Polestar Enters South Korean Market And Already Has 4,000 Reservations: What Investors Should Know

A leading electric vehicle company set to go public via SPAC merger has shared figures from its newest launched country.

What Happened: Polestar unveiled the Polestar 2 on Jan. 18 to the South Korean market at the Seoul Wave Art Center. Online reservations were immediately launched to residents in the country.

In the first two hours, Polestar had 2,000 reservations, with people putting down an $840 deposit for the electric vehicle. By the end of the first week, over 4,000 people had reserved the Polestar 2 in the country.

“This extremely positive reaction to the launch of Polestar in Korea is another highpoint for a brand that is gaining momentum by the day,” Polestar Global Head of Sales Mike Whittington said.

Polestar said it will work hard to ensure smooth deliveries of the Polestar 2 to residents in South Korea.

Related Link: The Next Tesla Or Lucid Motors? The Polestar SPAC Merger Could Put The EV Maker In The Lead

Why It’s Important: Polestar is merging with Gores Guggenheim Inc GGPI in a SPAC deal valuing the company at $20 billion.

Polestar faces competition from Hyundai, Kia, Tesla Inc TSLA and others in the South Korean market according to InsideEVs.

Polestar sold 10,000 electric vehicles in 2020 and 29,000 in 2021. The company is emerging as one of the largest electric vehicle companies by deliveries and production numbers.

Polestar intends to sell 65,000 electric vehicles in 2022 and up to 290,000 annually by 2025. The company will release additional models at different price points in the future.

South Korea was the nineteenth global market in which Polestar launched vehicle sales. The company has plans to be in 30 global markets by 2023.

Price Action: GGPI shares closed the week at $10.31 and have traded between $9.70 and $16.41 over the last 52-weeks.

Photo: Courtesy of media.polestar.com