Polestar, a Swedish electric vehicle (EV) marque spun off from Volvo in 2017, faces mounting financial challenges. Despite securing substantial funding, the company is grappling with slowing EV demand and deepening losses, leading to leadership changes and a declining stock price.
Polestar started life in 2005 as the brand name for a Volvo -tuning, gasoline-powered Swedish motorsports team. It was transformed into an EV marque when Volvo bought the team 10 years later. Polestar has operated independently of Volvo since 2017, but both still have production facilities next to each other in Torslanda, Sweden, and both have been ultimately owned since 2010 by automotive giant Geely of China.
Indeed, Volvo’s new EV flagship, the EX90, is basically a family-friendly version of the Polestar 3, as it has nearly the same underpinnings. To set itself as truly apart from Volvo, Polestar should have provided more “visual differentiation,” says Wells, as well as offering “differences in terms of performance, but also the other features in the car.
Polestar Electric Vehicles Volvo Geely Automotive Industry Funding Struggles
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