According to foreign media reports, Thomas Ingenlath, CEO of Swedish electric carmaker Polaris, said that in view of rising geopolitical tensions, the company is speeding up its pace to produce more cars outside China.
When asked how Polar would respond to an European investigation into Chinese-made electric cars, which could lead to higher tariffs, Ingenlath said it was exploring plans to accelerate exports of Polestar 3 manufactured in South Carolina to the European Union.
Ingenlath said last year that the Polar Star plant in South Carolina will start producing cars in 2024 and that vehicles will be supplied to the US and European markets.
At present, most of Ji Xing’s cars are made in Chengdu and Taizhou in China, and the company also plans to build factories in South Korea.
In recent months, the exports of Chinese electric car manufacturers have come under scrutiny in Europe and the United States.
In October last year, the European Commission began investigating whether low-cost electric cars made in China were unfairly subsidized by the state.
China called the investigation a protectionist act.
Ingenlath said in an interview on April 23rd that the EU investigation had made costing “complicated”.
“We are actually in a state of uncertainty because we certainly do not know the progress of the investigation,” he said.
” He also said that the polar star is making as much preparation as possible.
Polaris was co-founded by Swedish automakers Volvo and Chinese Geely, but Volvo said in February that it had transferred most of its shares to shareholders, including Geely, after it stopped funding it.
Volvo is also majority-owned by Geely.
Geely and a private investment company owned by Geely founder Li Shufu now hold a combined 69% stake in Star, while Volvo’s stake has fallen to 18% from an initial 49%.
Analysts say Polar’s equity restructuring shows that electric car startups are facing growing difficulties as sales growth slows and financial losses deepen.
Ingenlath said he did not expect the equity change to affect Polar’s day-to-day operations.
Ingenlath revealed that it expects to sell 40% in Europe, 30% in the United States and 30% in the Asia-Pacific region.
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