Polestar's 2024 year is off to a bad start, facing delisting from the Nasdaq due to a declining share price, delays in the publication of its 2023 annual report and fourth quarter 2023 report. Despite these problems, the brand plans to enter seven new markets next year.
The automaker said it will expand into France, the Czech Republic, Hungary, Slovakia, Poland, Brazil and Thailand in 2025 in a bid to attract more customers and boost sales of its electric cars. The brand is particularly excited about its debut in France, the largest electric car market in the European Union after Germany.
Polestar sold 54,600 electric cars worldwide last year, but plans to increase that figure to 155,000-165,000 in 2025. To reach that goal, the carmaker is switching to an agency sales model across Europe, starting with Sweden and Norway. Under this model, customers will still be able to customise and order their new Polestar online or through Polestar offices and service centres, but dealers will have less control over prices.
The car brand's share price has lost more than 90 per cent of its value since it went public in 2022. At its peak, Polestar's securities were valued at $21bn, but earlier this week the share price hit a record low of less than 70 cents.
Source: Polestar