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How Do You Solve a Problem Like Polestar?
The all-electric sibling of Volvo has a new CEO, new models landing, and a new plant in South Carolina—but will this be enough to stop the EV brand's decline?
Dislodging a design-led CEO and installing two numbers-focused executives is an obvious move, says Palmer, now the chair of Pod Point, a UK provider of EV charging stations. “But in a static or depressed market, the pressure [to be profitable] is intense.” The new executives should “fold [Polestar] back into Volvo to a greater extent, and accept that it will be a niche brand for quite some time to come.” Polestar’s new plant in South Carolina should help it dodge the latest US tariffs against China-manufactured cars, but avoiding these extreme costs is “just part of the story,” says Wells, venturing that current market volatility has many causes, not just protectionist ones.
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