Polestar and Motional, two car tech companies, are getting dumped by their financial patrons. The breakups reflect the increasingly difficult conditions for electric and autonomous vehicle development.
It’s not you, it’s the interest rates. The reasons are probably more nuanced than that, but a number of prominent car tech companies are finding themselves in the unenviable position of being dumped by the bigger companies that they’ve relied on for funding. It’s especially harsh when you consider we’re a few weeks away from Valentine’s Day.
” This is true for any techy car company these days, even the ones run by Elon Musk. High interest rates and softening demand for EVs has spurred automakers to pause or pull back a lot of their funding commitments for the future. Autonomous vehicles are running into all manner of obstacles — and sometimes pedestrians — in their increasingly fraught quest to convince people the technology is safe and reliable.
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