At the Shanghai Auto Show, Polestar boss Thomas Ingenlath has had a pop at rival EV companies that are apparently worth $billions without ever having made a car, saying that the EV revolution is in danger of becoming a plaything for speculators.
While he also welcomed the growth of the EV industry, Ingenlath reminded the sector that the goal was to address climate change, not to generate a huge profit. “What is at stake here is not how much financiers think a company is worth, but the chance to revolutionise the auto industry, turn it electric and at the same time make a huge contribution to protecting the climate. Put against these important themes, a market valuation is a very insubstantial and meaningless marker of success,” said Ingenlath.
“It frankly amazes me that there are companies out there that are worth billions of dollars and have never made a car. I would like to today state clearly that the electric mobility revolution needs to be grounded in reality, not dreams,” Ingenlath continued.
The problem is, of course, that manufacturers need investment in order to develop new EVs. And if investors see EVs as the future – because car manufacturers keep saying that is the case – then they want to get a share of the pie.