Polestar Autos' latest grand plan is to enter 7 new markets in 2025.

Zhitong Finance ·  Jun 17 08:45

On Monday, Polestar Autos announced that the company is expanding its commercial footprint and retail trade scale in existing and new markets.

According to the Zhitong Finance APP, Polestar Autos (PSNY.US) announced on Monday that the company is expanding its commercial footprint and retail business scale in existing and new markets. The company stated that it is working with existing and new partners to expand its retail market footprint as part of the shift to Non-Genuine agency sales models across Europe.

It is worth noting that the Swedish automobile manufacturing giant plans to enter seven new markets by 2025 to accelerate its territorial expansion. France, the second largest EU electric vehicle market after Germany, is seen as an important opportunity for the company. In addition, Polestar Autos will also launch its branded electric vehicles in the Czech Republic, Slovakia, Hungary, Poland, Thailand and Brazil through local distribution partnerships.

Encouraged by the above ambitious plan, Polestar Autos' stock price rose more than 8% to $0.735 in pre-market trading on Monday.

"Expanding our retail business with new and existing partners will allow us to reach more customers. Through these collaborations and expansions, we will leverage our strong brand and constantly growing lineup of models," said Thomas Ingenlath, CEO of the company.

Polestar Autos said customers can still configure and order their Polestar online, and can also easily purchase and own all models of Polestar through the expanded Polestar Spaces and service network. Earlier this month, the Non-Genuine agency sales model has been adopted in the Swedish and Norwegian markets, with other major markets expected to follow suit in the second half of this year.

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