Polestar's Expansion Plan and Management Appointments

TapTechNews June 18 - The electric vehicle manufacturer Polestar, jointly owned by Volvo and Geely Holding, announced this week that it plans to enter seven new markets next year.

Polestar released a press release on Monday detailing its plans to introduce its electric vehicles to seven markets in Europe, Asia and South America in 2025. The company will enter these markets through partnerships with local dealers in France, the Czech Republic, Slovakia, Hungary, Poland, Thailand and Brazil.

In addition to these markets, Polestar also plans to expand its retail network through these dealer partnerships, after the company had earlier this month pioneered a non-traditional agency sales model in Sweden and Norway.

Polestar also appointed several new management personnel, including Anders Gustafsson who replaced Gregor Hembrough as the head of the North American region, and Matt Galvin who replaced Jonathan Goodman as the general manager of the UK.

Marius Hayler will replace Alexander Hørthe as the sales head for Norway and other surrounding countries.

In February this year, there were reports that Volvo was preparing to abandon the Polestar brand. The company later received $950 million (TapTechNews note: currently about 6.902 billion RMB) in external funding and then underwent a major corporate reorganization, with Geely becoming the largest shareholder of the automaker, holding 48% of the company's shares.

Polestar also carried out some layoffs in January and then started the production of Polestar 3 in China.