The electric subsidiary Polestar of the Swedish carmaker Volvo has worked continuously on the premium product and image in recent years. The company, which specializes in the premium segment of electric cars, is a joint venture with the Chinese group Geely. So far, the German headquarters has continuously developed it further. In the future, the focus will be on the core of the brand, so that Polestar can establish itself as an autonomous brand. The new headquarters in Cologne will be the starting point for independent further development in the future.
The start of the new activities was the opening of a permanent showroom in the Wallarkaden building complex on Rudolfplatz. With an area of 280 square meters, it offers significantly more space than the temporarily occupied area in the Neumarkt Gallery. In recent years, the showrooms have continuously established themselves as an experience gallery for the premium products. Polestar is already represented in Germany with eight Polestar Spaces in Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Leipzig, Munich and Stuttgart. Here, visitors should be given professional advice and be able to arrange test drives both on site and online. According to Alexander Lutz, Managing Director of Polestar Germany, the sale of electric cars has been taken to a new level with the presentation rooms in the cities.
In contrast to the traditional car trade, the appealing stores focus on the digital and transparent experience. The customer can complete all the steps online, from information and advice to purchase or leasing. Getting to know the vehicle as an emotional experience is an important moment for a decision to lease or buy the Polestar. If necessary, the offer is supplemented by the advice of an employee on the part of the manufacturer.
New models and new target groups in Europe
The expansion of the showrooms is an important step for the presence in the metropolises of Europe. With the new Spaces, the Swedish manufacturer wants to promote electromobility in Europe. But there will also be more in terms of product policy, so the new Polestar 2 has already started the new model year with some innovative updates. The infotainment functions have been expanded. According to the manufacturer, customers have been using the Vivaldi browser, the video player and the web app "A Better Routeplanner" in recent months.
The design experience is paramount in the Polestar Spaces. A typically Scandinavian and minimalist design reflects a little understatement and fits the focus on the essentials. In the meantime, the Rudolfplatz has become an attraction for fans of high-quality electric cars and, according to the manufacturer, many test drives have already been booked.
The electric spin-off from Volvo has achieved the targets with its sales result from 2021: 29.000 cars were sold and the global sales target was thus met. Compared to 2020, this represents an increase of 185 percent, but that is currently still due to the dynamic developments on the electric car market. The sales figures will increase again in the next few years. The car rental company recently secured the option for 65.000 new vehicles by 2027. First of all, this will be the Polestar 2. In the future, the Polestar 4 crossover could also be considered as an alternative.
Polestar will also have to be prepared for tough competition in the future. With the European production start of Tesla in Brandenburg, the nine top models from Audi, BMW and Mercedes, a sharply defined profile in the market is required. With the individual positioning independently of Volvo, this is consistently progressed.
initial public offering
A SPAC ( Special Purpose Acquisition Compan ) - IPO on the American technology exchange Nasdaq is obviously planned. Spac is a shell company that raises investor funds through the IPO, which is later acquired by Polestar. According to the stock exchange prospectus, the independent subsidiary founded in 2017 by Volvo and its Chinese parent company is planning ambitious goals. Sales are expected to grow to $2025 billion by 17,8. The model range is to grow to five models in the sedan and SUV sector. That could also overshadow Volvo in the long term, because in 2020 Volvo put 660.000 vehicles on the road worldwide.
Entry into the premium segment has been successfully completed. With the new developments Polestar 3 and the crossover Polestar 4, the path can be sustainably expanded. With the planned IPO, Polestar with the two established manufacturers Volvo and Geely as founders could become one of the most interesting new entries on the stock exchange for the future.
Cover Photo - Polestar 2 in Polstar Space - Copyright Polestar
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