Polestar's North American market presence has been continually growing. While not yet a (non-car enthusiast) household name, Polestar has gone from producing a limited quantity of hybrid supercars to reaching a figure of 150,000 2 sedans on the road. This rapid expansion is thanks to its two primary owners, Geely and Volvo (also partially publicly held on NASDAQ as $PSNY), which are fluent in the language of building cars.
But besides manufacturing, Polestar has been on a path to expand its physical retail locations further. The firm's latest development was its debut of Polestar Charlotte, the automaker's thirty-first Space. "Polestar Charlotte represents the latest addition to our rapidly expanding retail network and marks our brand's debut in the Carolinas," said Polestar's Head of North America, Gregor Hembrough.
Before the official Charlotte Space, the term Polestar coins its stores as, the firm sold its cars with University Volvo. The owner of University Volvo also owns and manages Polestar Charlotte. Despite operating as a dealership, there are no additional fees over MSRP, and the company representatives are salaried.
Moreover, the same night, Polestar debuted its 3 SUV in every one of its Spaces nationwide. The Polestar 3 was due to be delivered by the year's end, but it has been delayed to mid-2024 due to software issues. That said, Polestar lets customers sit inside and check out its all-new electric SUV based on the same platform as the Volvo EX90.
The 3 will be Polestar's first SUV, and while it is in the $80,000 price range, similar options like the BMW iX have steadily improved in sales numbers. "Taking a look at where the EV segment is going, so when we started in 2018, EVs had about two percent of the total industry," Hembrough told InsideEVs in an interview. "As you and I sit here, it's about to eclipse nine percent, and we expect it to be around thirteen or fourteen percent next year... Naturally, it's drawing more consumers."
Despite the 3's market entry delay, Polestar now has two vehicle launches slated for 2024: the 3 and 4. The SUV and crossover will likely be big launches for the automaker who has currently only sold a coupe and a liftback sedan stateside. "I'm very excited for what next year brings," Hembrough said.