Market Insight: Polestar 2 sales steady
BY MATT BROGAN | 1st Oct 2024
POLESTAR is set to launch its first SUV – and arguably its volume seller – the Polestar 3 this month but it is the Polestar 2 that has done the legwork in building the brand’s presence in Australia so far.
Whereas the Polestar 3 is priced and positioned to rival the best European electric SUVs, and the growing number of entrants from China and Japan, the Polestar 2 four-door hatch is more passenger car than SUV and competes within a segment that currently attracts just 15.4 per cent of Aussie buyers, against 57.5 per cent for SUVs.
Add in light commercial vehicles and you have 80 per cent of the market effectively in utes and SUVs.
The Sino-Swedish importer says its customers are waiting for the Polestar 3 and coupe-SUV Polestar 4 to enter the market, while also holding out for the MY25 Polestar 2 arriving in early October.
Polestar Australia managing director Scott Maynard explained at the recent Polestar 3 media launch that by the time MY24 Polestar 2 was in run-out, specifications and options were limited.
“Polestar has entered a very exciting next phase as it transitions from a one-car-company to a three-car-company,” he enthused.
“With the introduction of Polestar 3 this month and Polestar 4 from November, we move into the popular SUV segment where we expect to see volume shift from Polestar 2 to Polestar 4.
“Globally, we’re expanding our manufacturing footprint with the US now online for Polestar 3 production and South Korea due to start production of Polestar 4 from next year.
“We’ve announced an expansion plan that sees Polestar enter seven new markets in 2025 including France and Brazil, as well as a new retail model and sales organisation changes to drive future sales growth.”
Mr Maynard suggested the ability for Polestar customers to see and experience vehicles in a traditional dealership environment will help bolster flagging sales, helping the brand to become “more accessible”.
“Closer to home we have just opened a flagship Polestar Space in Artarmon, which will double as the brand’s head office site. And like other markets around the world, we are looking to expand our retail footprint to make the brand more accessible to customers,” he explained.
“Polestar 2 is still being very well received since it arrived on the Australian market in 2022 with over 5000 cars now on-road. It is a hugely enjoyable car to drive and has been used to benchmark other EV product in-market, so it’s a great option for people who enjoy a spirited drive.
“The quality of Polestar 2 in terms of materials, design and fit-and-finish has always been a standout for that vehicle.
“It’s integration with Google makes owning the vehicle an absolute breeze with the infotainment system acting like another digital device with apps downloaded from Google Play store, and of course, it was the product that really started to demonstrate Polestar’s commitment to sustainability.”
Mr Maynard took time to reiterate the eco-credentials of the brand, a point he believes strongly resonates with Australian buyers considering an electric vehicle.
“Polestar was the first brand to pioneer the use of blockchain technology to track and trace the cobalt in Polestar 2 batteries, and that program was of course extended to include mica as well as our Bridge of Weir Nappa leather, where hides used are a waste product of meat consumption,” he detailed.
“We’ve reduced our climate impact with each model year update and have shed three tonnes CO2e from its cradle-to-gate impact by using renewable energy in manufacturing plants, sourcing low-carbon aluminium, and changing the battery chemistry.
“When considering its price point and specification compared to other EV and ICE product in its segment it really stacks up as an attractive proposition.
“Over-the-air updates keep Polestar 2 software up to date no matter where you are in the ownership journey, which we think will encourage new owners to hold onto their Polestar 2 for longer, and the combined five-year warranty, service plan and roadside assistance certainly provides peace of mind.”
