Written by Cláudio Afonso | LinkedIn | X
Polestar’s stock are surging more than 13 percent on Monday after the electric vehicle startup announced earlier today that is switching to a dealership business model allowing to save considerable operation costs.
Additionally, the Geely-owned manufacturer said it will expand to seven additional markets across Asia, Europe, and Latin America during 2025. The company will enter France, the Czech Republic, Slovakia, Hungary, Poland, Thailand, and Brazil via local distribution partnerships.
This model, already implemented in Sweden and Norway, allows customers to configure and order their vehicles online as well as through an expanding network of Polestar Spaces and service locations.
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“Expanding our retail operations with new and existing partners will enable us to reach more customers,” the chief executive Thomas Ingenlath said in a statement.
“Through these partnerships and expansion, we will capitalize on our strong brand and growing model line-up,” Ingenlath added.
To support its growth, Polestar has made several key management appointments including the appointment of Anders Gustafsson as Head of North America, and the former Nio executives Marius Hayler to lead the operations in Norway and Matt Galvin for the UK and Irish markets.
Polestar faced a significant drop in sales in the United Kingdom last month, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).
The company’s sales plummeted from 1,034 units in May 2023 to just 314 vehicles in May this year, a year-on-year decline of 69.63 percent, representing a market share of 0.21 percent.
Written by Cláudio Afonso | LinkedIn | X
