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Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside my co host Matt Miller.
Every business day we bring you interviews from CEOs, market pros, and Bloomberg experts, along with essential market Moven News.
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All right, let's get over to Washington, DC right now.
A lot going on there as the government, as the as Congress you know, runs closer and closer to a shutdown.
We have a serious upset.
I would say for Democrats in West Virginia. Nathan Dean joins us. He covers all things politics out of the Washington d C Bureau. So mister Manchin is not running for reelection. What does this mean for the Senate, Nathan.
Well, it means pretty much the Democrats have a really steep, uphill battle to keep the Senate in the twenty twenty four elections. Look, it was going to be a challenge to begin with, but with Senator Mansion announcing his retirement, that essentially flips the state to the Republicans. And so you know, this election is very bad for those members
in the Senate. There aren't many Republicans out there running for reelection that the Democrats potentially have a chance, and that actually could play into what the Democrats do for the rest of the year before the election. We may see them focus more on confirming judges and confirming appointments and trying to get a lot of the cleanup work that they can do when you control the Senate. Before you know, they anticipate to lose it in the twenty twenty four election.
I was actually I wanted to ask you about that, Nathan, because I think you know a lot of us. Know, Joe mansioned to be I guess a moderate Democrat is how he would describe himself, and on a lot of issues,
probably leans a little bit more right than left. And what a thought, maybe, you know, if the Democrats could hold on to that seat, this would maybe be viewed more opportunistically, perhaps if you could get somebody who's like a little bit more in line with the agenda that you're trying to push.
Yeah, but I mean you also have to answer the question of what would he do if he were to actually win reelection. I mean, then you know the makeup of the Senate could be if the Republicans were to take the Senate without Senator or with Senator Mansion there, you know, he would lose a lot of that power as being that one kingmaker individual that can sort of go back and forth between the parties and try and appeal.
So I think this is sort of also maybe and this is just my own view, that maybe this is Senator Mansion trying to prepare for the future. You know, he made that statement yesterday online how he wants to travel the country and see if there's a way to mobilize a centrist third party run. I don't think that's going to happen. Again, that's just my own personal view.
So I just think that he saw the future and was like, you know what, maybe the future is better for me working outside of Congress than being inside, because if the Republicans do take the Senate, you know, he may actually not may not have all that much stuff to do.
All right, let's talk about the Congress here. Mike Johnson has let's see, seven days left before a government shutdown.
Does he have any plan to stop that?
So, you know what we've just heard is, you know, there's really two options on the table. One is a clean continuing resolution. This other idea, and this is the one that I think he's going to go with initially, is this idea of a laddered continuing resolution, so that he would extend funding for certain agencies to say January fifteenth, and then funding for other agencies to February fifteenth. So then you would have a rolling set of potential government
shutdowns depending on which agency you're impacted by. You know, we are actually telling our clients that we still think it's around a forty percent ants of a shutdown next week. I know that doesn't sound like in line with the news headlines that are coming out there. But you know, there are just too many political cakes that are being baked around, you know, Ukraine, Israel, House GOP ideas, border security, and none of these ideas are actually close to fruition,
and they need more time for negotiation. And so ultimately I think what will happen is is that next week Speaker Johnson will pursue this letter at CR. It won't go anywhere with the Senate, and then they'll entertain this idea of maybe kicking the can down the road another four weeks or eight weeks to give those ideas more time to fight or to go to be closer to finalization, and then kick the can on the bigger fight because there's really no strategy yet of why you would shut
the government down. Most government shutdowns, a party goes in there and says, we will want we want to close the government and get this in return, and that just doesn't exist. So I think the Republicans need a little bit more time to figure out what that is, and so I think ultimately they'll just kick the can down the road.
Kick the can down the road, isn't that the famous phrase of this whole exercise that we've been going through. For man, when was the first one now or the potential one?
Was it end of I mean in this in this Congress.
In this or the beginning of October? Right, that's when that was potentially getting going y.
Yes, and we the debt ceiling.
Debate, right, Okay, so we've kicked the can to now. Okay, all right, just had to catch up on the timeline there a little bit, Nathan. It's been a lot to keep track of. When Mike Johnson emerged as the Speaker of the House, were any of these proposals on the table at the time. Did people potentially like catapult him into this position because they had confidence that he could avert a shutdown?
No, I think it's just more Look the way it works in Washington is in this my view is is that it's almost like water taking the path of least resistance, you know, until they get back into political walls. Politicians on both sides of the aisle will try and figure out flexible ways of moving around. And I think that's what Speaker Johnson is trying to do here, is just trying to figure out a way to keep the momentum
going without being backed into a political wall. And so you know, obviously he's got members of his caucus that want him to, you know, try and get all these policy goals. It will never happen if you have the Senate or you know, the Democratic control, and obviously President Biden would have to sign off on it. So the
odds of all that happening are almost nil. So how do you get out of that, Well, you kick the can down the road and you say you, rather than making the tough decision today, we're going to make the tough decision the next time. Now, I think Spiker Johnson has a mulligan here because this is the first time he's done this and it was such a quick time between the election of his speakership to today. I think after he pursues this latter a cr he can go
to his caucus and say, look, we tried. There's still a lot of ideas out there that we you know, we have some issues on border security that we're negotiating with the White House on. Let's just move this fight in either next year or later in December, and then we'll have our fight then. You know. The other thing to just point out is that you know, the election that happened in Virginia and in Kentucky and so forth. This wasn't exactly a good night for you know, in Ohio.
You know, wasn't a good night for the Republicans. Why would you, if you're the party of the scene is shutting the government down, want to have two bad whammies over a series of two weeks. I think it's more sense to just kick the can again down the road.
Yeah exactly.
I mean, maybe Johnson gets the mulligan, but the Republicans don't because they already kicked the can once and then fired McCarthy for it. He is the one who took us through the debt sealing deal in which was way back in May. So they've been you know, kind of stuttering and starting all year long without getting a lot done. By the way, speaking of getting little done, it seems in a recent poll that American voters are more concerned about border security than they are about you know, Israel,
Hamas and Ukraine Russia. What's the Biden administration going to do about it? I mean, they've arguably had years to deal with it and haven't.
Yeah, you know, so obviously the Ukraine Israel issue is something that's a little bit more by partisan at least in the Senate, and so I think they're going to be trying to work that out. You know, there are negotiations going on in the Senate Overboard of Security. President by Neven just said a couple of days ago that
they're open to it. You know, the reason why I think he's saying they're open to it is this is one of those issues, like you pointed out that you know, voters may not be too thrilled with his position going into an election year, so why wouldn't they do something? So you know, but ultimately, what we're telling our clients is if you look at what has to happen between now and the twenty twenty four elections, once we get through this funding fight, there's really not a left a
lot left on the table. The debt ceiling isn't all that much, you know, isn't there until after the election. So there's nothing really scary for markets outside of the geopolitical issues. So you know, markets could have some clarity once this funding in Ukraine and Israel issues goes through, because twenty twenty four, a lot more focus is just going to be running for reelection.
Nathan, thanks so much for joining us.
Pleasure having you as always Nathan Dean from Bloomberg Intelligence, where he is senior policy analysts for US government.
You're listening to the teenth Kenser Live program Bloomberg Markets weekdays at ten am Eastern on Bloomberg dot Com, the iHeartRadio app, and the Bloomberg Business App, or listen on demand wherever you get your podcasts.
Maybe mulroy knows. He's the co founder of the Lobo Institute. We love to get his insight on what's going on in geopolitics, especially in the Middle East because his senior fellow at the Middle East Institute. But he is a marine. What you don't say former marine, do you, Mick? Isn't it one a marine, always a marine?
That's right. The Commandade actually passed a rule that once a marine is always a marine. So we're just marines, all right.
Well, we thank you for your service and congratulate you and your your brothers and sisters on this the two hundred and forty eighth birthday of the United States Marines. Absolutely, I want to ask you about, first off, the situation in the Middle East and how it's developing now, because you know on October seventh.
I think.
Nearly everyone was shocked and horrified by the attacks of Hamas on the Israeli people, and it seems that many people since then, or or or or the voices that support the Palestinian cause and even support Hamas have grown louder and louder. What do you think the national feeling is now about this Israeli Palestinian war?
So I just simply don't understand that people who support Hamas that would be the equivalent, at least the way I see it as supporting isis essentially deprave terrorist organization now being concerned about the Palestinian people. I think is is not only understandable, I think it should be the case. So I think there is the balance because war is ugly, but it has to be fought within certain bounds, and
we've set that internationally. And I do think, you know, everybody's jumping to the conclusion that the Israelis perhaps went too far. I think that's to be determined, But certainly the level of civilian casualties is unacceptable, As Secretary of Blincoln said, I would share that. But now we're seeing a lot of things done to move civilians to the south to get out of the area of the most
significant fighting, which is important. I think they should be set up a safe zone where people can receive food and water, and it's monitored so that the AMAS fighters can't hide amongst those folks. But we're going to see an increasingly violent fight in Gaza City. It's already started, but it's far from over. And that objective of the Israeli defense forces is to destroy the moss and that can only be done close and personal.
I do want to come back to Secretary blink In in a moment, but first, Mick would love it if you could tell us a bit more the perspective that you were coming at this from. I see that you were. You were to the Department of Defense. So you were the Deputy Assistant Secretary for Defense in the Middle East at the in the federal government, and now you're a senior fellow at the Middle East Institute. Can you just tell us what that means and like what your role is right now?
So I started for the most part as a practitioner of uh you know, irregular warfare warfare in general, as a marine, and then as a well it's called a part military officer in the CIA, which is our version of the Special Operations in the Agency. So I spent most of my time in conflict zones, as did most of my colleagues, and I fought many times in urban environments and it is the by far the worst. It's very disoriented, it's very violent, and it's you just never
know what's coming at you. So that's that's what I brought into being a policy person for Secretary Madis and then Secretary Esper. Was mostly a practitioner's point of view, but then I got obviously school up pretty quick on policy, so I view it from both lenses when I look and analyze these type of conflicts.
Thanks for that, Yeah, I think I was definitely want to know a bit more about your background here. Very impressive. So you're also a former coach at USA Boxing in the Marines for a few years, so very impressive pedigree. And wanted to echo Madden thanking you for your service as well.
A few years Marines from nineteen eighty eight twenty fourteen.
Yeah, that's taller than a few Yeah, so you certainly have a lot more to bring to the table than we do in this perspective, So I did want to come back yeah to Secretary Blinken's visit then and what you made of his time in the Middle East, and how his reaction was and where basically the US's role is in this conflict right now.
So I think one of the roles that the US is attempting to play is to talk about the day after this is going to happen. I believe Hamas will be destroyed, as they should be. What's going to come next? A long term occupation of the IDF of Gaza would be unacceptable to many, and I don't think it would be in their interest. So what's going to fill the gap?
I think Secretary of Blinket's been talking to all our partners in the region saying, you know, rhetorically, you know, having opinions on this is fine, but what are we actually going to do? So is there going to be an international peacekeeping force? What's going to be the political way ahead for the people in Gaza, the Palestinians? What are we going to do to make sure that this never happens again, both for the sake of Israel, of course,
and for the sake of the Palestinian people. And I think everything that I've seen Secretary blink and saying is indicating that that is really where he wants to focus this how to reduce this human tragedy that's happening in Gaza and eliminate Hamas and also look at what's going to come next to make sure this is it doesn't happen again.
Now, I make a lot of people would say Israel has occupied Gaza for quite a long time and continue to do to do so through October seventh. They certainly have occupied the West Bank in a large part and haven't honored any of the attempts at a two state solution, not under net in Yahoo, right, So is there any
hope that they're going to do that now? Because everyone else in the world backs a two state solution, even the countries like the US that back Israel and send Israel billions of dollars every year, and yet the Israelis refused to allow the Palestinians to have their own state.
And the only way I could see this ever working where you don't have this happen again and again is a two state solution. They have essentially to your point, they have direct access into the West Bank and therefore occupy it. They control in and out access in Gaza. They would say they didn't occupy it, which is one of the reasons why they didn't know what was going.
On on settlements. They have checkpoints, they absolutely do.
Yes, I'm not disagreeing with you, but they would say that they want to have troops on the ground now because they don't want hamas to get reconstituted. I think
that would be a bad idea. That's why I think Secretary of blancoln State Department of the White House is rightfully talking about, well, what's the alternative is AI is a caretaker type group, an international peacekeeping force that could stay there until the Palestinian people select a government that sets up its security, it sets up its basic life support, and then of course there should be large investments from a lot of the wealthy countries in the region and
out of the region that help rebuild Goza and turn it into a place that has a future, including an economic one. And I think that's what the US is pushing now, and I think they should be because this situation I don't see changing unless there is a two state solution in which the international community is heavily involved in setting up.
Are we losing sight of what's going on in Ukraine through all this, because if the Russians win, they're push up into NATO borders.
They absolutely are. And the fights still raging on in Ukraine, even though it's not the first thing on the news,
it's still happening, and they are making incremental gains. And it's really clear now that a lot of the weapons systems that we provided them recently, especially the attackers the long range artillery system, is having a major effect on the Russian's ability to resupply both its front line troops and they can reach anywhere in Ukraine now with those systems, so there's no place off limits, including the Crimean peninsula,
so that is super important. It's also really important that we get more funding to them to purchase and buy ammunition because as this gets into the winter, it's going to be somewhat of a war of attrition, particularly on the logistical side, and the US needs to help them keep up with a much larger, much broader enemy in Russia.
All right, Nick, thanks so much for joining us.
I always love talking to you and I really appreciate you, know your service. I think, especially at times like this, we should all be thankful that marines like yourself and soldiers that defend the freedom of America are doing what they do so that we can sleep safely. Mick Malroy there is co founder of the Lobo Institute and a senior Fellow at the Middle East Institute.
You're listening to the tape Catcher live program Bloomberg Markets weekdays at ten am Eastern on Bloomberg Radio, the tune in app, Bloomberg dot Com, and the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa play Bloomberg eleven thirty.
Matt Miller here with Molly Smith and the Bloomberg Interactive Brokers Studio.
I want to bring in Margie Patel.
She is a senior portfolio manager at all Spring Global Investments and we love to talk to her because she has a great view of the stock market and also of.
The bond market.
Right. She was twice nominated Morning Stars Fixed Income Manager of the Year.
Yeah, that's right, and Margy is nice to talk to you again to talk when I covered the credit markets, I think you were back at Wells Fargo at the time, so good to see you.
Well, let's ask let's get your take on what happened yesterday, Margie, and what we've seen in yields and how it's affecting stocks. I mean after the auction, I mean it didn't go wrong, but it didn't go great. Right yesterday of the thirty years, we saw the yields spike up and then the stock market sell off. I think Powell kind of confirmed what the market was thinking that maybe they're not quite done yet.
How do you see it?
Well, I think the Fed is saying a lot of different things because in their whole tightening program of the last year and a half, nothing is real had played out the way they thought according to their playbook. As far as raising rates, we haven't seen economy slow down. We actually had a very nice score just reported probably thinking was we would have a recession, lower stock prices. It really hasn't worked out. So I think the Fed is a little bit lummox because what they thought would
happen just hasn't happened. And I think it shows you that the economy really isn't that sensitive to what the fedist with interest rates.
Well, I think that was also a big point of what Powell was saying yesterday. That he had mentioned. You know, there's so many people right now in the US that are just so more or less interest rate agnostic, especially if you're a homeowner who's already locked in a mortgage rate under four percent or so. So that was definitely part of what he mentioned. And I think otherwise, I mean, my take on what he said yesterday, I'd love to
hear your perspective on this. It seemed like he just kind of like flip the script a little bit on what he had said at last week's meeting. But last week's meeting was more we're probably done, but we could hike again, and yesterday was more, we could hike again, but we're probably done.
Well, I think he's just trying to cover a broad spoke of what they might do and really the market is and giving them the guidance that they wanted. So I think that's why they sort of sound as if they're all over the map about well, maybe we'll be more, maybe we're done, maybe we're not. And that really reflects the fact that their playbook hasn't worked out. The economy is too strong, and inflation has come down maybe more.
Than they expected.
The economies very stronger than they expected, and so we haven't really seen much happen, and we haven't had interest rates to really break out yesterday where it's we're up today they're down, and you can see the market is just not taking you might say all that talk seriously. So we still have a very good stock market and I think that's what we're going to see for the rest of the year.
So what about the FED and it's fight against inflation? You know, I've heard an interesting thesis in the last couple of days that we were dealing with inflation that had a two percent ceiling and now we're looking at an inflation environment with a two percent floor. Of course, we're not near that floor yet. If you take if you're looking any of the data that the FED looks at, how do you view the fight against inflation?
Well, honestly, looking at the inflation data you're seeing which basically we had some short term things from COVID supply glitches, but really I can't see much connection between what the FED has done and what's happened to inflation. Inflation went up as they began to tighten, it's come down. And if you look at the factors that have caused inflation to come down. I can't see very much of a connection with the fed's activities.
So I think that the economy is going on.
The FED is doing their thing of raising rates, and it's almost as if it's a random effect on the economy.
May be slight negative because there's a little.
Uncertain Well, but that sounds like that sounds like bad news ready to happen, because the FED has raised rades five hundred and fifty basis points. And I guess you know, those long and variable lags are starting to hit home right as inflation is coming down. I guess, fortunately, But aren't we going to see a slow down in the economy.
Well, we really haven't.
Seen it yet, and we've had an economy it looks okay, and it looks like the fourth quarter is going to be modestly positive again. And so I think if you had asked the FED, where do you think the economy would be?
I think they were looking for unemployment to.
Have jumped up by several million people, not to be where it is, you know, the under four percent, So that was their whole key in bringing down inflation. So we've had very low unemployment rates, we've had inflation come down. So I just conclude other factors in the world have
pulled inflation down. The basic strength of the US economy isn't that sense of interest rates, because business and consumers have taken out long term fixed rate loans and so they aren't sensitive, and so the FED is really just almost a bystander to what's happening in.
The real economy.
Couldn't you say that, I.
In the inflation, I don't see what they've done to fight, and I think they just sort of hope if they're very short rates, inflation would come down.
It's come down up because the.
Short rates, but all these other factors that have come into the marketplace.
Well, couldn't you say, then, Marget, it sounds like some of the things that you've just mentioned right here between, like the consumers still staying pretty strong, Like inflation is coming down, granted not as fast as we might hope, economy is still doing okay. Couldn't you say that that's maybe the making of a soft landing. Is that how you're positioning this right now?
Well, I think it looks like the economy. I don't see anything way out of Kilder that would precipitate a recession. People have been looking for recession for a long time. It hasn't come. I do think though, that we've had a huge lift of the economy that's come from federal spending. We had the COVID money, which is still out there being dispersed.
Being dispensed right now.
We've had a big increase in state and local government spending, and so I think that's added a little floor to what mayo seniors come down. So as we get into twenty four, we may see the economy dislerat a little bit because some of these money flows, particularly leftover COVID Moody that spent really a big boost for consumers, may stop and that may cause e Connor you slow down a little. But I just don't see your recession in the cars eaven for twenty four.
Margie.
Great to get your take. Thanks so much for joining us. Margie Bettel there. She is a senior portfolio manager at all Spring Global Investments, and she does not see a recession on the horizon, even if the economy will slow down in twenty twenty four.
You're listening to the tape. Can's our live program Bloomberg Markets weekdays at ten am Eastern on Bloomberg Radio, the tune in app, Bloomberg dot Com, and the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa play Bloomberg eleven thirty.
Were welcome now on TV on radio listens, TV audience and radio listeners. We need to talk about what's happening in the EV space. EV maker Polestar, fresh off its investor day, a day that showcased its business strategy and future EV prototypes. We now welcome Thomas Ingola, Postar CEO and Bloomberg's resident. It says gearhead, but electric cars don't have gears, so we'll maybe part that name for now. But Matt Miller joins us. Thomas, great to see you,
Thanks for joining us. What's the message that you are sending to investors? What do you want to convey about where this business goes next?
Yeah, good morning guy.
Hi Matt.
Well, our message here from our poster day are we call it he in La. It's I think a very positive, good one.
We have.
Two major parts here, one of course, the great news about the product rollout, and the other part about what work we have done over the last summer about the business plan, obviously making that a strong resilient business plan, which means clear view on the break even cashlow break even twenty twenty five, So what I would call, in a very short distance very much insight twenty twenty five cash flow break even and the funding need that is needed from today to this break even, a very clear
defined amount of one point three billion, which you know we want to cover with a mix of debt inequity, so what I would call a very manageable funding need. These two are the key cornerstones of this business plan, which I think everybody would acknowledge is not based on dreamy fancy production numbership but really a very realistic and achievabile volume.
Thomas, let me jump in and ask you about those production numbers, because you've scaled back your twenty twenty three production forecast a couple of times already. Now you expect to make sixty thousand vehicles in total this year, but you need to get up to I think one hundred and fifty five thousand by twenty twenty five.
How are you going to make it?
Make that leap from sixty to one to fifty five in the next couple of years.
Well, yesterday people were queuing to get it right along in our Post three suv and and the suv coupee the Post A four. Both cars are ready to go out to Post A four actually has production start next week. The Post for three will start production early twenty twenty four. So twenty twenty four we will get these two cars in our hands. Twenty five will be a year where they will be fully for in the in customer delivery, plus the Post of five joining so three grade coasts
in exclusive secment. So these two, this product lineup. Of course, there's a big, big reason for our increase of volume in this period.
Thomas, you just called your your products exclusive. What we've seen today is Richemont, the owner of Cartier, warning that they are seeing a significant consumer slow down at the upper end. You've got the Agio warning that its premium products are starting to hit price resistance. We're seeing it all across the luxury sector at the moment that the consumer is saying I can't afford that anymore, even the upper end consumer.
Are you seeing any.
Evidence of that? Our exclusive ev product's going to face the same headwinds that the rest of the luxury sector might be seeing at the moment.
I think it's very important to that in perspective. I think there's no doubt that the long term success of electrification is given the only way of C two emission reduction is via EV's transition from combustion engine to evs IS is a clear pass forward short term economic fluctuations.
The industry has seen that over decades. I think the real question is how resilient are you as a business to go through those And I think us having presented this business plan is a clear testimony of poster being on the side of the winners to go through those downsides and to simply be resilient enough to get out as a winner in that. So for that reason, I don't think there's any any question about the EV success in the long term.
Thomas, You've just.
Talked to us about your new business plan that you presented and said you need one point three billion dollars. You're very specific about what you need to be cash flow break even in twenty twenty five. You need that externally that funding. Are you in talks with any external investors? What kind of outside investors do you wanna Do you want to hook up with and has anyone expressed interest.
Well, look, we were always very clear about the openness to attract outside investors. Our two main share holders, who have been and will be very supportive in in our business, of course, will stay with us, but they're very willingful to have others participating in the ownership of Posstoff, and that's how we how we plan at.
So Volvo and Jilie.
Do you think the other investors could they come from China? Are you even talks with Chinese? Other Chinese investors?
No real world blide pitching for this, so there's certainly no preference in any regional destination where these people should come from. Now we are here obviously today in the US we have yours production with supposs restarting. I think that is as well a very clear sign that we are an international business open to international investment.
Thomas, you flank the fact that you have US production. President Biden has within the last couple of days signaled his support for the UAW to start targeting businesses like Tesla. He thinks that maybe that's the next place that they should be looking. What do you think about your labor Do you think you could be facing strikes. Do you think you could be facing a union push. Do you think this is going to be something that pulls in the whole of the automotive sector in the United States.
Well, not really that much a question to us, because we have a very simple way of having basically no manufacturing footprint on our own. We have contact manufacturing with our big partners in that obviously the Volvo factory in Ritual we have production together with Chili and this is where, of course this question you have now should be targeted. We are very well familiar with with factories with unions. We have obviously in Sweden a very strong base as
well with manufacturing in Volvo. So I think that's really no question mark from our site onto that.
What is the pull star, you know, the unique selling point because you know some brands Porsche is about you know, speed in sports cars, Mercedes is about kind of luxury and status. Volvo is about you know, safety and family. At least for me, what is pole Star about.
Post Our main differentiator clearly is our design focus. It's a brand with strongest design design as advanced as its technology. That's our slogan and I think yesterday at our Post day when you see the lineup of the beautiful cast and how innovation is brought to the customer through our design made it really desirable. I mean that is how we think electrification will succeed cars that really makes people are passionate about And what is the greatest driver for
passion is clearly the design aspect of it. So if you ask us to narrow it down to that one aspect, it's designed.
Tom's great to catch up. Really appreciate you joining us from Los Angeles to think of that of Polstar and of course our thanks to Bloomberg's Matt Miller.
All right, well, if you just us here, you are just listening to Matt Miller and Guy Johnson, they were interviewing the CEO of pole Star and bad. I believe that you've driven a Polestar recently show us two.
Yeah, So, I mean I drove the Polestar.
One was I think, really amazing from a design perspective. It checked every box and it was cool in that it was a hybrid and it had manually adjustable Olan's suspension.
That's something you don't see in cars these days. Two.
I don't really it's not terribly luxurious, It's not over engineered, and it's fifty thousand dollars in white, so it's a concern.
Does it have that car play feature that you were asking our good John Tucker about it.
You can use car play, but you have to plug it in, so it doesn't have wireless car play. And it's made in China, so I think they're going to have difficulty selling that vehicle in this country. You know, Chinese cars that come in here are subject to a twenty seven and a half percent tariff, so they can't beat anybody on pricing. But it'll be interesting to see the three that'll be built here in the US and
South Carolina. As he's saying, the Pollstar four is going to be built in Korea, and then they're going to have another car, so it'll be interesting to see how they do with the Swedish slash Chinese ownership.
Yeah all right, well that's something fun to consider going forward. So thanks you and guy for talking and for bringing us that interview.
Thanks for listening to the Bloomberg Markets podcast. You can subscribe and listen to interviews at Apple Podcasts or whatever podcast platform you prefer.
I'm Matt Miller.
I'm on Twitter at Matt Miller nineteen seventy three and I Fall Sweeney.
I'm on Twitter at pt Sweeney before the podcast. You can always catch us worldwide at Bloomberg Radio