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tariffsWired
•75% Informative
New York -based Polestar is caught in the middle of an international trade war.
The US government will raise tariffs on electric vehicles coming from China from 25 percent to 100 percent .
In Europe , the threat of a 38 percent hike in taxes also looms from July 4 .
The company says it is currently “digesting the legislation and its options” following the news.
Polestar missed its sales target of 60,000 vehicles (lowered from 80,000 earlier in 2023 ), delivering 54,600 vehicles last year .
The company's net losses grew to $1.17 billion , operating losses ballooned by more than 11 percent , and revenue dropped by 3 percent to $2.38 billion .
Hertz has pressed pause on plans to buy tens of thousands of cars from Polestars this year , rowing back an estimated $3 billion agreement.
So if Polestar is able to ramp up interest in the Polestar 3 and 4 , capitalize on its on-the-ground manufacturing presence in the US , and leverage the tax breaks, the balance of US tariffs may actually end up working in its favor, explains Sheppard. “They’ll prevent Chinese OEMs [original equipment manufacturers] from entering this market, and thereby give Polestar a fighting chance to build demand and to build a brand.”.
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