Polestar Sets Sights On Global Expansion With Entry Into Seven New Markets By 2025

Published: Thursday, June 20, 2024, 1:36 [IST]

GOTHENBURG, SWEDEN – 17 June 2024. Polestar (Nasdaq: PSNY) is set to broaden its commercial and retail operations across existing and new markets. The company is transitioning to a non-genuine agency sales model in Europe, allowing customers to configure and order their vehicles online or through an expanding network of Polestar Spaces and service locations.

Sweden and Norway have already adopted this sales model, with other key markets expected to follow in the latter half of the year. Polestar aims to enter seven new markets in 2025, including France, Czech Republic, Slovakia, Hungary, Poland, Thailand, and Brazil through local distribution partnerships.

Thomas Ingenlath, Polestar CEO, stated: "Expanding our retail operations with new and existing partners will enable us to reach more customers. Through these partnerships and expansion, we will capitalize on our strong brand and growing model line-up."

To support growth in established markets, Polestar has made several key management appointments. Anders Gustafsson will succeed Gregor Hembrough as Head of North America. Gustafsson brings extensive experience from his 13-year tenure at Volvo Cars.

Gregor Hembrough, who has led Polestar’s North American business since 2018, will now serve as Head of Global Sales Operations. Matt Galvin will take over as UK Managing Director from Jonathan Goodman, who is retiring. Galvin previously held senior roles at NIO, Volvo Cars, and Mercedes-Benz.

In Norway, Marius Hayler will replace Alexander Hørthe. Hayler joins from NIO and will also lead the Nordic region. His previous roles include Country Director for Jaguar Land Rover Norge and Managing Director of Møller Bil Sweden.

Kristian Elvefors, Polestar Head of Commercial, commented: "I am delighted to welcome this group of talented and experienced leaders to the Polestar team. Through these appointments, we are strengthening our sales teams and bringing in additional expertise at a pivotal point in our development."

Future Market Expansion

France represents a significant opportunity for Polestar as it is the largest volume market for electric cars in the EU after Germany. The company’s entry into new markets like Czech Republic, Slovakia, Hungary, Poland, Thailand, and Brazil is expected to bolster its global presence.

The shift to a non-genuine agency sales model aims to streamline the purchasing process for customers while expanding the brand’s reach. This strategic move aligns with Polestar’s goal of making electric vehicles more accessible globally.