Premium EV 'Polestar' Enters Korean Market... Pre-orders for Polestar 2 Begin on 18th Next Month

Starting with the Polestar 2, at least one new car model will be launched each year until 2024
Vehicle inspection and repair available at Volvo service centers nationwide... Seven customer contact points to open nationwide next year

[Asia Economy Reporter Yu Je-hoon] Polestar, a premium electric vehicle (EV) brand, has officially announced its entry into the Korean market. Polestar, jointly established by Volvo Cars and China's Geely Holding, plans to launch at least one premium electric vehicle model annually in Korea by 2024.

On the 21st, Polestar Korea held a press briefing at 'Destination Seoul' in Hannam-dong, Yongsan-gu, Seoul, unveiling its business strategy for Korea. This location serves as Polestar's first exhibition space in the country.

Thomas Ingenlath, Polestar Global CEO, stated, "Our vision is to produce outstanding electric vehicles based on design, technology, performance, and sustainability, leading the transition to the era of electric mobility. We are pleased to welcome Korea, an important market, as part of our family."

Polestar plans to release at least one new model annually in Korea until 2024. The first model to be launched domestically is the 5-door fastback Polestar 2. Depending on the trim, Polestar 2 features a battery capacity of up to 78 kWh, powerful performance of 408 horsepower, and a maximum driving range of 540 km (WLTP standard). Pre-orders will begin on the 18th of next month.

Polestar Korea revealed plans to aggressively target the domestic premium electric vehicle market by launching the flagship sports utility vehicle (SUV) Polestar 3 in 2022, the mid-size SUV Polestar 4 in 2023, and the large sports sedan Polestar 5 in 2024.

The Precept concept car, which will be released as the Polestar 5, was also unveiled for the first time in Korea on this day. The Precept, revealed last year, is a model that presents the future design direction based on Polestar's three core values: purity, progress, and performance. It will be exhibited at Destination Seoul for about a week.

Additionally, Polestar Korea will conduct all vehicle sales 100% online. They have also established an auto-financing service that enables the entire payment process to be completed online, enhancing payment convenience for customers.

To increase customer touchpoints, Polestar Korea plans to invest 50 billion KRW by 2024. Starting with Destination Seoul, they will open 'Space Gyeonggi' at Starfield Hanam within this year, 'Space Busan' in Centum City, Busan next month, and 'Destination Jeju' in Jeju in the first quarter of next year. Within the third quarter, vehicle delivery and test drive centers will open in Daejeon, Daegu, and Gwangju, expanding to seven major cities nationwide in the launch year of next year. They also plan to add three more locations by 2024, securing a total of ten customer touchpoints.

Polestar Korea also aims to provide industry-leading service. Initially, vehicle inspections and repairs can be performed at 31 nationwide service centers established by Volvo Cars Korea, and the warranty period for general parts is provided as 5 years or 100,000 km by default. For paid repairs conducted at official service centers, a lifetime parts warranty service will also be offered.

Furthermore, Polestar Korea will conduct various marketing activities such as nationwide test drive events and pop-up store openings to allow customers to experience the brand and products. Ham Jong-sung, CEO of Polestar Korea, said, "Starting with Polestar 2 in January next year, we will launch four premium electric vehicles by 2024 to solidify our position as a premium electric vehicle brand. We aim to be not just a game changer but a 'guiding star' that presents the direction and new standards for electric vehicles."

This content was produced with the assistance of AI translation services.