When it comes to Polestar cars, not many people probably know about them. I believe that some friends know about Polestar cars, and they may still know about it from the "sky-high price battery replacement" incident.
Indeed, in the domestic car market, Polestar has a very low presence. But when it comes to it, Polestar is indeed a high-end pure electric car brand from Sweden.
According to public information, Polestar Cars, founded in 2017, is a new independent high-performance car brand under Volvo Car Group, headquartered in Gothenburg, Sweden. But if you go back to it, Polestar was born in 1996, and it was not until 2005 that Polestar became the first supplier of Volvo Cars, and in 2009, it was officially merged into Volvo's performance car development department.
Later, with Geely's acquisition of Volvo, Polestar also became another car brand under Geely Automobile, which is currently jointly funded by Geely Automobile Group and Volvo Car Group.
Backed by the two major car brands Volvo and Geely, Polestar has been officially listed on the NASDAQ in June 2022, with a market value of $27.6 billion on the first day of listing, which is higher than the market value of many traditional car companies.
It is no exaggeration to say that Polestar has developed very fast thanks to the blessing of the Volvo and Geely brands. On April 20, 2023, Polestar's China headquarters opened in Shanghai, which is Polestar's official entry into the domestic market.
Although Polestar is also very aware of the pressure to enter the Chinese market, after all, the Chinese high-end new energy vehicle market in 2023 is actually very volatile. However, Polestar's executives are still full of confidence in the domestic market. Thomas Ingratt, CEO of Polestar, said that China is the world's most dynamic and growth potential for new energy vehicles, 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, which is another milestone for Polestar's "first year in China".
More than half a year later, how is Polestar performing in the domestic market? According to the data released by **, the domestic sales of Polestar cars in 2023 will only be 1,100 units.
It is worth noting that Polestar cars were already sold in China as early as 2021, with 2,048 units sold that year. In 2022, Polestar's domestic sales fell to 1,717 units.
Through data comparison, it can be found that in 2023, which Polestar called a milestone of "China's first year", Polestar's domestic sales will decline instead of rising.
So far, the domestic sales of Jixing Automobile have declined year-on-year for three consecutive years.
In the view of Che Kuai, Polestar does not have an outstanding market performance in the domestic market, in addition to its brand influence is not as good as Tesla, NIO and other car companies, there is also a major reason for frequent changes at the top. From Shen Feng, CEO of Polestar Motors China, in 2016 to Feng Dan, who stepped down as the general manager of Polestar Sales*** in December 2023, there are at least five heads of Polestar Motors China.
Looking at the global market, Polestar's sales target for 2023 has been lowered from 80,000 units to 60,000 units, and the final actual sales volume is 5460,000 units, also not ideal.
At present, Polestar has a total of 4 models on sale, of which Polestar 4 was officially launched in November last year, and it is also a blockbuster model launched by Polestar in China, and mass deliveries will begin soon.
Probably in light of Polestar's unsatisfactory market performance, it was reported in early February that Volvo was proposing to take a stake in Polestar.
Looking ahead to 2025, the more competitive new energy vehicle market in China, let's wait and see how Polestar will perform.
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