Thailand Amongst Seven New Markets Mulled By Polestar

Geely-owned premium Swedish electric vehicle marque Polestar looks set to expand its presence globally as it is reportedly mulling to enter no less than seven new markets. Amongst which is neighbouring Thailand.

This ambitious expansion plans amidst delivery challenges the brand faced recently. Besides Thailand, other markets being explored by the brand include France, Slovakia, Hungary, Poland, and Brazil.sacxz

In Thailand, Polestar is set to collaborate with a local distributor, with details to be announced soon.  The company aims to leverage local partnerships to enhance its market penetration and brand visibility.

Crucially, the move marks a major move for Polestar's expansion in the Southeast Asia (ASEAN) region, where it currently operates only in one market - Singapore.

Polestar’s model line-up includes the Polestar 2, Polestar 3, and the upcoming Polestar 4, all manufactured in China.  These models cater to different segments of the luxury EV market, with the Polestar 2 being the first fully electric high-volume car from the brand. 

Despite the aggressive expansion plans, Polestar is currently grappling with a slump in deliveries, which has been attributed to supply chain disruptions and increased competition in the EV market. 

The company reported a significant drop in deliveries in the first quarter (Q1) of 2024, which it aims to counter by enhancing its market reach and improving its operational efficiency.

Polestar’s expansion into new markets is part of its long-term vision to establish a strong global presence and drive the transition to sustainable mobility. 

By 2026, Polestar aims to have a lineup of five performance EVs and achieve climate-neutral production by 2030 through its Polestar 0 project. KR