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With ‘weeks’ of wait for Polestar 3 launch, its CEO wants company to become ‘self-sufficient’

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With the Polestar 3 now “weeks” away, its CEO looks to make company “self-sustaining”

Thomas Ingenlath is having a bit an excessive amount of fun in his Polestar 3, silently pulling away from stop signs and negotiating increasingly tighter bends, smiling like a person much younger than his 59 years.

“You can really push this car,” the Polestar CEO says as he cruises the roads alongside fellow enthusiasts near Spanish Bay north of Pebble Beach during Monterey Car Week, praising the SUV’s ability to be each comfortable and smooth while still delivering the engaging handling that buyers of the brand’s first two cars, the hybrid Polestar 1 and the electrical Polestar 2, have come to know and love.

In his neutral suit, he almost blends into the pale interior of the full-size SUV, the one contrast a yellow seat belt across his chest. It’s an aesthetic that matches the character of the automotive itself: premium, minimalist looks with the sharp performance of a Polestar machine.

Safe Ground for Electric Vehicles, Shifting Political Sands

But the Polestar 3 marks a brand new path for the brand on the streets of the U.S. Although the automotive that Ingenlath drives through Monterey traffic was inbuilt China, the primary Polestar 3 SUVs assembled in America are only starting to roll off the factory lines at Polestar’s plant in Ridgeville, South Carolina.

Image Sources:Pole Star

The same factory has long made cars for Volvo, which is owned by China’s Geely Holding. Polestar — a Volvo spinoff based in Sweden that can be owned by Geely — now shares the space because it forges ahead within the United States amid headwinds from recent tariffs on Chinese electric vehicles.

While the Polestar 2 is manufactured in Gothenburg, all Polestar 3 SUVs destined for the U.S. market will probably be inbuilt South Carolina.

“The production of the Polestar 3 is taking place on what I call safe ground,” says Ingenlath.

Safe ground, perhaps, but actually shifting sands. Ingenlath believes that demand for electric vehicles within the U.S. market is evolving and would require patience: “How quickly will it evolve? We’ll have to see,” he says. “But it’s certainly not something that worries me in terms of our company’s purpose.”

Ingenlath says he’d obviously like to see adoption rates even higher here, but he’d be even happier if policies within the United States were “a little more consistent.”

He’s keeping a detailed eye on the election. “All this hype around it is just worrying,” he muses. (*3*)

It takes greater than five years to design and develop cars just like the Polestar 3. Moves just like the latest tariffs on Chinese electric vehicles imported into the U.S.—which got here practically overnight—pose an actual threat.

Electric Vehicle Financing

That’s only one of the challenges Polestar has faced recently. In early 2024, Volvo divested a significant slice of its stake within the company. Ingenlath downplays the move, noting that Volvo still owns about 18% of the company. “It’s not insignificant,” he says. “If you own 20% of a company, you’re very interested in how it’s doing.”

Polestar has turned to banks for a $1 billion loan to keep things heading in the right direction. Ingenlath says the change in ownership hasn’t caused him to run the company in a different way. Still, he says, it’s all the time good to give attention to the fundamentals.

“What’s important now is to show them the ability to execute,” Ingenlath notes of his commitments to banks, “that we have these great cars coming out, that we have markets that are successfully introducing cars, delivering them and selling them.”

Ingenlath wouldn’t say whether Polestar will need additional funding to pull off this plan, but says the main focus now’s on making Polestar “self-sufficient.”

SUV bet

The Polestar 3 is an integral part of that plan. Although the Polestar 2 is a nice-driving, clean-looking sedan, it plays right into a market dominated by SUVs within the U.S. Ingenlath calls it “a fairly compact European sedan that won’t meet family needs.”

The Polestar 3 should fare higher on this regard, a minimum of for families who can afford its $73,400 starting price. The vehicle is significantly larger, more upright, and more spacious than the Polestar 2, yet it guarantees a taste of the identical driving character.

Importantly, the sales increase is essential to prepare the bottom for further Polestar launches.

The multi-threaded nomenclature continues with the Polestar 4, a smaller SUV that gives some of the Polestar 4’s volume (and all of the rear visibility) in exchange for a radically sloping roofline and a cheaper price tag starting at $54,900.

Image Sources:Pole Star

Then comes the Polestar 5, a sporty, stylish sedan that matches the brand’s give attention to design, a trait that Ingenlath says is more necessary to the company than federal subsidies for electric vehicles. “We need to get people behind the wheel of a Polestar by buying our products because they’re just so damn desirable and they want them,” he says.

The Polestar 4 is scheduled to launch at the tip of this yr, and the Polestar 5 in 2025. This is an ambitious plan considering that the Polestar 2 has been the one model offered by the company on the American market for almost 4 years.

That wasn’t the plan. The Polestar 3 has suffered significant delays due to software issues which have also sidelined its corporate sibling, the Volvo EX90. Still, Ingenlath says sharing technology with Volvo is a key part of Polestar’s ability to iterate quickly.

“Why would we develop ADAS systems ourselves?” he asks. “Of course, Volvo provides a technology base here that is perfect for this premium vehicle that we want to build.”

This technology exchange will proceed despite Volvo’s partial withdrawal. Volvo just isn’t its only partner. Polestar was an early adopter of Android Automotive, effectively handing the complete automotive interface over to Google.

“It’s one of the most enjoyable, smoothest success stories of actually implementing technology,” he says, a call that was initially met with skepticism. “People were like, ‘Oh, what are you doing? Are you really going to bed with Google? Blah, blah, blah.’ There were so many raised eyebrows about it. Jesus, our customers love it. It’s such a step forward in terms of ease of use.”

The real step forward for Polestar will probably be the long-awaited launch of the Polestar 3, which Ingenlath says will occur inside “weeks.”

This article was originally published on : techcrunch.com
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MIT Develops Recyclable 3D-Printed Glass Blocks for Construction Applications

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MIT develops recyclable 3D-printed glass blocks for construction

The use of 3D printing has been praised as an alternative choice to traditional construction, promising faster construction times, creative design and fewer construction errors, all while reducing the carbon footprint. New research from MIT points to an interesting latest approach to the concept, involving the usage of 3D-printed glass blocks in the form of a figure eight, which may be connected together like Lego bricks.

The team points to glass’s optical properties and “infinite recyclability” as reasons to pursue the fabric. “As long as it’s not contaminated, you can recycle glass almost infinitely,” says assistant professor of mechanical engineering Kaitlyn Becker.

The team relied on 3D printers designed by Straight line — is itself a spin-off of MIT.

This article was originally published on : techcrunch.com
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Introducing the Next Wave of Startup Battlefield Judges at TechCrunch Disrupt 2024

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Announcing our next wave of Startup Battlefield judges at TechCrunch Disrupt 2024

Startup Battlefield 200 is the highlight of every Disrupt, and we will’t wait to search out out which of the 1000’s of startups which have invited us to collaborate can have the probability to pitch to top enterprise capitalists at TechCrunch Disrupt 2024. Join us at Moscone West in San Francisco October 28–30 for an epic showdown where everyone can have the probability to make a major impact.

Get insight into what the judges are in search of in a profitable company as they supply detailed feedback on the evaluation criteria. Don’t miss the opportunity to learn from their expert insights and discover the key characteristics that result in startup success, only at Disrupt 2024.

We’re excited to introduce our next group of investors who will evaluate startups and dive into each pitch in an in-depth and insightful Q&A session. Stay tuned for more big names coming soon!

Alice Brooks, Partner, Khosla Ventures

Alicja is a partner in Khosla’s ventures interests in sustainability, food, agriculture, and manufacturing/supply chain. She has worked with multiple startups in robotics, IoT, retail, consumer goods, and STEM education, and led mechanical, electrical, and application development teams in the US and Asia. She also founded and managed manufacturing operations in factories in China and Taiwan. Prior to KV, Alice was the founder and CEO of Roominate, a STEM education company that helps girls learn engineering concepts through play.

Mark Crane, Partner, General Catalyst

Mark Crane is a partner at General Catalysta enterprise capital firm that works with founders from seed to endurance to assist them construct corporations that may stand the test of time. Focused on acquiring and investing in later-stage investment opportunities equivalent to AuthZed, Bugcrowd, Resilience, and TravelPerk. Prior to joining General Catalyst, Mark was a vice chairman at Cove Hill Partners in Massachusetts. Prior to that, he was a senior associate at JMI Equity and an associate at North Bridge Growth Equity.

Sofia Dolfe, Partner, Index Ventures

Sofia partners with founders who use their unique perspective and private understanding of the problem to construct corporations that drive behavioral change, powerful network effects, and transform entire industries, from grocery and e-commerce to financial services and healthcare. Sofia can also be one of Index projects‘ gaming leads, working with some of the best gaming corporations in Europe, making a recent generation of iconic gaming titles. He spends most of his time in the Nordics, but works with entrepreneurs across the continent.

Christine Esserman, Partner, Accel

Christine Esserman joined Acceleration in 2017 and focuses on software, web, and mobile technology corporations. Since joining Accel, Christine has helped lead Accel’s investments in Blackpoint Cyber, Linear, Merge, ThreeFlow, Bumble, Remote, Dovetail, Ethos, Guru, and Headway. Prior to joining Accel, Christine worked in product and operations roles at multiple startups. A native of the Bay Area, Christine graduated from the Wharton School at the University of Pennsylvania with a level in Finance and Operations.

Haomiao Huang, Founding Partner, Matter Venture Partners

Haomiao from Venture Matter Partners is a robotics researcher turned founder turned investor. He is especially obsessed with corporations that bring digital innovation to physical economy enterprises, with a give attention to sectors equivalent to logistics, manufacturing and transportation, and advanced technologies equivalent to robotics and AI. Haomiao spent 4 years investing in hard tech with Wen Hsieh at Kleiner Perkins. He previously founded smart home security startup Kuna, built autonomous cars at Caltech and, as part of his PhD research at Stanford, pioneered the aerodynamics and control of multi-rotor unmanned aerial vehicles. Kuna was part of the Y Combinator Winter 14 cohort.

Don’t miss it!

The Startup Battlefield winner, who will walk away with a $100,000 money prize, can be announced at Disrupt 2024—the epicenter of startups. Join 10,000 attendees to witness this breakthrough moment and see the next wave of tech innovation.

Register here and secure your spot to witness this epic battle of startups.

This article was originally published on : techcrunch.com
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India Considers Easing Market Share Caps for UPI Payments Operators

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phonepe UPI being used to accept payments at a road-side sunglasses stall.

The regulator that oversees India’s popular UPI rail payments is considering relaxing a proposed market share cap for operators like Google Pay, PhonePe and Paytm because it grapples with enforcing the restrictions, two people accustomed to the matter told TechCrunch.

The National Payments Corporation of India (NPCI), which is regulated by the Indian central bank, is considering increasing the market share that UPI operators can hold to greater than 40%, said two of the people, requesting anonymity because the knowledge is confidential. The regulator had earlier proposed a 30% market share limit to encourage competition within the space.

UPI has change into the most well-liked option to send and receive money in India, with the mechanism processing over 12 billion transactions monthly. Walmart-backed PhonePe has about 48% market share by volume and 50% by value, while Google Pay has 37.3% share by volume.

Once an industry heavyweight, Paytm’s market share has fallen to 7.2% from 11% late last yr amid regulatory challenges.

According to several industry executives, the NPCI’s increase in market share limits is more likely to be a controversial move as many UPI providers were counting on regulatory motion to curb the dominance of PhonePe and Google Pay.

NPCI, which has previously declined to comment on market share, didn’t reply to a request for comment on Thursday.

The regulator originally planned to implement the market share caps in January 2021 but prolonged the deadline to January 1, 2025. The regulator has struggled to seek out a workable option to implement its proposed market share caps.

The stakes are high, especially for PhonePe, India’s Most worthy fintech startup, valued at $12 billion.

Sameer Nigam, co-founder and CEO of PhonePe, said last month that the startup cannot go public “if there is uncertainty on regulatory issues.”

“If you buy a share at Rs 100 and value it assuming we have 48-49% market share, there is uncertainty whether it will come down to 30% and when,” Nigam told a fintech conference last month. “We are reaching out to them (the regulator) whether they can find another way to at least address any concerns they have or tell us what the list of concerns is,” he added.

This article was originally published on : techcrunch.com
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