Polestar, whose sales fell 40 percent in the first quarter, wants to get back on its feet by entering different markets next year.
Founded in 1995, Polestar joined Swedish automobile giant Volvo in 2015. After Volvo was later sold to Chinese Geely, Polestar restarted its operations as a separate brand.
Having entered 30 different markets by the end of 2022, Polestar will enter 7 more markets next year.
The company will start sales in the markets of France, Czech Republic, Slovakia, Hungary, Poland, Thailand and Brazil in 2025.
Interest in electric vehicles has cooled worldwide, leading to increased losses at many companies.
Polestar deliveries fell 40 percent in the first quarter. The company wants to increase sales again by expanding into new markets.
Polestar delayed its first-quarter results for the second time last month and plans to report earnings by the end of June.
Demand for electric vehicles is growing at a slower rate than expected, driven by high interest rates, single-charge range anxiety and the slow expansion of public fast charging networks.
The company expects deliveries of the Polestar 3 and Polestar 4 SUVs to increase later this year, contributing to revenue.
Polestar aims to sell more than 155 thousand cars in 2025, compared to 54 thousand 600 cars in 2023.
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