Polestar expands commercial footprint and retail operations; announces plans to enter seven new markets during 2025
17 Juin 2024 - 1:00PM
Business Wire
- New sales model implementation will see retail footprint expand
across existing European markets
- Plans to establish presence in seven additional markets across
Asia, Europe and Latin America during 2025
- Experienced senior leadership added in key markets
Polestar (Nasdaq: PSNY) is expanding its commercial footprint
and retail operations across existing and new markets, as its model
line-up continues to grow.
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The company is widening its retail footprint with existing and
new partners, as part of a shift to a non-genuine agency sales
model across Europe. Customers will still be able to configure and
order their Polestar online, as well as through the expanding
network of Polestar Spaces and service locations, making it easier
for more customers to buy and own a Polestar. Sweden and Norway
switched to a non-genuine agency sales model earlier this month
with other key markets set to follow suit in the second half of the
year.
Polestar is accelerating its geographic expansion and plans to
enter seven new markets during 2025. France is the largest volume
market for electric cars in the EU after Germany and represents a
significant opportunity for the company. In addition, Polestar will
look to launch in Czech Republic, Slovakia, Hungary, Poland,
Thailand and Brazil via local distribution partnerships.
Thomas Ingenlath, Polestar CEO, says: “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 the brand’s profitable growth in established markets,
the following management appointments, reporting to Kristian
Elvefors, Head of Commercial, have been made:
Anders Gustafsson succeeds Gregor Hembrough as Head of North
America. Anders brings a wealth of experience to the role having
spent 13 years at Volvo Cars, including six years as Senior Vice
President Americas & President and CEO of Volvo Cars USA.
Gregor has successfully led Polestar’s North American business
since it was established in 2018. He now brings his considerable
strategic and operational leadership to the role of Head of Global
Sales Operations.
Matt Galvin succeeds Jonathan Goodman as UK Managing Director,
who is retiring. Matt was previously UK Managing Director at NIO
and his 22-year career in the automotive industry includes senior
roles in the UK at leading brands including Volvo Cars and
Mercedes-Benz.
In Norway, Marius Hayler succeeds Alexander Hørthe, who has
decided to pursue his career outside of Polestar. Marius joins from
NIO where he was General Manager of NIO Germany and Norway. In
addition to leading Polestar’s business in Norway, he will also
head up the Nordic region. Marius was previously Country Director
for Jaguar Land Rover Norge, Managing Director of Møller Bil Sweden
and Vice President of Volvo Car Norge.
Kristian Elvefors, Polestar Head of Commercial, says: “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, as our model line-up expands
to include two new SUVs.”
Forward Looking Statements
This press release contains statements that are not historical
facts, but rather forward-looking statements within the meaning of
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include those that address activities,
events or developments that Polestar or its management believes or
anticipates may occur in the future. All forward-looking statements
are based upon, as applicable, our current expectations, various
assumptions and data available from third parties. Our expectations
and assumptions are expressed in good faith and we believe there is
a reasonable basis for them. However, there can be no assurance
that such forward-looking statements will materialize or prove to
be correct as forward-looking statements are inherently subject to
known and unknown risks, uncertainties and other factors which may
cause actual future results, performance or achievements to differ
materially from the future results, performance or achievements
expressed in or implied by such forward-looking statements.
Numerous risks, uncertainties and other factors may cause actual
results to differ materially from those set out in the
forward-looking statements, including those risks and uncertainties
set forth in the sections entitled “Risk Factors” and “Cautionary
Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F,
and other documents filed, or to be filed, with the U.S. Securities
and Exchange Commission by Polestar. For any forward-looking
statements contained in this or any other document, we claim the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995,
and we assume no obligation to update publicly or revise any such
statements in light of new information or future events, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240617116167/en/
Bojana Flint Head of IR Bojana.flint@polestar.com
Theo Kjellberg Head of Corporate Communication
theo.kjellberg@polestar.com
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