Polestar's quarterly EV sales jump as offers attract more buyers
reported a surge in second-quarter sales on Thursday, as offers and discounts helped boost sales in its home market of Europe amid a challenging macroeconomic environment.
Demand for Polestar's electric vehicles has remained resilient despite high interest rates, cost of living, and the availability of more affordable hybrid or gas-powered options.
"We've delivered another strong quarter of growth, in increasingly challenging market and geopolitical conditions," said Polestar CEO, Michael Lohscheller.
The company has also made strategic changes after Lohscheller took over as CEO, including focusing more on its home market of Europe as American import tariffs threaten to hike production costs and disrupt global supply chains.
While Polestar has tried to conquer both the U.S. and Chinese markets, its cars have been much better received in Europe, which accounts for the lion's share of its sales.
Polestar last week said it would make its
Polestar 7 SUV
model at a Volvo Cars factory in Slovakia in order to minimize exposure to tariffs.
The tariffs have affected Polestar more than most European automakers because the majority of its cars are produced in China - facing high automotive duties - either by
Volvo Cars or Geely
.
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Hindustan Times
a few seconds ago
- Hindustan Times
PM Modi's farmers first stand transcends politics
When global powers turn up the heat, few leaders have the courage to stand up to it. Prime Minister Narendra Modi has shown unflinching resolve by refusing to yield to pressure from the Donald Trump administration over trade and tariff demands. The message is clear: Indian farmers' interests are non-negotiable. Prime Minister Narendra Modi has shown unflinching resolve by refusing to yield to pressure from the Donald Trump administration over trade and tariff demands. The message is clear: Indian farmers' interests are non-negotiable. (File photo) The recent US decision to impose steep 50% tariffs on Indian exports, citing India's continued oil trade with Russia, has put stress on the US-India trade relationship. Despite diplomatic pressure, Modi declared he would not compromise on agricultural policies that protect Indian farmers. Speaking at the MS Swaminathan Centenary Conference on August 7, he said: 'The welfare of farmers, livestock rearers and fisher folk is our priority. I'm prepared to pay a personal and political price to safeguard their interests.' These words weren't just for show. They came with action and conviction. In refusing to open up India's dairy, grain, and other sensitive agricultural sectors to American demands, Modi sent a strong message: The Indian farmer's livelihood comes before any foreign pressure or political calculation. This isn't the first time Modi has stood by India's farmers. Since coming to power in 2014, his government has launched a series of transformational schemes aimed at strengthening the rural economy and ensuring dignity for the annadata (food provider). Systemic reforms Over the past decade, the Modi government has rolled out several farmer-centric initiatives. One of the flagship schemes, PM-KISAN (Pradhan Mantri Kisan Samman Nidhi), offers ₹6,000 a year to small and marginal farmers. In the 2024-25 financial year, over 9.59 crore farmers were registered as eligible with 9.46 crore actually receiving the transfers. The soil health card scheme, launched in 2015, aimed to issue cards to 14 crore farmers, helping them optimise fertiliser use and enhance yield. Agriculture is all about managing risk, and the revamped Pradhan Mantri Fasal Bima Yojana provides affordable crop insurance against natural calamities. Since its inception in 2016, 78.407 crore farmer applications have been insured under it. Of them, 22.667 crore farmers received claims totalling ₹1.83 lakh crore. The e-NAM (National Agriculture Market) connects mandis through a digital platform, ensuring fair price discovery. 1,400 mandis have been integrated with the e-NAM platform, enabling farmers to access real-time information on crop prices and enhance market linkages. For energy-savvy irrigation, PM-KUSUM promotes solar-powered pumps, letting farmers save on electricity while embracing clean energy. Through Har Khet Ko Pani and Per Drop More Crop, the government is expanding irrigation and promoting micro-irrigation to boost water efficiency. These schemes reflect a harmonised strategy: PM-KISAN delivers the financial lifeline at scale, soil health cards empower smarter farming, and the rest modernise infrastructure and climate resilience. These initiatives represent a shift from past governments that often made promises but failed to deliver. Modi's focus has been on systemic reforms, technology-driven solutions, and direct benefit transfers, minimising middlemen and leakages. Rallying behind PM The response from India's rural heartland has been overwhelmingly supportive of PM Modi's firm stance against US tariffs. Across states, farmer organisations, unions, and agrarian groups have rallied behind the government, recognising Modi's refusal to compromise on agricultural policies as a strong defence of their livelihoods. 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The solidarity between the government and farm groups will prove politically decisive in the future. More importantly, it reaffirms the Modi government's resolve to support the farmer not just with words but also through action, ensuring that India's agricultural sector remains protected and empowered amid global challenges. In global diplomacy, standing up to a superpower comes with risks. But leadership is about making tough choices and protecting the vulnerable. Modi's refusal to compromise India's agricultural interests under pressure shows not only courage but also clarity of purpose. Satnam Singh Sandhu (HT file) The writer is a Rajya Sabha member and chancellor of Chandigarh University. Views expressed are personal.
Time of India
2 minutes ago
- Time of India
Indian auto component makers see huge export potential in aftermarket: EY-Parthenon
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First Post
2 minutes ago
- First Post
Why Trump's 'give us a cut and take license' chip move has experts worried
In a move that has stunned the tech industry, US President Donald Trump's administration has reached an unprecedented agreement with Nvidia and AMD, requiring the chipmakers to give 15% of profits from their China sales to the US government. read more In a surprising step that is sure to cause dismay among American companies, a US official said on Sunday that Nvidia and AMD have agreed to give the US government 15% of the profits from sales of cutting-edge computer chips to China. Sales of H20 chips to China were suspended by US President Donald Trump's administration in April. However, Nvidia claimed last month that Washington had agreed to let the company to resume sales and that it intended to begin delivery shortly. STORY CONTINUES BELOW THIS AD The Financial Times said that the chipmakers consented to the agreement in order to receive export permits for their semiconductors, notably AMD's MI308 processors. According to the article, the Trump administration has not yet decided how to spend the funds. On Friday, another US official said that the Commerce Department has started to provide licenses for the sale of H20 AI processors to China. In Monday's pre-market trading, Nvidia and AMD's shares dropped 1.8% and 3.3%, respectively. It is unprecedented for a president to agree to pay the US government from sales in China, and it is Trump's most recent attempt to influence business decisions. Last week, he called incoming Intel CEO Lip-Bu Tan 'highly conflicted' because of his connections to Chinese companies and asked that he immediately quit. He also harasses industry CEOs to invest in America to support local employment and manufacturing. When asked if Nvidia had agreed to pay 15% of revenues to the United States, an Nvidia spokesperson said in a statement: 'We follow rules the US government sets for our participation in worldwide markets.' The spokesperson added: 'While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide.' STORY CONTINUES BELOW THIS AD AMD did not respond to a request for comment on the news, which was first reported by the Financial Times earlier on Sunday. The US Department of Commerce did not immediately respond to a request for comment. China's foreign ministry, approached for comment on Monday, said that China had repeatedly expressed its position on the issue of US chip exports to China. The ministry in the past has accused the US of using technology and trade issues to 'maliciously contain and suppress China'. US Commerce Secretary Howard Lutnick said last month the planned resumption of sales of the AI chips was part of US negotiations with China to get rare earths and described the H20 as Nvidia's 'fourth-best chip' in an interview with CNBC. Lutnick said it was in US interests to have Chinese companies using American technology, even if the most advanced was prohibited from export, so they continued to use an American 'tech stack'. STORY CONTINUES BELOW THIS AD The US official said the Trump administration did not feel the sale of H20 and equivalent chips was compromising US national security. The official did not know when the agreement would be implemented nor exactly how, but said the administration would be following the law. Alasdair Phillips-Robins, who served as an adviser at the Commerce Department during former President Joe Biden's administration, criticized the move. 'If this reporting is accurate, it suggests the administration is trading away national security protections for revenue for the Treasury," Phillips-Robins said. Nvidia generated $17 billion in revenue from China in the fiscal year ending January 26, representing 13% of total sales. AMD reported $6.2 billion in China revenue for 2024, accounting for 24% of total revenue. Meanwhile, the industry watches anxiously as Intel's Lip-Bu Tan, is due to meet Trump today amid mounting scrutiny over the tech sector's tightrope between compliance and autonomy.
