As Korea's electric vehicle market shows a gradual recovery, Swedish EV brand Polestar is making its presence felt. The Polestar 4, the second new model introduced in Korea and an SUV, is driving sales, and the company plans to strengthen its foothold by releasing the Polestar 5 and Polestar 3 next year.
According to the Korea Automobile Importers & Distributors Association (KAIDA) on Sept. 21, Polestar's cumulative domestic sales for January–September this year reached 2,227 units, up 443.2% from the same period last year (410 units). This is the highest growth rate among all imported brands. Polestar sold 361 units last month, up 40.5% from August (257 units) and 8,925% from September last year (4 units).
Domestic EV sales, which had slowed for a while, are rebounding. Sales for January–September this year totaled 153,195 units, up about 67% year over year. During this period, domestic-brand EV sales rose 63% to 86,704 units, while imported EV sales increased 73% to 66,491 units.
Polestar entered the Korean market in 2022, but sales of its first model, the Polestar 2, were sluggish, and as EV demand fell afterward, it failed to post notable results. Since the launch of the Polestar 4 in August last year, however, sales have been gradually picking up. In Korea, Polestar has secured contracts for more than 3,000 units, with the Polestar 4 accounting for over 90%.
The Polestar 4 is a coupe-style SUV positioned a class above the Polestar 2. It features dynamic performance, including a maximum output of 544 horsepower and 0–100 kph in 3.8 seconds. Prices are set at 66.9 million won for the single motor and 71.9 million won for the long-range dual motor, up to more than 30 million won cheaper than overseas. Polestar produces the North America–bound Polestar 4 at Renault Korea's Busan plant, while the units for sale in Korea are made in China.
Polestar is recording double-digit growth in the global market this year as well. Cumulative global sales for January–September reached 44,482 units, up 36% from the same period last year (32,595 units). It is performing especially well in Europe—such as Germany, the United Kingdom, and Sweden—where U.S. EV maker Tesla has been sluggish.
Polestar plans to launch the grand tourer (GT) Polestar 5 in the Korean market in the second quarter next year. The Polestar 5 is a four-door GT model based on a concept car unveiled in 2020. It will be equipped with an SK On battery, with a maximum output of 884 horsepower and 0–100 kph in 3.2 seconds. The maximum range on a single charge is 670 km for the dual-motor model (Europe WLTP standard). The SUV model Polestar 3 is also slated for introduction.