-performance all-electric SUV, will be available in 2022 and will be the first Polestar model to be built in both China and the United States.

The Polestar 3 will use technology from Luminar, Nvidia and Zenseact to create industry-leading autonomous driving capabilities, the company said.

(Polestar 3)

Polestar already has more than 100 retail locations worldwide, and the company expects that number to increase to 150 by the end of 2022.

In September 2021, Polestar announced it would list on the NASDAQ as a public company through a merger with special purpose acquisition company Gores Guggenheim, with the new company to be named Polestar Automotive Holding UK Limited under the ticker symbol "PSNY".

"Thanks to the relentless dedication of Polestar employees across the globe, we are progressing with confidence towards our proposed public listing," Ingenlath said.