Polestar is drastically reducing its sales operations in China, cutting its stores from 36 to just 10, despite CEO Michael Lohscheller's assurances that the company is not exiting the market. In 2024, Polestar's sales in China accounted for a mere 3,120 vehicles, a stark contrast to the booming New Energy Vehicle market, which saw 12.9 million sales dominated by local brands. This move reflects Polestar's aim to prioritize markets with better growth opportunities amidst fierce local competition in China's evolving EV landscape.
Polestar has downsized its presence in China, cutting two-thirds of its stores, as it shifts focus to more promising European markets.
CEO Michael Lohscheller asserts that Polestar is prioritizing certain markets; however, the drastic reduction in China sales highlights fierce local competition.
With only 3,120 vehicles sold in China in 2024, Polestar faces a tough environment where domestic brands dominate the booming EV market.
The reality is clear: China's EV market is increasingly challenging for foreign brands, making it hard for Polestar to compete against local players.
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