Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Polestar Korea targets 4,000 EV sales this year
Polestar Korea Managing Director Ham Jong-sung speaks during a press conference in Seoul, Wednesday. Korea Times photo by Shim Hyun-chul
By Lee Min-hyung
Carmaker scheduled to introduce Polestar 3, 5 EVs
Polestar Korea seeks to sell 4,000 electric vehicles (EVs) this year by introducing its two flagship models — the Polestar 3 and 5 — to solidify its footing in the country's premium EV market, the head of the carmaker said Wednesday.
The local subsidiary of the Swedish EV maker sold 2,957 vehicles last year on the popularity of its Polestar 4 electric SUV. The sales figure is noteworthy, as the carmaker maintained the top spot in sales for premium EVs priced over 60 million won ($41,000) without any discount policies.
The Polestar 3 premium electric SUV will be launched in Korea in the second quarter and delivered to customers in the third quarter. The Polestar 5 high-performance sedan will be delivered to local customers in the fourth quarter.
Actor Kim Woo-bin, who is a brand ambassador for Polestar Korea, poses with the carmaker's Polestar 3 electric SUV during a press conference in Seoul, Wednesday. Korea Times photo by Shim Hyun-chul
“We set the sales target, which is an increase of 35 percent from the previous year, as we are confident in expanding our presence as a luxury EV maker with the new models,” Ham Jong-sung, managing director at Polestar Korea, said during a press conference in Seoul.
The head of the carmaker’s Korea business also underscored Korea’s strategic role to the carmaker.
“Korea is the world’s sixth-largest market for Polestar, and the largest one in Asia in terms of sales,” Ham said. “Aside from the sales figure, our headquarters is paying increasing attention to the local market due to the country’s tech prowess in manufacturing EV batteries and other key auto parts.”
Korea serves as a key export hub for Polestar, with the automaker shipping Polestar 4 EVs to North America from Renault Korea’s Busan plant, where the vehicles are produced under a contract manufacturing arrangement.
Polestar Korea also said it will not enter the ongoing EV price war in Korea — triggered by the influx of ultracheap Chinese EVs and Tesla’s discount on some of its price-competitive models.
“We attained strong sales performance last year by sticking to our fixed-price policy, and the sales strategy will not change, as we will continue strengthening our luxury identity by ensuring price reliability,” Ham said.
The carmaker also shared its plan to expand EV charging infrastructure across the nation to make deeper inroads in the local market. Under its plan, the company will set up more than 400 EV chargers across the nation by 2030. Polestar customers who use the chargers will receive benefits in fares.
Polestar is also set to increase its number of showrooms to 10 nationwide by the end of this year.