Polestar (PSNY) CEO says rivals are falling into a trap by delaying EV plans
Polestar (PSNY) has been clear about its belief in an all-electric future. The company’s CEO, Thomas Ingenlath, is now calling out rivals for pulling back on EV plans, saying they are falling into a “trap” and they will be left behind as the industry transitions.
Shortly after securing $1 billion in funding last week, Polestar plans to expand the brand into new markets.
Polestar has two high-margin electric SUVs, the Polestar 3 and 4, launching this year in key markets. The Polestar 4 went on sale in Europe and Australia last month with up to 379 mi WLTP range, with sales accelerating globally.
Polestar 3 production began in China last week, with the first test runs at its SC plant successfully completed.
With the new injection of funds, Polestar expects to achieve “volume growth that supports the 2025 volume target and double-digit gross profit margin.”
Polestar delivered 12,800 vehicles in Q4, including 880 Polestar 4s in China. The EV maker handed over 54,600 vehicles last year, up 6% from 2022.
Despite a “challenging market,” Polestar is plowing ahead with plans for a five performance EV lineup by 2026.
Polestar says rivals are falling into a trap with EV delays
The same cannot be said for rivals like Mercedes-Benz, which drastically pulled back on its EV sales target less than two weeks ago.
Polestar’s Ingenlath told The Telegraph that automakers like Mercedes, Ford, Aston Martin and GM delaying EV plans were falling into a trap. He explained they would be left behind, given the complex process of launching new EVs.
“There’s an incredible threat and danger if you don’t embrace future innovation and believe in that technology – the electric drivetrains, the innovation in battery, the innovation in modern electronics and software,” Ingenlath said.
Polestar’s leader added, “If you don’t participate in that and think you can wait, and customers are ready for it, it’s an incredible trap.”
The comments come after Polestar’s former parent company, Volvo, sold its majority stake in Polestar and cut funding as it focused on its next growth stage. The $1 billion in funding was from external sources outside of Volvo.
Although many compare Polestar to Tesla, Ingenlath said the two differ in “the market that we are going for.”
Polestar is “not in the same game to do the mass market and compete with the traditional [car makers] in that field.” The company’s focus on higher-end EVs will help it weather a downturn in the market, Ingenlath said.
Electrek’s Take
Ingenlath is spot on here. Automakers that fail to keep up with EV tech now are falling into a “trap” and will be left behind as the industry moves forward.
Ford’s CEO Jim Farley already said if you cannot compete with the Chinese, “then 20% to 30% of your revenue is at risk.” For this reason, Ford is developing a low-cost EV platform to take on new markets and compete with Tesla.
While others are pulling back, Ingenlath sees it as an “incredible opportunity for Polestar,” especially in premium performance cars.
Other automakers like Volvo and Hyundai are doubling down with new models launching this year. For example, Volvo’s most affordable EX30 led to a record EV sales share (22%) last month.
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The all-electric luxury electric SUV is getting significantly cheaper. Lexus launched a new entry-level 2025 RZ trim with starting prices over $10,000 less than last year’s model. And you get just as much driving range.
2025 Lexus RZ electric SUV prices and driving range
Lexus launched its first dedicated EV last year, the RZ electric SUV. Starting at $55,175, the 2024 Lexus RZ 300e has a range of up to 266 miles.
The 2024 RZ 450e AWD, equipped with its dual-moto DIRECT4 system, has a range of up to 196 miles. Prices start at just under $60,000. Both models are offered in Premium or Luxury packages.
Lexus is drastically lowering prices for the 2025 model year. The 2025 Lexus RZ starts at $43,975, and that includes the $1,175 delivery fee.
At under $44,000, prices for the 2025 RZ start at over $10,000 less than last year’s model. The lower price tag comes as Lexus added a new entry-level RZ 300e FWD trim to the lineup.
The 2025 Lexus RZ 300e FWD still has an EPA-estimated 266-mile range (18″ wheels), so despite the lower price, it’s no loss from last year’s model. It’s powered by a 72.8 kWh battery pack from global leader CATL.
Lexus modified the subframe for the FWD model, replacing the rear eAxle from the AWD model. The result is a quieter, smoother drive.
Powered by a 71.4 kWh battery, the 2025 RZ 450e AWD has an EPA-estimated driving range of up to 220 miles (18″ wheels).
| 2025 Lexus RZ model | Starting Price* | EPA-estimated Driving Range |
| RZ 450e AWD | $48,675 | 220 miles |
| RZ 450e Premium AWD w/ 18″ Wheel | $52,875 | 220 miles |
| RZ 450e Premium AWD w/ 20″ Wheel | $54,115 | 196 miles |
| RZ 450e Luxury AWD | $58,605 | 220 miles |
| RZ 300e FWD | $43,975 | 266 miles |
| RZ 300e Premium FWD w/ 18″ Wheel | $48,175 | 266 miles |
| RZ 300e Premium FWD w/ 20″ Wheel | $49,415 | 224 miles |
| RZ 300e Luxury FWD | $53,905 | 266 miles |
The 2025 Lexus RZ is available in three grades. These include the new entry-level model, in addition to the current Premium and Luxury trims.
Inside, the electric SUV has a minimalistic feel with a standard 14″ infotainment with Apple CarPlay and Android Auto support at the center.
You can also opt for the available 10″ head-up display (HUD), Mark Levinson Surround Sound System, and a host of safety features.
The flat platform provides a spacious interior with 37.52″ of rear legroom, nearly as much as the second row of a Ford Explorer (39″).
With the 2025 model arriving at dealerships soon, Lexus is offering closeout prices on 2024 models with up to $18,500 in lease cash discounts. You can use our link to find the best offers on the Lexus RZ at a dealer near you today.
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Environment
‘Political malpractice’ if Trump undoes climate-geared Biden projects, outgoing U.S. energy secretary says
U.S. Secretary of Energy Jennifer Granholm speaks to the media on day five at the UNFCCC COP29 Climate Conference on November 15, 2024 in Baku, Azerbaijan.
Sean Gallup | Getty Images News | Getty Images
A potential decision by Donald Trump to walk back the Biden administration’s climate-geared projects would impact jobs in areas governed by the President-elect’s own party, outgoing U.S. Energy Secretary Jennifer Granholm told CNBC, urging consistency in Washington’s green transition policies.
Referencing the White House’s withdrawal from the Paris Agreement — a 2015 treaty in which nearly 200 governments made non-binding pledges to reduce greenhouse emissions — during Trump’s first mandate, Granholm said the U.S. pressed ahead with projects linked to the green transition that members of Congress wanted to undertake in their districts.
“We are now building all of these projects. We’re building batteries for electric vehicles, we’re building the vehicles, we’re building the offshore wind turbines, we’re building the solar panels. And all of those are factories. And those factories are in districts of members of Congress,” she told CNBC’s Dan Murphy on Friday at the COP29 U.N. climate conference held in Baku, Azerbaijan.
She estimated that 80% of the funding from U.S. President Joe Biden’s legacy bills — the Inflation Reduction Act and the Bipartisan Infrastructure Law — went to U.S. districts represented by Republican leadership.
“It would be political malpractice to undo those opportunities when people are just now getting hired,” she said, stressing benefits to the manufacturing sector and noting that the business community of the world’s largest economy and oil producer now wants a clear course from Washington on its climate policy.
“This isn’t about in [the Paris Agreement], out, shifting back and forth. Let’s have a consistent practice,” she said.
When asked for a response on Granholm’s comments, Karoline Leavitt, a spokeswoman for Trump’s transition team, said the president-elect will “deliver” on the promises he made on the campaign trail.
International focus has now shifted on the shape of the U.S.’ future role in global climate policy, as Trump prepares to take the helm at the White House for a second mandate in January, following a sweeping victory against Democrat candidate Kamala Harris. Trump — who has yet to announce his own pick to lead the U.S. Department of Energy — put hydrocarbons at the front and center of his campaigning agenda, pledging to “end Biden’s delays in federal drilling permits and leases that are needed to unleash American oil and natural gas production.”
The U.S. Energy Information Administration (EIA) in March said that the country already “produced more crude oil than any nation at any time” for the past six years to 2023, averaging a crude oil and condensate production of 12.9 million barrels per day that year — breaking the previous U.S. and global record of 12.3 million barrels per day recorded in 2019, during Trump’s first mandate.
Yet Granholm on Friday stressed that the clean transition is also “unleashed” and will take place regardless of who is leading the White House — and that ignoring climate change risks sacrificing Washington’s position as a frontrunner in the blooming decarbonization industry.
“Why would we take a second, a backseat to an economic competitor like China?” she asked. “They have an economic strategy, they want to be number one. So if we get out of the game, we’re just going to cede that territory all over again. It’s bad strategy for the United States and for workers and for communities across the country.”
As the world braces for the possibility of a second U.S. exit from the Paris Agreement, some climate activists note that the green transition has now gained a different global momentum than during Trump’s first turn at the White House:
“There is no denying that another Trump presidency will stall national efforts to tackle the climate crisis and protect the environment, but most U.S. state, local, and private sector leaders are committed to charging ahead,” Dan Lashof, U.S. director of the World Resources Institute, said in a Nov. 6 statement.
“Donald Trump heading back to the White House won’t be a death knell to the clean energy transition that has rapidly picked up pace these last four years.”
Granholm also identified potential support in Trump’s current entourage, which this week welcomed business tycoon Elon Musk as the president-elect’s choice to head a new Department of Government Efficiency, alongside conservative activist Vivek Ramaswamy:
“His right-hand man, Elon Musk, is somebody who has been strongly in favor of products that … address climate change. Obviously, he’s the founder of Tesla,” Granholm pointed out.
Musk’s environmental stance has come under question over the years, shifting from telling Rolling Stone magazine that “climate change is the biggest threat that humanity faces this century, except for AI” and backing carbon taxes to holding that the world needs hydrocarbon supplies as a bridge to renewable energy.
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