Electric car specialist Polestar is steadily expanding its presence in the Australian market, undeterred by fluctuations in global and local sales of battery-powered vehicles.

Over the past six months, Polestar's Australian portfolio has grown from a single model to three. This expansion will continue in 2025 with the introduction of the Polestar 5 sedan, joining the existing Polestar 2, Polestar 3, and Polestar 4.

Unlike some manufacturers that are curtailing their electric vehicle (EV) rollout plans due to a slowdown in demand, Polestar has maintained its momentum. The company reports that its headquarters in Sweden is highly satisfied with the progress achieved in Australia.

Scott Maynard, Managing Director of Polestar Australia, highlighted that the current fluctuations in the EV market are well within expected parameters.

"It all depends on the expectations set at the outset," Maynard stated. "When electric vehicles became more accessible, marketed effectively, and easier to live with, pent-up demand for EVs surged, resulting in a rapid increase in popularity."

"There were commentators who expected this growth to continue, which was likely unrealistic. Therefore, the market needs to stabilise, which is what we are currently witnessing," he further added.

Few electric vehicle manufacturers in Australia limit their offerings to a single model. The addition of two new vehicles to Polestar's line-up, however, positions the brand to better compete with established players such as Tesla and BYD.

"Much of the EV product brought to market was concentrated in a narrow segment of the total industry, particularly in Australia," explained Maynard. "A significant portion of the product targeted the medium-sized sedan market, but now we are starting to see greater product diversity. I would expect the EV market to grow once again."

"Even in October 2024, we are still seeing total Australian electric vehicle sales growing at an annual rate of more than 10 per cent. This is higher than the total new car industry sales volume, which is now sub-10 per cent," he continued.

"So, the market is still performing well, but there will likely be more fluctuations until we establish products in key segments, such as the Polestar 4, which is targeting the medium-sized SUV category," he further added.

Regarding the success of the brand in Australia since its arrival in 2022, Maynard stated that the reception from head office has been positive.

"We are well within the top 10 markets for Polestar, and we are proud to occupy that position. We perform above expectations compared to some of the European markets," said Maynard. "I had the opportunity to visit Sweden recently for my first trip, and I received an excellent orientation on the brand. Every office I visited was extremely proud of the performance achieved by the team here and what has been accomplished."