Polestar is expanding its network of dealerships called spaces from 70 to 130 In Europe and from 36 to 57 in North America.
The carmaker, which is owned by Geely, released selected results for the third quarter which saw retail sales fall 8% to 12,548 cars year-on-year. Revenues were down 10% to USD 551 million in Q3 2024.
For the nine months ended September 30, 2024 revenue decreased by USD 389.8 million or 21% to $1456.5m mainly due to lower global vehicle sales of Polestar 2, higher discounts in a competitive market and a delay in sales ramp up of new carlines.
On the product side the Polestar 5 is set for launch this followed by the Polestar 7, which will be made in Europe, joining the existing Polestar 2, Polestar 3 and Polestar 4 models.
The Polestar 7 is billed as a premium compact SUV, targeting the world’s fastest growing and most profitable premium segment.
Polestar said it is targeting compound annual retail sales volume growth of 30-35% for 2025 to 2027 .
Daniel Donghui Li, Geely Holding Group CEO and Polestar board member, says: “Geely will continue to support Polestar’s development and strategy implementation, including working with Polestar to secure additional equity and debt funding.
“Polestar remains an important global asset for Geely and the new leadership team is taking the right actions to transform it from an iconic brand into a successful global business.”
