Sunday, April 21, 2024
NewsPolestar CEO Says Next 2 Won't be a 2, Calls Volvo Share...

Polestar CEO Says Next 2 Won’t be a 2, Calls Volvo Share Sale Non-Issue

Polestar 7 model will be the 2 replacement

  • Ingenlath doesn’t want to put models in a corner

  • Said Volvo share change was in plans from the start


The CEO of Polestar said that the company would try and stay out of the box when it comes time to replace models. He also spoke about the company’s separation from Volvo, calling it “non-dramatic” and part of the plan from the start.

Polestar CEO Thomas Ingenlath spoke with Autocar about the road ahead for the company. Polestar has gone from a Volvo race car builder to a leading EV manufacturer in just four years. Now it’s time to start thinking about replacements for its first EV, the Polestar 2.

Ingenlath said that the company “will not replace the Polestar 2 with a Polestar 2.” The new model will be the Polestar 7, but that means more than just a new name. He suggested that it would be positioned similarly to the 2, and hold the same spot in the line, but expressed caution toward the tradition of just launching a new version of the same car.

“As nice as it is to have a [Volkswagen] ‘Golf’ category of car, it’s very limiting in terms of innovative power, because you’re always back in the box of what the ‘Golf’ should be,” he said. “As much as we might build a very similar car, because it has a different number we won’t have this natural trap where we’re boxed into that concept of what the car had been.”

In regards to Volvo more than halving its stake in the company, Ingenlath wasn’t worried. “It was always clear that the money shouldn’t just come out of the pockets of the owners and we would have to find some ways of financing it without going to Volvo and Geely and saying: ‘Mummy, Daddy, we need money,’” he said. He called the share structure change a “non-dramatic situation.”

Ingenlath’s regret was one of timing, as a new funding announcement came just two weeks after the Volvo news. “We could say more at the end of February when we announced that we had a club loan of $950m, but of course that was two weeks too late to counter-strike the big, bad headlines that came when Volvo announced it would reduce its ownership in Polestar,” he said. “Everyone thought we had a big crisis situation, so it’s unfortunate that we didn’t have this piece of news two weeks earlier.”

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