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.
Polestar 4 (Source: Polestar)
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.
Polestar 2 (Source: Polestar)
“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.
Polestar 3 (Source: Polestar)
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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Now, we have the delivery numbers for Tesla in all European countries, and the automaker is down 37% on the old continent compared to 2024, which was already a down year for Tesla.
On top of it, Tesla is down in every single country except the UK.
Here are Tesla’s Q1 2025 deliveries in each European country compared to Q1 2024:
Country
Q1 2024
Q1 2025
Change
Germany
13,068
4,935
-62.2%
UK
11,768
12,474
6.0%
France
11,360
6,696
-41.1%
Belgium
7,219
3,019
-58.2%
Netherlands
6,854
3,445
-49.7%
Norway
5,121
3,817
-25.5%
Other
4,420
3,301
-25.3%
Sweden
4,312
1,929
-55.3%
Italy
3,721
3,469
-6.8%
Spain
3,601
3,169
-12.0%
Denmark
3,558
1,549
-56.5%
Switzerland
3,264
1,238
-62.1%
Portugal
2,888
2,145
-25.7%
Austria
2,506
1,304
-48.0%
Poland
1,264
899
-28.9%
Finland
894
475
-46.9%
The drop in sales in Germany was the most devastating for Tesla. It went from being Tesla’s biggest European market to being a distant third.
France also saw a significant 41% decline in sales.
This is also happening while electric vehicle sales are surging, regardless of Tesla’s performance.
Tesla is feeling the pain virtually everywhere in Europe except in the UK, but that’s because Tesla is selling its vehicles for much cheaper there.
In the UK, the Model Y PCP leasing starts at £399, which is the equivalent of €462, when the same vehicle starts €570 in Germany:
Interestingly, that’s not the case for the Model 3, which starts higher in the UK than in Germany.
Electrek’s Take
The reason for that is unclear to me. I’d love to hear theories in the comment section.
Could it be that Tesla planned to produce too many right-hand-drive vehicles and had to lower prices to ensure that it could deliver them?
It’s unclear, but I think the theory has some traction since I just learned that Tesla is also already discounting the new Model Y in Hong Kong – another right-hand-drive market.
Either way, I think it’s clear at this point that Tesla is having significant brand issues in Europe, in addition to increased competition.
Yes, Model Y had some supply issues due to the design changeover, but Model 3 sales are also down 11% compared to Q1 2024, when Tesla was still ramping up production of the Model 3 design refresh.
Tesla shareholders need to wake up. This is a self-inflicted wound that can be remedied by removing Elon Musk.
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That Kia EV sedan we’ve been waiting for is almost here. Kia also confirmed it will launch a midsize pickup in North America. Next week, three new Kia vehicles, including the EV4, its first electric sedan, will debut at the New York International Auto Show. Here’s what to expect.
Kia’s first electric sedan will debut at the NY Auto Show
Back in 2023, the EV4 stole the show as a concept during Kia’s first EV Day. Earlier this year, Kia unveiled the production model, debuting as the brand’s first electric sedan and hatchback.
The electric sedan is among the most highly anticipated EV launches of 2025. Kia’s EV4 will arrive this year as part of its low-cost EV lineup, and it could be a true challenger to the Tesla Model 3.
After opening orders in Korea last month, Kia said the EV4 will “set a new standard for electric sedans,” starting at just 41.92 million won, or about $28,000. It has two battery options, 58.3 kWh or 81.4 kWh, providing a range of 237 miles (382 km) and 331 miles (533 km) in Korea.
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With its North American debut now officially set for next week, Kia teased the new EV, claiming it will be one of three new vehicles.
The new vehicles include a sedan, an SUV, and “something in between.” Two will be fully electric, while the other offers a “sporty and versatile approach in the compact car segment.”
Kia EV4 electric sedan teaser for North America (Source: Kia)
More EVs are on the way, including an electric pickup
During its CEO Investor Day on Wednesday, Kia confirmed plans to launch a new midsize EV pickup for North America. In the long-term, the company aims to eventually sell 90,000 units for about 7% of the market share.
Kia’s electric pickup will be based on a new EV platform built for city and outdoor use. According to Kia, it will offer “best-in-class interior and cargo space, a robust towing system, off-road capabilities, and advanced infotainment and safety features.”
Kia Tasman pickup truck (Source: Kia)
Following the EV6 and EV9, Kia is expanding its electric car lineup with the new EV3, EV4, and EV5, which will roll out this year. Kia is also launching its first electric van, the PV5, to kick off its new PBV business.
By 2030, the company plans to sell 2.33 million electrified vehicles, accounting for 56% of global sales. This includes 1.26 million EVs and 1.07 million hybrids.
Kia unveils EV4 sedan and hatchback, PV5 electric van, and EV2 Concept at 2025 Kia EV Day (Source: Kia)
As it expands its lineup, Kia expects electrified models to account for 70% of sales in North America, 85% in Europe, and 73% in Korea by the end of the decade.
Kia boasted that it will “lead the mass adoption of EVs by expanding its EV lineup with the addition of another volume model, the EV2,” which is expected to launch in early 2026.
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An oil pumpjack is seen in a field on April 08, 2025 in Nolan, Texas.
Brandon Bell | Getty Images
U.S. crude oil futures fell about 3% on Wednesday, as China announced retaliatory tariffs on the U.S. after President Donald Trump’s sweeping levies took effect.
The U.S. benchmark dropped $1.83, or 3.07%, to $57.75 per barrel by 9:41 a.m. ET. Global benchmark Brent tumbled $1.93, or 3.07%, to $60.89.
The oil sell-off took a leg lower earlier in the session after Beijing announced tariffs of 84% on U.S. goods in response to Trump’s levies. U.S. crude fell more than 7% to an intraday low of $55.12, while Brent tumbled to $58.40 at its lowest point during the session.
China’s tariffs take effect on April 10.
Traders are worried the world is descending into a full-blown trade war that will trigger a recession, hitting crude oil demand. OPEC+, meanwhile, has agreed to accelerate output in May, which will bring more oil to a market that was already facing a surplus.
The collision of recession fears and growing oil supply is a “toxic cocktail,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC on Tuesday.
The U.S. and Iran are scheduled to hold talks in Oman on Saturday to discuss the Islamic Republic’s nuclear program. Successful negotiations could result in more Iranian oil entering the global market.