Yahoo Finance's Pras Subramanian is Live at the 2024 New York Auto Show, where he is joined by Polestar (PSNY) CEO Thomas Ingenlath to discuss the release of the company's new SUVs, the Polestar 3 and Polestar 4.
Ingenlath describes the Polestar 3 as "the heart of the company," highlighting its "premium performance" capabilities and status as one of the first SUVs in the company's portfolio. Despite being an SUV, he emphasizes that it is "so sporty," which he says is a way to showcase the brand's mission of blending the enjoyment of driving an electric car with the premium segment.
Ingenlath mentions that the Polestar 3 and 4 have received compliments for their design, referring to it as "a great cool Scandinavian look," with ample space in the car, enhanced range, and improved tech features.
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Editor's note: This article was written by Angel Smith
Video Transcript
PRAS SUBRAMANIAN: Welcome back to the New York Auto Show. We are here live with Polestar, the EV company, here with two new cars. CEO Thomas Ingenlath joins us now to discuss. So two very big North American-- North American debut, the Polestar 4, and, of course, the Polestar 3 going on sale soon. Talk to me about this car, Thomas. Why is it so important to the brand?
THOMAS INGENLATH: Yeah, indeed Polestar 3 is so important because a, it's an SUV. We were, of course, waiting for having an SUV, true SUV in our portfolio. It's as well very much the heart of the company, the premium performance.
We had now journalists driving the car, and they just simply write how much that is a surprise, how a big SUV, as it is, can drive so sporty. That's exactly what our brand is about, bringing that joy and fun of driving of an electric car to that premium segment.
PRAS SUBRAMANIAN: Right. This electric design almost, too. Also, with the Polestar 4, with that kind of swept-back design, everyone's heard about the no rear window, things like that, but it's very cool. What are customers telling you about the Polestar 3 and the Polestar 4? Is there a sort of high demand there for these vehicles?
THOMAS INGENLATH: Well, to start with, everybody is, of course, complimenting us for the design, which I like a lot, because, yes, it's core part of our company to have that great, cool Scandinavian look. Of course, electric cars can be giving you so much space inside. Both cars have an incredible second-row comfort. They have really cool tech in there.
I mean, Google, Android system in our car, the gas system is in both cars, a great benefit for the customers. And of course, range, I mean, we had done great steps in the past. Now these cars with both of them over 100 kilowatt-hours batteries, of course, give you a big, big comfort in terms of range.
PRAS SUBRAMANIAN: So before we talk about the bigger picture of the EV space, I want to talk to you about Baltimore and the situation there with the port. I know a lot of automakers use that port as a way of entry for a lot of their vehicles and parts. Is that affecting Polestar currently at the moment?
THOMAS INGENLATH: Currently, not. I've checked it this morning. We are actually right now, as far as I see, not affected in the deliveries, which are happening in the coming months. So thank God, so far, not.
PRAS SUBRAMANIAN: So kind of recapping here, Polestar 3, coming to customers in Q2. We're going to see Polestar 4 later today. And also, customers can I guess place orders for that eventually, sooner rather than later. Look, two SUVs in the market, plus the Polestar 2 existing in the currently here.
Big picture-wise, do you think that-- the way things are kind of going with EVs in America, there's a bit of a enthusiasm kind of waning a bit from a demand point of view. Do you think it's kind of more preferable to be in the upper end, the more of the luxury end of the space, where demand is a bit more inelastic? Is that-- that's where Polestar's position? Is that where you guys want to be?
THOMAS INGENLATH: That's exactly where we are aiming with these cars, and where we believe as well. You know, what's crucial is, what type of desirability brings a car to the table, how technology-wise advanced. That's what our customers are searching for.
And for us actually, it doesn't make a difference who are we competing with. Is it a combustion engine car? Is the electric car? We are in that performance premium segment out to convince with the greatness of our products.
PRAS SUBRAMANIAN: So real quick, we have-- obviously, Polestar is in the global markets, China, Europe, and also America. But in the US, how is that market shaping up for you guys, for Polestar, right now?
THOMAS INGENLATH: Well, we have definitely that journey where US, especially with the production of Polestar 3 in South Carolina, will become more and more important in our business.
The aim is to reach a percentage of all of our 30% of sales for Polestar happening in the US. At the moment, the majority of course, is Europe. That's where we were born, where we are strong. But it will shift, especially with Polestar 3, of course, a larger extent to the US.
PRAS SUBRAMANIAN: So in the States, at least, we're seeing more Polestar 3's here, potentially, in Q2, and also production of the Polestar 3 happening, I think, later next year, if I'm not mistaken.
THOMAS INGENLATH: No, no, no. Already in 2024 by summer, we will shift production to South Carolina. We're very excited about that.
PRAS SUBRAMANIAN: Oh. Well, that's good to hear. I guess I was mistaken. I'm glad. Thomas, Thanks so much for joining us. And I appreciate that clarification about where the car will be built. Back over to you, guys.
