Polestar seeks a new guiding light in former Nikola head

Polestar has been on a downward spiral for months and finally decided to make some significant leadership changes. The electric vehicle (EV) specialist, which bills itself as “the only true global premium electric brand”, was previously Volvo Cars’ performance division but has since pivoted to focus on EVs and gone solo. It’s not been an easy transition. The company’s stock has lost 95% of its value since its 2022 IPO, an era in which EV enthusiasm was strong. Early in 2024, Volvo concluded that continuing to support Polestar would be damaging to its own future and reduced its holding to just 18%. This effectively put Polestar under control of Volvo’s parent Geely, whose chairman holds a direct stake in Polestar. While Volvo continues to prepare for an all-electric future, it still relies heavily on hybrid and gasoline sales.