Polestar will enter seven more markets by 2025 across Europe, Latin America, Asia; including Thailand
The North Star has seen it ups and downs And promote this year, and it looks like there will be more second products on the way as it expands its retail presence in seven additional markets across Europe, Latin America as well as Asia , the EV brand announced.
“Expanding our retail operations with new and existing partners will help us reach more customers. Through these partnerships and expansions, we will leverage our strong brand and growing model lineup,” said Polestar CEO Thomas Ingenlath.
Polestar said the new markets Polestar enters are France, Czech Republic, Slovakia, Hungary, Poland, Thailand and Brazil, which the brand will enter through local distribution partnerships . Thailand marks the brand’s second market in the ASEAN region later Singaporewhich the brand joined at the end of 2021.
The brand’s existing retail operations in Sweden and Norway switched to a “non-agency sales model” earlier this month, Polestar said, adding that the key markets Others will follow in the second half of the year. Customers can still configure and order Polestar vehicles online, as well as through Polestar Spaces and service locations, the brand said.
The brand’s expansion plans will be welcome news following the company’s growth. workforce reduction plan which it announced in January after missing its 2023 sales target, sold 54,600 units that year; fell short of the 60,000 unit target it had set, which was revised down from the original 80,000 unit target set for early 2023.
In March, Polestar announced that it had raised US$950 million (RM4.5 billion) in external funding for 12 international banks including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and SPDB , through a 3-year loan. will provide Polestar with the funds needed to fund the automaker’s next phase of growth.
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