This has to be Polestar’s year. Created in 2017, listed in 2022 and with just 55,000 cars delivered in 2023, ‘the European Tesla’ has so far struggled to emulate the sales or stock-market successes of its Californian rival. Its share value spent most of last year heading in the wrong direction and in February this year, Volvo – the company that created Polestar in a joint venture with Geely – announced it would cease funding and look to reduce its stake, handing the reins to Geely.
‘The plan was always for Volvo to let off ownership. And it will still be the partner with whom we need synergies with manufacturing, the service network and so on. That was the original idea. But it was a little bit more of a surprise when it finally happened.’‘In Geely we will have different owners of course, and that’s a good thing,’ says Ingenlath. ‘We needed a bigger free float, and this is something that is changing as we grow up as a company and develop cars not only with Volvo.
‘You don’t become a great chef because you found that one vegetable nobody else is using,’ counters Ingenlath. ‘It’s how you cook the meal. Everybody’s cooking with meat, pasta and vegetables. It is not about what ingredients you put in there. It’s what you make out of them. Volvo has something very outstanding with the EX90. But, I mean, if you don’t see the difference between the EX90 and the Polestar 3 then I don’t know what more we can do.
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