Polestar CEO says 'pump anxiety' is driving EV demand as fuel prices surge from Iran war

"“People are concerned, 'how much do I pay at the gas station?'” Michael Lohscheller told CNBC's Squawk Box Europe on Wednesday, coining a phrase “pump anxiety” that captures a shift the entire automotive industry is struggling to absorb."

"“In the past, people considered EVs for idealistic reasons, and now the decision is all about money,” he said. The claim is supported by the numbers. EU electric vehicle registrations jumped 51% in March compared with the same month a year earlier, with Italy recording a"

"Since the United States and Israel launched strikes against Iran on 28 February, the Strait of Hormuz, the narrow waterway that carries roughly a fifth of the world's oil supply, has been effectively closed to commercial shipping. Brent crude has surged past $100 a barrel. In the United Kingdom, average petrol prices have risen by more than 25 pence per litre since early March, with diesel tracking nearly 45 pence higher, according to RAC Fuel Watch."

"Polestar reported a widening Q1 net loss of $383 million on flat revenue of $633 million despite record deliveries of 13,126 vehicles, with gross margins swinging negative due to pricing pressure, tariffs, and currency effects."

Consumer concern about electric vehicles has shifted from range anxiety to pump anxiety as fuel prices rise. Strikes involving Iran have effectively closed the Strait of Hormuz to commercial shipping, tightening oil supply and pushing Brent crude above $100 per barrel. Petrol and diesel prices have increased sharply across the UK and several EU markets, changing the cost calculation for driving. Polestar CEO Michael Lohscheller says EV decisions are now driven primarily by money rather than idealism. EU electric vehicle registrations rose 51% in March year over year. Polestar reported a widening Q1 net loss of $383 million on flat revenue of $633 million, despite record deliveries of 13,126 vehicles, with negative gross margins due to pricing pressure, tariffs, and currency effects.

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