Polestar restarts market expansion with France
PARIS, June 11 (Reuters) - Swedish premium carmaker Polestar will start delivering its electric vehicles in France this year with the goal of making it one of its three main European markets, its top executive for the country told Reuters.
Confronted with a cash crunch, tariff pressures, and a broad slowdown in EV demand, the company, majority-owned by China's Geely Holding, has decided to focus its efforts more on profitable Europe.
Even there, though, its initial rapid expansion has stalled, with the last new market launches dating back to 2022.
"We are a young company, given we have had a very steady rhythm of launches and market openings, it is good too, at some point to pause for a moment, before launching again a cycle of market openings", Stephane Le Guevel, managing director for Polestar France, said.
"We have decided this year to concentrate on France and to restart the tempo next year. We have talked about Central Europe and LatAm", he said.
While the Sweden-based automaker has attempted to conquer the U.S. and Chinese markets, its premium cars have been better received in Europe, which accounts for 75% of its sales.
Le Guével said that the automaker hoped France would, over the medium term, go on to become one of its top-selling markets in Europe, currently being Britain and Sweden.
Polestar has tried to take on other premium brands, such as Mercedes, BMW, Audi, and Tesla, which it targeted in national ad campaigns seeking to entice Tesla owners to switch to Polestar.
But its expansion has been on hold since it launched in Spain, Portugal and Italy about three years ago.
In France, Polestar will start taking orders for its 2, 3 and 4 models on Wednesday, at starting prices ranging from 46,800 euros ($53,474) to 79,800 euros ($91,180). The first French showroom will open in Le Mans in July and first deliveries are expected from October.
The company plans to have a robust servicing network and dedicated selling points still relying on its former owner Volvo Cars, which continues to manufacture some Polestar models.
The company's French launch has been delayed by a complaint filed by PSA - now part of Stellantis (STLAM.MI), opens new tab - arguing the Polestar logo looked too much like the DS brand logo.
Both parties reached an agreement in 2022 without disclosing its financial details.
($1 = 0.8752 euros)
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