Polestar expands commercial footprint and retail operations; announces plans to enter seven new markets during 2025

Business Wire 17-Jun-2024 7:00 AM

• New sales model implementation will see retail footprint expand across existing European markets
• Plans to establish presence in seven additional markets across Asia, Europe and Latin America during 2025
• Experienced senior leadership added in key markets

Polestar (NASDAQ:PSNY) is expanding its commercial footprint and retail operations across existing and new markets, as its model line-up continues to grow.

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The company is widening its retail footprint with existing and new partners, as part of a shift to a non-genuine agency sales model across Europe. Customers will still be able to configure and order their Polestar online, as well as through the expanding network of Polestar Spaces and service locations, making it easier for more customers to buy and own a Polestar. Sweden and Norway switched to a non-genuine agency sales model earlier this month with other key markets set to follow suit in the second half of the year.

Polestar is accelerating its geographic expansion and plans to enter seven new markets during 2025. France is the largest volume market for electric cars in the EU after Germany and represents a significant opportunity for the company. In addition, Polestar will look to launch in Czech Republic, Slovakia, Hungary, Poland, Thailand and Brazil via local distribution partnerships.

Thomas Ingenlath, Polestar CEO, says: "Expanding our retail operations with new and existing partners will enable us to reach more customers. Through these partnerships and expansion, we will capitalize on our strong brand and growing model line-up."

To support the brand's profitable growth in established markets, the following management appointments, reporting to Kristian Elvefors, Head of Commercial, have been made:

Anders Gustafsson succeeds Gregor Hembrough as Head of North America. Anders brings a wealth of experience to the role having spent 13 years at Volvo Cars, including six years as Senior Vice President Americas & President and CEO of Volvo Cars USA. Gregor has successfully led Polestar's North American business since it was established in 2018. He now brings his considerable strategic and operational leadership to the role of Head of Global Sales Operations.

Matt Galvin succeeds Jonathan Goodman as UK Managing Director, who is retiring. Matt was previously UK Managing Director at NIO and his 22-year career in the automotive industry includes senior roles in the UK at leading brands including Volvo Cars and Mercedes-Benz.

In Norway, Marius Hayler succeeds Alexander Hørthe, who has decided to pursue his career outside of Polestar. Marius joins from NIO where he was General Manager of NIO Germany and Norway. In addition to leading Polestar's business in Norway, he will also head up the Nordic region. Marius was previously Country Director for Jaguar Land Rover Norge, Managing Director of Møller Bil Sweden and Vice President of Volvo Car Norge.

Kristian Elvefors, Polestar Head of Commercial, says: "I am delighted to welcome this group of talented and experienced leaders to the Polestar team. Through these appointments, we are strengthening our sales teams and bringing in additional expertise at a pivotal point in our development, as our model line-up expands to include two new SUVs."

Forward Looking Statements

This press release contains statements that are not historical facts, but rather forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Polestar or its management believes or anticipates may occur in the future. All forward-looking statements are based upon, as applicable, our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including those risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Polestar's Form 20-F, and other documents filed, or to be filed, with the U.S. Securities and Exchange Commission by Polestar. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law.

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