“The auto industry is just too tough.” That was Warren Buffett’s response to a question about the opportunities presented by the shift to electric vehicles at Berkshire Hathaway’s annual meeting last Saturday. A few days of earnings reports from EV startups later, it is hard to disagree.
Polestar Automotive became the latest manufacturer to cut its outlook for 2023 alongside first-quarter results Thursday. Volvo Cars, one of Polestar’s major shareholders, needs more time to perfect the software for a new production platform that Polestar will use for its new sport-utility vehicle, Polestar said. The Polestar 3 will now hit the market in 2024 rather than later this year as previously hoped.