Swedish EV maker Polestar plans to enter seven markets in 2025
The Polestar 4 electric SUV is displayed at the New York International Auto Show Press Preview, in Manhattan, New York City, U.S., March 27, 2024. REUTERS/Brendan McDermid
(Reuters) - Polestar intends to launch in seven markets next year, the Swedish electric-vehicle maker said on Monday, as it looks to attract new customers.
The company will enter France, Czech Republic, Slovakia, Hungary, Poland, Thailand and Brazil in 2025.
WHY IT'S IMPORTANT
Deliveries slumped 40% in the first quarter and expanding into new markets could provide Polestar with strong sales to negotiate better deals with suppliers.
Enthusiasm for EVs has cooled around the world, leading to ballooning losses at many companies. Polestar delayed its first-quarter results for the second time last month and expects to report earnings by the end of June.
CONTEXT
Demand for electric vehicles has been growing at a slower-than-expected rate, affected by high interest rates, anxiety over driving range in a single charge and slow expansion of public fast-charging networks.
BY THE NUMBERS
The company expects a ramp-up in deliveries of its Polestar 3 and Polestar 4 SUVs to contribute to revenue later this year. Polestar aims to deliver 155,000-165,000 cars in 2025, compared with 54,600 in 2023.
MARKET REACTION
U.S.-listed shares of the Swedish EV maker rose about 7% to 72 cents in trading before the bell. They have slumped nearly 70% this year, through last close.
(Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)