Polestar (PSNY) is expanding its retail and sales footprint, will enter seven new markets in 2025


Polestar (PSNY) is expanding its retail and sales footprint, will enter seven new markets in 2025

EV automaker Polestar has announced several expansion plans for 2024 and 2025 as its portfolio of all-electric offerings continues to grow and hit new customers. In addition to expanding its own retail footprint, Polestar is deploying new non-agency sales models and has announced seven new markets it will begin selling to next year.

Polestar ($PSNY) remains a small but growing EV-centric brand backed by Geely out of China. The melting pot brand with European and Chinese roots is just starting to gain a foothold in the market on the wings of the Polestar 2, its flagship BEV model that has seen several refreshes since its initial launch in 2020.

Since that debut, the automaker has announced several new models in its pipeline, including the Polestar 3, which will soon begin sales and deliveries. That initial SUV will be followed by a more compact model called the Polestar 4 and a sports sedan called the 5.

In addition to China, Polestar has expanded BEV sales to certain European countries and the US, where the SUVs mentioned above will eventually be built.

As Polestar tries to expand its reach to new prospective customers around the globe, it has announced new levers to grow its retail and sales network and offer its incoming lineup of vehicles to additional markets like France.

Polestar 3 price
The Polestar 3 / Source: Polestar

Polestar expands and adjust sales model, join new markets

Earlier today, Polestar announced a new sales model that will expand its commercial footprint and retail operations in existing markets before moving outward to new ones next year.

The new strategy in Europe will include the switch to a non-agency sales model with the help of new existing partners in its current markets. That switch began in Sweden and Norway in early June and will be implemented in other European markets in the second half of 2024.

Despite the new non-agency model, Polestar said customers will still be able to configure a BEV of their own online and take delivery, or they can visit the automaker’s growing footprint of retail locations called “Spaces.” Per Polestar CEO Thomas Ingenlath:

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.

As part of its new strategy, the company has also announced several personnel shakeups, including the appointment of Anders Gustafsson as the new head of Polestar North America, succeeding Gregor Hembrough, who is transitioning to the head of global sales operations. Gustaffson spent 13 years at Volvo Cars, including six years as the senior vice president of Americas and president and CEO of Volvo Cars USA.

Lastly, Polestar shared plans to expand BEV sales to seven new markets throughout 2025, including France – its second-largest EV market launch behind Germany. Other new markets include the Czech Republic, Slovakia, Hungary, Poland, Thailand, and Brazil, with the help of local distribution partnerships.

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