Electric vehicles (EVs) are seen as a key component of the energy transition. How is Polestar innovating to make EVs more accessible, affordable, and appealing to a broader range of consumers? Polestar's purpose is to improve the society we live in by accelerating the shift to sustainable mobility. We aim to use our unique position as a premium performance brand to push our industry forward, using design and innovation.
Going electric is only the start. Emissions in the supply chain remain. Therefore, we have set ambitious targets to reduce emissions throughout our value chain and developed roadmaps for reaching them.
Motivated by our Polestar 0 projectâour moonshot goal to create a truly climate-neutral car by 2030âwe conduct research, together with our partners, on new climate-neutral solutions, processes, and innovative materials. Our aim is to eliminate all emissions from raw material extraction, material manufacture, product manufacture, and end of life.
At the same time, we work on continuous improvements of our existing car models as well as future models. Instead of the cosmetic facelifts so common in the industry, we aim to upgrade our models with concrete performance, efficiency, and sustainability improvements to reduce emissions. Our objective is to create greater range, greater transparency, circularity, and more.
Since 2020, we have made several upgrades to the Polestar 2, resulting in a total reduction of its carbon footprint by 3 tonnes of carbon dioxide equivalent (CO2e). On top of that, with the new model year, Polestar 2 can now travel up to 22 percent further, consume up to 9 percent less energy, and charge up to 34 percent faster. These improvements are important for our customers. The strive to constantly improve performance through each model year is an important strategy for Polestar. Combined with the relentless pursuit of innovative solutions to reduce CO2e, this stands as one of Polestar's differentiating factors.
What is Polestar's long-term vision for the role of EVs and how does this support the "Energy Transition Towards a Net Zero World"? We need to see collective action within the industry.
Polestar and Rivian have collaborated on a Pathway Report which concludes that the automotive industry is set to overshoot the Intergovernmental Panel on Climate Change's 1.5ÂșC pathway by at least 75 percent by 2050. The report uses existing open-source data to model the current trajectory for emissions stemming from the car industry. This was carried out by global management consulting firm Kearney.
The data presents a pathway based on three key levers. Pulling just one or two levers in isolation will be insufficient and will only reduce the overshoot. It is imperative that car makers take collective action on all three levers in tandem, on a global level, to:
Replace fossil fuel-powered cars with electric cars.
Increase renewable energy in power grids.
Reduce greenhouse gas (GHG) emissions in the manufacturing supply chain.
The Pathway Report clearly illustrates the consequence of inaction and builds a compelling case for sustainable development. The investment community is responding. It is shifting capital flows from traditional to sustainable investments, and recognising the increasing link between sustainable transformation and financial benefits. The aim is to chart a path towards unprecedented, relevant, and collective climate action for the car industry.
The Polestar 0 project is one project addressing lever 3âreducing GHG emissions in the manufacturing supply chain. Polestar is actively collaborating with global partners across diverse fields, harnessing their expertise to help develop new solutions to address the project's unprecedented challenges. Each new partner joining us contributes to the creation of groundbreaking methods in car manufacturing. The expertise, insights, and solutions our partners acquire on this collective journey will resonate across their wider business activities and society.