When it comes to Polestar cars, not many people may know about them. I believe there are still some friends who know about Polestar Motors, perhaps from the "extraordinarily expensive battery replacement" incident.
Indeed, in the domestic auto market, Polestar Motors has a very low presence. But speaking of it, Polestar Motors is indeed a high-end pure electric vehicle brand from Sweden.
Public information shows that Polestar Motors, founded in 2017, is a new independent high-performance car brand under the Volvo Automobile Group and is headquartered in Gothenburg, Sweden. But if we look back, Polestar was born in 1996. By 2005, Polestar became a supplier to Volvo Cars, and in 2009 it was officially merged into Volvo's performance car research and development department.
Later, with the acquisition of Volvo by Geely , Polestar Motor became another automobile brand under Geely Automobile. It is currently jointly funded by Geely Automobile Group and Volvo Car Group.
Backed by the two major car brands Volvo and Geely, Polestar Motors has been officially listed on Nasdaq in June 2022. Its market value reached US$27.6 billion on the first day of listing, which is higher than the market value of many traditional car companies. Be high.
It is no exaggeration to say that Polestar Motors is developing very fast with the support of Volvo and Geely brands. On April 20, 2023, Polestar Automobile's China headquarters settled in Shanghai. This is Polestar Automobile's official entry into the domestic market.
Although Polestar Motors is also very aware of the pressure it faces when entering the Chinese market, after all, China's high-end new energy vehicle market in 2023 is already very large. However, Polestar Automobile executives are still full of confidence in the domestic market. Polestar CEO Thomas Ingrat said that China is the world's most dynamic new energy vehicle market with growth potential, and it is also the core market of Polestar's global strategy.
He also said that the opening of Polestar's China headquarters means that Jixing will open a new chapter in China and is another milestone in Polestar's "First Year in China".
More than half a year has passed. How is the performance of Polestar Motors in the domestic market? According to data released by the media, Polestar's domestic sales in 2023 will be only 1,100 units.
It is worth noting that Polestar cars have been sold in China as early as 2021, with sales of 2,048 units that year. By 2022, Polestar's domestic sales will drop to 1,717 vehicles.
Through data comparison, we can find that in 2023, which is called the milestone of "China's first year" by Polestar Motors, Polestar Motors' domestic sales did not rise but fell.
At this point, Jixing Automobile’s domestic sales have declined year-on-year for three consecutive years.
According to Che Kuai Ping, Polestar Motor's market performance in the domestic market is not outstanding. In addition to its brand influence being inferior to car companies such as Tesla and NIO , there is another major reason. There are frequent changes at the top. From Polestar Auto China CEO Shen Feng in 2016 to Feng Dan stepping down as general manager of Polestar Auto Sales Co., Ltd. in December 2023, there have been at least five changes in the person in charge of Polestar Auto China.
Looking at the global market, Polestar Motor's sales target for 2023 has been reduced from 80,000 vehicles to 60,000 vehicles. The final actual sales volume was 54,600 vehicles, which is also not ideal.
There are currently 4 models on sale by Polestar Motors. Among them, Polestar 4 was officially launched in November last year. It is also the major model launched by Polestar Motors in China and is about to begin mass delivery.
Perhaps in view of the unsatisfactory market performance of Polestar Motors, media reports in early February indicated that Volvo planned to reduce its stake in Polestar Motors.
Looking forward to the more competitive domestic new energy vehicle market in 2025, let us wait and see how Polestar Motors will perform.
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