Polestar CEO says 'pump anxiety' is driving EV demand as fuel prices surge from Iran war
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Polestar CEO Michael Lohscheller coined the term 'pump anxiety' to describe a new consumer driver for EV adoption, as fuel prices surge following the closure of the Strait of Hormuz amid the Iran conflict. EU EV registrations jumped 51% in March, with strong gains in Italy, France, and Germany. Despite record Q1 deliveries of 13,126 vehicles, Polestar's net loss widened to $383 million on flat revenue of $633 million, with gross margins turning negative due to pricing pressure, tariffs, and currency headwinds from a weakening Chinese yuan. The company manufactures primarily in China, exposing it to both US and EU tariff regimes. While rising fuel costs are accelerating EV demand broadly, Polestar faces the paradox of benefiting from the trend while being financially punished by the same geopolitical crisis driving it.
