Polestar has taken a bruising in recent months, as its performance disappointed investors, and its parent company, Volvo Cars, announcing it would cease financial support. Geely, the parent company of both Volvo Cars and Polestar, has stepped in to provide support. However, Thomas Ingenlath, the startup’s CEO, recently claimed that his company is actually in a better position than it may look like from the outside.
Although EV sales globally increased between 2022 and 2023, the growth was not as significant as in previous years, nor did it meet the expectations of automakers worldwide. Consequently, companies that had committed to transitioning entirely to electric vehicles have recently reversed their stance, opting to rely more (or at least for longer) on internal combustion and hybrid models while awaiting a rebound in the EV market. Ingenlath contends that these automakers are falling into a “trap.”
Read Article