Polestar, the EV maker owned by China’s Geely, expects sales to hit 29,000 this year and to grow tenfold by 2025

The new Polestar 3 SUV will be built at Chinese-owned Volvo Cars’ plant in South Carolina starting in 2022.

Polestar expects global sales to hit 29,000 this year, and with plans to launch a new vehicle annually for the next three years, it expects to sell 290,000 units by 2025, Ingenlath said.

The Polestar 4 SUV coupe is scheduled to follow in 2023 and the Polestar 5 four-door GT in 2024. The company expects 40% of sales in the medium term to come from Europe and 30% each from North America and Asia.

Polestar expects revenue of $1.6 billion this year, double that amount next year, and is targeting $17 billion in 2025, according to Ingenlath.

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Polestar and Volvo Cars are subsidiaries of China’s Zhejiang Geely Holding Group Co., Ltd.