By Michael Elkins
Polestar (NASDAQ:PSNY) Chief Executive Thomas Ingenlath attended the Shanghai Autoshow on Tuesday where he revealed to reporters that the premium electric vehicle brand plans to start production in South Carolina for U.S. and European markets starting in 2024.
Polestar was founded by Volvo and Zhejiang Geely Holding Group and 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. The company exports their 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.
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.
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.
Shares of PSNY are down 0.54% in mid-day trading on Tuesday.