The electric SUV coupe “Polestar 4,” unveiled by Polestar. (Image courtesy of Yonhap)
SEOUL, Nov. 21 (Korea Bizwire) — Polestar CEO Michael Lohscheller underscored the strategic importance of the company’s Busan production base, describing it as a critical bridge between Asian and North American markets as the premium electric-vehicle maker expands its global manufacturing footprint.
Speaking with Korean reporters on Nov. 20 at Polestar Seoul Space in Yongsan, Lohscheller said the Busan plant — operated by Renault Korea Motors — has become central to Polestar’s diversification of production sites. The facility began pilot production of the Polestar 4 for the North American market in the second half of this year.
To prepare for EV assembly, Renault Korea halted operations at the plant for five weeks in January to overhaul its traditional combustion-engine line and install 68 new pieces of equipment.
“The Busan plant’s strategic value is very high because it will be the first to supply vehicles to North America,” Lohscheller said. “We’re starting with North America, but given the plant’s high production quality, it could serve additional markets as well.”
He declined to confirm whether vehicles built in Busan would be sold in Korea, saying only that “there may be other opportunities in the future” and that exports to North America represent “just the beginning.”
Lohscheller acknowledged that U.S. tariffs on Chinese-made electric vehicles played a role in Polestar’s choice of Busan as a production site, but emphasized that the decision was based on broader considerations, including manufacturing quality.
He added that further investment in Korea could be considered once Polestar’s performance in North America becomes clearer.
Michael Lohscheller, CEO of Polestar (Photo provided by the Korea Automobile Journalists Association)
A breakout year in Korea
Korea has quickly become one of Polestar’s strongest-performing markets. The company sold 2,513 vehicles in the first 10 months of 2024, a 484 percent increase from a year earlier. The coupe-style electric SUV Polestar 4, launched in August 2023, accounted for most of those sales with 2,167 units delivered.
“It is encouraging that the Polestar 4 has been such a success in Korea, which is a very important market,” Lohscheller said. He attributed the strong performance to design, sustainability, and high performance — qualities Polestar plans to reinforce.
Looking ahead, Polestar will launch the large electric SUV Polestar 3 and the grand tourer Polestar 5 next year. “Both models sit above the Polestar 4 in price and performance,” Lohscheller said. “They will build on this year’s momentum and strengthen our brand not only in Korea but globally.”
Kevin Lee (kevinlee@koreabizwire.com)
