Unexpected Polestar China Domestic and Export Sales Uplift

China is an automotive market unlike any other and legacy brands can certainly testify.

Despite its global appeal, Polestar has not had much success in China and was forced to join the price war with promotional discounts amounting to as much as 60,000 yuan on its Polestar 4.

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However, Polestar seems to be on the rise, achieving another monthly record retail sales month of 444 vehicles in August, 418 of which are Polestar 4.

Year-to-date, Polestar nearly tripled last year's sales to 2,218 as of August.

Polestar's best-selling year was in 2022, delivering 1,717 electric vehicles. As of July 2024, Polestar had already exceeded that record.

Cumulatively, Polestar has sold over 6,500 vehicles in China since 2020.

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That figure certainly pales in comparison with Tesla, but it helps put into perspective the month of August, which accounts for approx. 7% of all-time sales in nearly 5 years.

Polestar vehicles are now sold across 27 countries around the world and manufactured in China, United States, and South Korea.

Since June 2024, Polestar shifted gear to China, exporting volumes of several magnitude compared to previous months.

Source: Polestar Canada

Much of that ramp up came on the back of Polestar 3, manufactured at the Chengdu Polestar Plant, with exports rising from 215 units in March to 1,702 units in August.

Every month consistently exceeded the previous, evidencing strong demand for the Polestar 3.

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In 2024, Polestar ranked among the top 5 pure EV brands in 15 European countries, with cumulative global sales of over 200,000 cars.

The brand has established 192 retail outlets and 1,149 service points globally and plans to enter into 7 new markets in 2025, expanding to a total of 34 countries and regions.