Polestar to expand retail, sales footprint and enter new markets

EV automaker Polestar has introduced a number of enlargement plans for 2024 and 2025 as its portfolio of all-electric choices continues to develop and hit new clients. Along with increasing its personal retail footprint, Polestar is deploying new non-agency gross sales fashions and has introduced seven new markets it’ll start promoting to subsequent yr.

Polestar ($PSNY) stays a small but growing EV-centric model backed by Geely out of China. The melting pot model with European and Chinese language roots is simply beginning to achieve a foothold available in the market on the wings of the Polestar 2, its flagship BEV mannequin that has seen a number of refreshes since its preliminary launch in 2020.

Since that debut, the automaker has introduced a number of new fashions in its pipeline, including the Polestar 3, which can quickly start gross sales and deliveries. That preliminary SUV will probably be adopted by a extra compact mannequin known as the Polestar 4 and a sports activities sedan called the 5.

Along with China, Polestar has expanded BEV gross sales to sure European international locations and the US, the place the SUVs talked about above will eventually be built.

As Polestar tries to increase its attain to new potential clients across the globe, it has introduced new levers to develop its retail and gross sales community and provide its incoming lineup of automobiles to extra markets like France.

Polestar expands and regulate gross sales mannequin, be part of new markets

Earlier at this time, Polestar introduced a brand new gross sales mannequin that may expand its commercial footprint and retail operations in present markets earlier than transferring outward to new ones subsequent yr.

The brand new technique in Europe will embody the change to a non-agency gross sales mannequin with the assistance of recent present companions in its present markets. That change started in Sweden and Norway in early June and will probably be carried out in different European markets within the second half of 2024.

Regardless of the brand new non-agency mannequin, Polestar mentioned clients will nonetheless be capable of configure a BEV of their very own on-line and take supply, or they will go to the automaker’s rising footprint of retail areas known as “Areas.” Per Polestar CEO Thomas Ingenlath:

Increasing our retail operations with new and present companions will allow us to achieve extra clients. By way of these partnerships and enlargement, we’ll capitalize on our sturdy model and rising mannequin line-up.

As a part of its new technique, the corporate has additionally introduced a number of personnel shakeups, together with the appointment of Anders Gustafsson as the brand new head of Polestar North America, succeeding Gregor Hembrough, who’s transitioning to the top of worldwide gross sales operations. Gustaffson spent 13 years at Volvo Vehicles, together with six years because the senior vp of Americas and president and CEO of Volvo Vehicles USA.

Lastly, Polestar shared plans to increase BEV gross sales to seven new markets all through 2025, together with France – its second-largest EV market launch behind Germany. Different new markets embody the Czech Republic, Slovakia, Hungary, Poland, Thailand, and Brazil, with the assistance of native distribution partnerships.