Overseas Electric Vehicle Brands Knocking on the Door of the Korean Market

Polestar Declares Entry into Korean Market
US Rivian Vehicle Spotted Driving Domestically

[Asia Economy Reporter Yoo Je-hoon] As the popularization of electric vehicles (EVs) takes its first step, the entry of overseas electric vehicle brands into the Korean market is gradually becoming visible.

According to the industry on the 13th, the electric vehicle brand Polestar recently decided to enter five markets in the Asia-Pacific region this year, including Korea, Singapore, Hong Kong, Australia, and New Zealand. Polestar is a premium electric vehicle brand established by China's Geely Automobile and Volvo Cars.

Accordingly, Polestar is selecting CEOs and preparing to establish separate corporations in Korea and Australia. In Korea, CEO Ham Jong-seong has been appointed, and the establishment of Polestar Korea corporation has been completed. Nathan Forshaw, head of Polestar China and Asia-Pacific region, explained, "We are currently in the planning stage regarding specific launch timings and details for each market, and recruitment of key personnel has begun," adding, "We will ensure a consistent Polestar brand experience for customers anywhere in the world."

Recently, there are also prospects that the American electric vehicle brand Rivian may enter the Korean market. This is because Rivian's electric pickup truck model R1T was spotted driving near the Dong Suwon Tollgate in Suwon City, Gyeonggi Province, which became a hot topic on social networking services (SNS). Rivian currently has announced vehicle launches only in the United States, Europe, and China.

The electric vehicle specialized media Electrek commented that since Samsung SDI and LG Chem's related institutions researching electric vehicle batteries are located in Suwon and adjacent areas, it is highly likely that the vehicle is a test vehicle from related companies, but did not rule out the possibility of a launch.

Electrek stated, "Although large pickup trucks from the U.S. are not particularly popular in the Korean market, Rivian has expressed the possibility of producing small cars for the European and Chinese markets," adding, "Rivian previously mentioned only China, but this could spark interest in the Korean market."