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Swedish EV brand Polestar (<a href=«https://finance.yahoo.com/quote/PSNY?.tsrc=» https: data-i13n=«cpos:1;pos:1» data-ylk=«elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:1;»>PSNY
STOCKHOLM — Polestar saw a 40% drop in first-quarter deliveries, the Swedish electric vehicle (EV) said on Thursday, as the sector struggles with slowing demand.
Launched in 2020, and extensively updated for 2024, the Polestar 2 got its name by landing as the young company's second model. It won't be replaced by a second-generation 2. Instead, its successor will be Polestar's seventh car, and it will be named — you guessed it — 7.
GOTHENBURG, Sweden — Polestar's entry-level model, the 2, competes above the entry-level cars offered by German rivals in terms of pricing and positioning. Thomas Ingenlath, the firm's CEO, told Autoblog that the idea of expanding the range toward the bottom is attractive but unlikely to happen soon.
GOTHENBURG, Sweden — The cooling electric-car market is sending ripples across the industry, especially in the United States where a law banning the sale of new vehicles powered by an internal-combustion engine hasn't been passed — no one's making you buy an EV, at least not yet. Carmakers are shifting their future plans to take slowing EV sales into account, and hybrid technology is beginning to look more like an ideal middle ground, rather than a stepping stone at best and a flawed compromise at worst. Polestar, which only sells EVs and plans to roll out more in the coming years, isn't worried about this trend.
Polestar is a design-driven, pure-electric brand, so the arrival of the Polestar 4 is no surprise (especially, coming as it does, after Polestars 1, 2, and 3). But what is thought-provoking is that this savvy brand of lateral thinkers and style mavens wants to rescue one of the more egregious automotive niches—the SUV coupé.
Despite Volvo recently abandoning Polestar due to disappointing sales growth, Polestar CEO Thomas Ingenlath feels confident of the EV lineup, and that industry doubters of EV and associated technology are falling into “an incredible trap.”
It's been almost a month since the initial breakup between Polestar and Volvo went down, but now the gritty details need to be hashed out. In this case, instead of returning cherished clothing items, Volvo is divvying up its financial stake in Polestar to the tune of millions of dollars. Specifically, executives at Volvo have proposed an amicable division of assets, shedding 62.7% of its holdings in Polestar to the company's shareholders. The ending result of this proposed transition would be a remaining 18% stake in Polestar until 2028, which Volvo says will be enough of a stake to continue exerting some influence over Polestar. Integral to this situation is the parental presence of Geely Holding, a Chinese company with deep investments in the electric-vehicle realm. Acquiring Volvo in 2015, Geely has continued to develop its EV portfolio with