Yahoo Finance Polestar (PSNY) Plans to Debut in 7 New Markets in 2025
Polestar Automotive Holding UK PLC PSNY is broadening its commercial and retail operations across existing and new markets as its vehicle lineup continues to expand.
The company is enhancing its retail presence with both current and new partners by transitioning to a non-genuine agency sales model throughout Europe. Customers can still configure and order their Polestar vehicles online or through the growing network of Polestar Spaces and service locations, simplifying the purchasing and ownership process. Sweden and Norway adopted this sales model earlier this month, with more key markets to follow in the latter half of the year.
Polestar is rapidly expanding its geographic reach, planning to enter seven new markets across Asia, Europe and Latin America in 2025. France, the European Union’s second-largest electric car market after Germany, offers a significant opportunity. Additionally, PSNY aims to launch in the Czech Republic, Slovakia, Hungary, Poland, Thailand and Brazil through local distribution partnerships.
Per Thomas Ingenlath, CEO of Polestar, the expansion of retail operations with new and existing partners will help the company reach more customers, capitalizing on the brand’s strength and growing model lineup.
To support profitable growth in existing markets, several management changes have been made under the leadership of Kristian Elvefors, head of commercial. Anders Gustafsson will replace Gregor Hembrough as head of North America, bringing extensive experience from his 13 years at Volvo Cars, including six years as senior vice president Americas & president and CEO of Volvo Cars USA. Hembrough, who has successfully led Polestar’s North American operations since 2018, will now serve as head of global sales operations.
Matt Galvin will succeed the retiring Jonathan Goodman as UK managing director. Galvin, previously UK managing director at NIO, has held senior roles at Volvo Cars and Mercedes-Benz in the United Kingdom over his 22-year automotive career.
In Norway, Marius Hayler will replace Alexander Horthe, who is leaving Polestar. Hayler, joining from NIO where he was general manager of NIO Germany and Norway, will lead Polestar’s business in Norway and head the Nordic region. He has previously held senior positions at Jaguar Land Rover Norge, Moller Bil Sweden and Volvo Car Norge.
In May, Polestar received a deficiency notice from Nasdaq for not filing its 2023 Annual Report on Form 20-F, violating the Nasdaq Listing Rule on timely filings with the SEC. The company now intends to submit its 2023 Annual Report on Form 20-F and release its preliminary unaudited financial and operational results for the first quarter of 2024 by the end of June.
Zacks Rank & Key Picks
PSNY currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the auto space are Blue Bird Corporation BLBD, Oshkosh Corporation OSK and American Axle & Manufacturing Holdings, Inc. AXL, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for OSK’s 2024 sales and earnings suggests year-over-year growth of 9.86% and 11.92%, respectively. The EPS estimates for 2024 and 2025 have improved 12 cents and 10 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. The EPS estimates for 2024 have moved up 2 cents in the past 30 days. The EPS estimates for 2025 have moved up 15 cents in the past seven days.
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American Axle & Manufacturing Holdings, Inc. (AXL) : Free Stock Analysis Report
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Polestar Automotive Holding UK PLC (PSNY) : Free Stock Analysis Report
