Recently, at the opening ceremony of the first Polestar brand experience center in Shanghai, Li Donghui, CEO of Geely Holding Group, publicly addressed the reasons for Geely’s acquisition of Polestar and its future plans. He stated that Polestar serves as Geely’s bridgehead for global expansion. It holds significant strategic importance for the group’s global development. As Polestar’s “guardian,” Geely will support Polestar’s independent growth in China and globally. Geely will provide comprehensive operational, technical, and financial support. It will also participate in Polestar’s financing plans as needed. Li added that Geely’s technical strength, advantageous resources, and competitive supply chain will fully open to Polestar. Polestar originated from Volvo’s high-performance division and became an independent luxury brand in 2017. It is a joint venture between Volvo and Geely. In February of this year, Volvo announced plans to transfer 62.7% of its 48% stake in Polestar to Geely. After this reduction, Volvo’s share in Polestar dropped to 18%, making Geely the largest shareholder. Regarding the acquisition, Shen Ziyu, Chairman and CEO of Polestar Technology, stated in an interview that one mission of the Chinese automotive industry is to successfully enter Western developed markets. However, Chinese brands struggle to gain acceptance in these markets. Polestar represents a crucial starting point for Geely’s globalization. Leveraging its overseas reputation, Polestar now operates in 27 countries. Its sales are predominantly in international markets, especially Europe. In 2021, Polestar sold 29,000 vehicles globally. In 2022, sales increased to 51,500. In 2023, sales reached 54,626, with over half coming from Europe. Additionally, Polestar is one of the few brands produced in China and sold in the U.S. Reports estimate that Polestar sold 3,555 electric Polestar 2 vehicles in the U.S. in the first half of this year.
After Geely Holding Group became the largest shareholder, Polestar accelerated its efforts in the Chinese market, shifting focus from overseas. Currently, Polestar plans to invest continuously in products, including Polestar 3, Polestar 4, Polestar 5, and Polestar 6. It has established over 50 Polestar brand spaces and experience centers. In the future, Polestar will develop smarter, localized models better suited for the Chinese market. Polestar 7 and Polestar 8 are in the planning stages and are expected to launch within the next two years. In addition to product planning, Polestar China’s new management team made its first public appearance. Chief Operating Officer Jin Peiji, with 12 years of experience at Volvo, will oversee sales, channel development, and marketing. In an interview, Jin stated that his immediate priority is to build confidence in sales, including nurturing confidence among sales personnel and enhancing their understanding of the brand’s philosophy.