Polestar (NASDAQ:PSNY) is seeing the bulk of its momentum come from Europe, with chief executive Michael Lohscheller saying on Friday that the region accounted for 78% of the company’s total sales over the full year.
By contrast, the United States contributed just 7% of overall sales during the same period, highlighting the current imbalance in the electric vehicle maker’s geographic mix.
“Europe stays the core of our business and we are not yet done with Europe, we are just ramping up,” Lohscheller said.
The CEO said Polestar plans to keep expanding its sales network, building further on its European footprint. Outside Europe, he pointed to South Korea, Australia and Canada as additional priority markets for future growth.
Commenting on China, where Polestar has closed its retail outlets, Lohscheller described the country as “a hypercompetitive market.” He added that as “a Swedish brand with limited resources,” the company had made deliberate choices about its level of exposure there, while stressing that Polestar would “always assess China in the future.”