Geely-backed EV brand Polestar announced on Monday that it has opened its “largest ever” showroom in Sweden, where its operations are based.
Located on the E4 highway north of Stockholm, the new facility spans 1,190 square meters and consolidates sales, vehicle deliveries and service operations in a single location.
Polestar currently operates 24 retail spaces — or showrooms — in Sweden. Of those, two are in the capital city Stockholm, which include the new one in Kista.
The company provides services that include sales, customer experience, deliveries and test-drives in 177 locations across the country, according to its website.
“The new space represents a significant investment, strengthening Polestar‘s presence in the region and enhancing opportunities for both customers and partners,” the company said on LinkedIn this Monday.
Retail Network Update
Earlier this year, Polestar set a target of increasing the number of retail spaces by %75 before the end of 2026.
The goal was reiterated in mid-August, upon the opening of a new location in Canberra, Australia.
In the company’s latest earnings call, CEO Michael Lohscheller said that the company has increased the number of sales points by 54% to 192, excluding China — where the EV maker is struggling with demand.
“Combined with a more active sales model, this is an important part of the foundation for our volume growth of 36% in the first nine months of the year,” the chief executive highlighted.
According to Lohscheller, “the pace of retail expansion remains high, and in the months of October alone, we have opened nine new sales points across Australia, Denmark, Sweden, Germany, the UK and the Netherlands.”
However, only five of these spaces were completely new.
The other four are “strategic moves away from smaller, boutique-style city center locations to larger, out-of-town locations, making it easier for more people to test drive and buy a Polestar,” the CEO said.
In the third quarter, European markets remained the largest portion of Polestar‘s deliveries, representing over 75% of its sales.
Q3 Financial Results
Polestar reported a quarterly 36% surge in revenue to $748 million, which was still $102 million below the consensus estimate of $850 million.
However, net loss also increased sequentially by $42 million to $365 million in the third quarter.
According to the company, “external headwinds continue to impact profitability.” Polestar said it “continues to make progress towards securing new equity and debt funding,” supported by Geely.
The company previously withdrew financial guidance for full-year 2025, citing the need to assess the impact of tariffs as well as policy and regulatory changes.
New All-Time Low Ahead of Stock Split
Polestar confirmed on Friday it will move forward with a 30-to-1 reverse split of its American Depositary Shares (ADS).
The Swedish-headquartered EV maker, backed by China’s Geely Holding Group, stated that the ADS ratio change will be completed before the end of 2025.
The ratio change comes about two weeks after Polestar received a formal notice from Nasdaq, as its shares fell below the exchange’s minimum $1 bid price requirement.
Since reaching a yearly high of $1.42 on August 27, the shares of the premium EV brand have lost more than half of their value.
The stock hit an all-time low of $0.52 on Friday, falling below its previous minimum of $0.61 set over a year ago.
On Monday, the stock dropped further — as of press time, it is trading 1.7% lower at $0.51.
