Polestar boss says “pump anxiety” is the new range anxiety

Combustion car drivers are suffering “pump anxiety”, claims Polestar’s boss, as spiking fuel prices caused by the Middle East conflict make electric cars more cost competitive and boost their consideration.

In the UK, average petrol prices are up 25.1p per litre since the start of March while diesel is tracking 44.6p higher, according to RAC Fuel Watch. This has created a new motoring phobia, along the lines of electric car drivers’ range anxiety, claims Michael Lohscheller, CEO of electric car company Polestar.

“The nervousness when you go to the gas station, I think, is real,” he told the Financial Times Future of the Car 2026 conference. “And I think it will continue for quite some time, because there is [still] uncertainty.”

Lohscheller said, as a German, he could embrace the term “pump anxiety” given his country popularised the term “range anxiety”. “But range anxiety, I think this has gone. The range of Polestar cars, and many other EVs, is now really good.” 

The cheapest Polestar 2 saloon now has an official range of 344 miles on the WLTP test cycle, with the dual-motor Polestar 3 SUV managing 402 miles, although owners travel less far in practice. The 82kWh long-range 2 could be fully charged for around £15 on a domestic overnight EV tariff, significantly cheaper than refuelling a comparable petrol car.

“More and more people calculate what they pay on a monthly basis, [and now] ICE cars are getting more expensive. Usually new technology is more expensive, but now it’s actually cheaper [to run],” said Lohscheller. “The [pump price] uncertainty will not disappear in the next couple of months, for sure.”

Major shift in EV perceptions to boost sales

Lohscheller hopes this will lead to a long-term change in car industry drivetrains, a notion backed by Renault which thinks the Middle East conflict has led to a seismic shift in EV adoption.

Lohscheller admits that electric car residual values are still a pain point, however, having lagged equivalent combustion cars’. He added that while interest in used EVs is rising, new car “pricing pressure” would not help shore up used EV prices in the short-term. Fierce competition among UK car brands battling to meet their ‘ZEV mandate’ EV quotas – or face fines – means that discounting is rife.

Should the ZEV mandate be relaxed? “I’m asking for stability, it’s a big transformation we’re doing,” replied Lohscheller, who previously ran Opel/Vauxhall. “I was part of many discussions [maybe] 10 years ago, when all the politicians were saying: ‘Michael, you need to bring out more EVs’. Now we bring the EVs, [but there’s a mood to] re-discuss everything.

“We work in an industry making long-term investments. And I think it’s also helpful for consumers. Every three months to have a new debate about these [rules] changing is not helping anybody. I hope for stability, in the interest of consumers, companies, everybody.”

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