- Polestar is at risk of being delisted from the Nasdaq, yet has ambitious plans for its future.
- The firm will expand into markets including France, Czechia, Slovakia, Poland, and Thailand.
- Polestar wants to sell between 155,000 and 165,000 vehicles worldwide in 2025.
Polestar has had a slow start to 2024 and is at risk of being delisted from the Nasdaq due to its declining share price and delays in releasing its 2023 annual report and Q4 2023 report. Despite these issues, the brand plans to launch in seven new markets next year.
The carmaker has revealed that in 2025, it will expand into France, Czechia, Hungary, Slovakia, Poland, Brazil, and Thailand in a bid to attract more customers and drive up sales of its battery-electric vehicles. It’s particularly excited about France, the largest volume market for EVs in the European Union after Germany.
Read: Polestar’s Stock Has Lost 95% Of Its Value Since 2022 IPO
“Expanding our retail operations with new and existing partners will enable us to reach more customers,” Polestar chief executive Thomas Ingenlath said. “Through these partnerships and expansion, we will capitalize on our strong brand and growing model line-up.”
Last year, Polestar sold 54,600 electric vehicles worldwide but aims to grow that to between 155,000 and 165,000 in 2025. To help it achieve this goal, the carmaker is transitioning to a non-genuine agency sales model across Europe, starting with Sweden and Norway. Under this model, customers will still be able to configure and order their new Polestar online or through Polestar Spaces and service locations, but dealers will have less flexibility to control pricing.
The car brand’s share price has lost over 90% of its value since it went public in 2022 through a reverse merger with a special purpose acquisition company (SPAC). At one stage, Polestar was valued at $21 billion but earlier this week, its share price hit an all-time low of under 70 cents.
As announced in May, the company is spending a lot on an advertising campaign through the second quarter. The Polestar 2 is also available to lease for as little as $299 per month for 27 months in the U.S. and includes a $10,000 Polestar Clean Vehicle Incentive.
