Polestar transitions to a non-genuine agency model in the Luxembourg market ​ 

LUXEMBOURG – 9 December 2024. Polestar, the Swedish electric performance car brand, is refining its sales strategy in Luxembourg by adopting a non-genuine agency model starting 9 December. This strategic shift aligns with Polestar’s ambition to drive growth and reinforces its commitment to enhancing the customer experience in the Luxembourg market. ​ 

 

Luxembourg is among the first European markets where Polestar is transitioning to a non-genuine agency model. While customers can still configure and order their Polestar online, they now also have the option to do so directly at the Polestar Space in Luxembourg City, streamlining and simplifying the customer journey. This shift is supported by Polestar’s local partner and investor, Mobicore Groupe, which now takes on a more active role in facilitating sales. Through its deep understanding of the local market and customer needs, Mobicore Group enhances Polestar’s ability to deliver a seamless and efficient customer experience. 

 

The transition coincides with the opening of an expanded Polestar Space in Luxembourg City. This 250-square-meter facility serves as a “one-stop-shop,” centralizing key services to accommodate local growth. Customers can explore Polestar’s full model lineup, pre-owned vehicles, and arrange service and maintenance at an official Polestar Service Point, supported by Volvo Scandia. ​ 

"In just three years, Polestar has evolved from a scale-up to a trusted, leading brand in Luxembourg’s premium EV segment. Our transition to a non-genuine agency model is a strategic step that allows us to capitalize on this growth trajectory, meet rising demand, and offer a more seamless and personalized experience for our customers,” said Lies Eeckman, Managing Director of Polestar Belgium and Luxembourg. ”By moving from showcasing our cars to selling them directly and expanding our retail footprint with the new Polestar Space, we are strengthening our presence in Luxembourg and making premium electric mobility more accessible than ever." ​ 

The updated sales model and expanded retail footprint align with the launch of two luxury electric SUVs, the Polestar 3 and Polestar 4, in the Luxembourg market. These models have significantly contributed to Polestar’s performance in the market. “Polestar’s performance in Luxembourg reflects the growing demand for premium electric mobility,” Eeckman continued. “Despite a 5% decline in overall passenger car registrations year-to-date, the EV market has grown by 20%, with the premium EV segment expanding even faster. Polestar has outpaced these trends, achieving a 69% increase in registrations compared to the same period last year, numbers we’re proud of and happy to share.” ​ 

 

Since deliveries of the Polestar 3 and Polestar 4 started in mid-September, the brand has recorded a 126% growth in registrations compared to September 2023. Eeckman added: ”Up until now, we have built a solid base with the Polestar 2. This rapid expansion underscores Polestar’s growth potential with its evolving product lineup. We are excited to build on this momentum.” ​ 

 

End.

Evi Boits

Communications Manager, oona agency

Stefanie De Belder

 

 

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About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 27 markets globally across North America, Europe and Asia Pacific. 

Polestar has three models in its line-up: Polestar 2, Polestar 3, and Polestar 4. Planned models include the Polestar 5 four-door GT (to be introduced in 2025), the Polestar 6 roadster and the Polestar 7 compact SUV. With its vehicles currently manufactured on two continents, North America and Asia, Polestar plans to diversify its manufacturing footprint further, with production of Polestar 7 planned in Europe.

Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion. 

Forward-Looking Statements

Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Polestar and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestar’s ability to maintain agreements or partnerships with its strategic partners, such as Volvo Cars, Geely or Xingji Meizu Group, and to develop new agreements or partnerships; (2) Polestar’s ability to maintain relationships with its existing suppliers, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (3) Polestar’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its reliance on strategic partners for servicing its vehicles and their integrated software; (4) Polestar’s reliance on its partners, some of which may have limited experience with electric vehicles, to manufacture vehicles at a high volume or develop devices, products, apps or operating systems for Polestar, and on the allocation of sufficient production capacity or resources to Polestar by its partners in order for Polestar to be able to increase its vehicle production capacities and product offerings; (5) competition, the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) Polestar’s estimates of expenses and profitability; (7) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (8) the possibility that Polestar may be adversely affected by other economic, business, and/or competitive factors; (9) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on Polestar’s future business; (10) changes in regulatory requirements, governmental incentives and fuel and energy prices; (11) the outcome of any legal proceedings that may be instituted against Polestar or others; (12) the ability to meet stock exchange listing standards; (13) risks associated with changes in applicable laws or regulations and with Polestar’s international operations; (14) Polestar’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (15) delays in the design, development, manufacture, launch and financing of Polestar’s vehicles and other product offerings, and Polestar’s reliance on a limited number of vehicle models to generate revenues; (16) Polestar’s ability to continuously and rapidly innovate, develop and market new products; (17) risks related to future market adoption of Polestar’s offerings; (18) risks related to Polestar’s distribution model; (19) the impact of the global COVID-19 pandemic, inflation, interest rate changes, the ongoing conflict between Ukraine and Russia, supply chain disruptions and logistical constraints on Polestar, Polestar’s projected results of operations, financial performance or other financial and operational metrics, or on any of the foregoing risks; and (20) other 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 SEC by Polestar. There may be additional risks that Polestar presently does not know or that Polestar currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.