SHANGHAI (Reuters) – Premium electric vehicle (EV) maker Polestar will start production in South Carolina for U.S. and European markets from 2024, Chief Executive Thomas Ingenlath told Reuters at the Shanghai auto show on Tuesday. Polestar, founded by Volvo and Zhejiang Geely Holding Group, has been producing its existing three models from a plant in China’s southwestern city of Chengdu and another in the eastern coastal city of Taizhou. It has been exporting the China-made vehicles to overseas markets, including the United States. “We have an opportunity to go to South Carolina with Polestar 3. The new EV brands that are building up, they can’t go out immediately to build factories there. You need a decent volume,” Ingenlath said in an interview. Not that many China automakers were exporting, he added. Speaking earlier at the auto show, Ingenlath said the company expects production of its Polestar 4 to begin later this year in China’s Hangzhou Bay. Preorders for the Polestar 4 would be available in China from today and all other markets in 2024, he added. The company also said it aimed to grow its outlets in China to 80 from 14 by the end of this year. Polestar delivered more than 50,000 cars globally in 2022 and aims to sell 80,000 this year, mostly by delivering more of its Polestar 2 hatchback. The auto maker has bucked a trend of price-cutting among EV manufacturers, with Ingenlath last month reiterating Polestar’s aim is to become “a very premium sportscar company”.
(Reporting by Zhang Yan, Brenda Goh and Casey Hall; Editing by Anne Marie Roantree, David Goodman and Louise Heavens)
