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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On today’s sunny side up episode of Quick Charge, we take a look at the latest from the world of solar power, and discuss Congressional Republicans’ plans to limit your energy independence by eliminating a critical tax credit for homeowners nearly ten years early. (!)
We’ve also got a quick review of a massive solar farm powering 200,000 homes in Indiana and the biggest solar project East of the Mississippi – both part of a record 98% of all new power generation and grid capacity introduced in 2025 coming from wind and solar. Those are jobs, those are lower utility rates, those are energy independence … so why are Congressional Republicans working to make that more expensive?
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If you want to read that EnergySage report on the state of the home solar industry, including news about battery energy storage system and V2H/V2G prices and financing trends, you can check it out for yourself, below, then let us know what you think in the comments.
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If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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A Waymo autonomous vehicle drives along Masonic Avenue on April 11, 2022 in San Francisco, California.
Justin Sullivan | Getty Images News | Getty Images
Alphabet’s Waymo unit has received approval to expand its autonomous ride-hailing service to more parts of the San Francisco Bay Area, including San Jose.
In March, the company submitted a request to the California Public Utilities Commission to gain approval for its latest passenger safety plan, a key step in gaining permission to operate driverless vehicles across a broader area. On Monday, the proposed expansion was approved, allowing for Waymo’s driverless coverage to extend from San Francisco down through the Peninsula.
“We’re very excited to share that the CPUC has approved our application to operate our fully autonomous commercial ride-hailing service in the South Bay and nearly all of San Jose!” the company wrote in a post on X on Monday. “While this won’t change our operations in the near-term, we’re looking forward to bringing the benefits of Waymo One to more of the Bay Area in the future.”
The $5 billion Empire Wind is back in business. The Trump administration’s Bureau of Ocean Energy Management (BOEM) has lifted its stop-work order for Empire Wind, a major offshore wind project off the coast of New York led by Empire Offshore Wind LLC, a subsidiary of Equinor. Construction is now allowed to resume.
Equinor CEO Anders Opedal welcomed the news, saying the restart reinforces Equinor’s commitment to delivering clean energy while supporting local economies and saving thousands of jobs. He also credited a wide coalition of officials for helping get the project back on track, including Trump, New York Governor Kathy Hochul, and congressional leaders like Senator Chuck Schumer and Representative Dan Goldman. Opedal also thanked the Norwegian prime minister and the minister of finance for raising the issue with the US administration.
Governor Hochul said in a statement that “countless conversations with Equinor and White House officials” had taken place.
Neither the BOEM nor the Department of the Interior has issued a comment.
The Trump administration halted construction of the 54-turbine Empire Wind on April 16, but discussions between Equinor, regulators, and leaders at the federal, state, and city levels led to a reversal. That means Empire Wind can now push ahead with its goal of powering 500,000 New York homes with offshore wind energy.
“This project delivers on the energy ambitions shared by the US and New York by providing a vital new source of power to the region,” said Molly Morris, president of Equinor Wind US. She added that Empire Wind is boosting supply chain investments across the country, with activity in New York, Louisiana, Pennsylvania, Texas, and South Carolina.
Equinor plans to reassess the project’s financials in the second quarter. The goal is still to install turbines offshore in 2025 and hit full commercial operation by 2027. The company says it will work with suppliers and regulators to minimize any delays from the month-long pause.
Empire Wind was first awarded its offshore lease in 2017 after a competitive federal process. It received its final construction green light in early 2024 following an extensive environmental review. Construction kicked off shortly after, and the project is now over 30% complete.
The US is a major market for Equinor. The Norwegian energy giant says it has invested around $60 billion in US energy projects since the early 2000s, more recently in low-carbon solutions, critical minerals, and renewables. Empire Wind is one of its flagship projects in the US.
Read more: Trump admin halts $5 billion NY offshore wind project mid-build
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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