Polestar Establishes Presence in Korean Electric Vehicle Market, Surpassing Audi and Chevrolet

Tesla Included, Imported Electric Vehicle Sales Rank 4th
Achievements Within 1 Year of Market Entry
Impact of Aggressive Marketing and Lower Prices Compared to Peers
Plans to Maintain Upward Trend with SUV Launch

Swedish electric vehicle manufacturer Polestar ranked 4th in imported electric vehicle sales in South Korea just one year after entering the market.

[Asia Economy Reporter Oh Gyumin] Swedish electric vehicle manufacturer Polestar ranked 4th in imported electric vehicle sales in South Korea just one year after its market entry. Its relatively affordable price compared to competitors and aggressive marketing appear to have helped it establish a foothold in the market.

According to data from the Korea Imported Automobile Association, Polestar sold 2,794 units last year. This accounted for about 7.4% of the total imported electric vehicle sales of 37,773 units (23,202 units from association-registered companies and combined non-member companies such as Tesla). Tesla led the imported electric vehicle sales ranking with 14,571 units sold, while Mercedes-Benz and BMW fiercely competed in the electric vehicle market, selling 5,006 and 4,888 units respectively, ranking 2nd and 3rd.

Polestar also surpassed Audi and Chevrolet, which entered the market earlier. Until November, Polestar’s sales stood at 2,623 units, placing it between Audi’s 2,695 units and Chevrolet’s 2,582 units. However, thanks to the success of the Polestar2, which sold 171 units in December, Polestar edged out Audi (2,784 units) by just 10 units.

Polestar is also showing strong performance in the global market by achieving its delivery targets. Thomas Ingenlath, CEO of Polestar, announced that the company met its annual delivery goal of 50,000 units last year. Although supply chain issues limited deliveries to only 30,400 units by the third quarter, the company shipped 19,600 units in the fourth quarter, reaching its target.

Since entering the Korean market, Polestar has conducted aggressive marketing campaigns. It held “2 on tour” events in major cities including Seoul. Event venues were set up in high foot traffic areas such as Gangnam Shinsegae Central City, where Polestar vehicles were displayed. These events resulted in over 40,000 on-site customer consultations and provided more than 1,000 on-site test drive opportunities.

The relatively affordable price also contributed to strong sales. The flagship model, Polestar2 Long Range Single Motor, is priced at 54.9 million KRW. With a national subsidy of 5.91 million KRW and a local government subsidy (based on Seoul) of 1.68 million KRW, buyers receive a total subsidy of 7.59 million KRW, allowing them to purchase the Polestar2 for around 47 million KRW. In comparison, the Tesla Model 3, a similarly sized electric sedan, receives a subsidy of 4.05 million KRW and must be purchased for around 65 million KRW.

Polestar plans to launch the sports utility vehicle (SUV) “Polestar3” in the third quarter of this year. By introducing a new electric SUV, the company aims to expand consumer choices. The Polestar3 is expected to have a driving range of 610 km and will likely be equipped with a dual motor and a 111 kWh battery.