Polestar chief executive Thomas Ingenlath has questioned the “paper value” of rival electric vehicle (EV) manufacturers as the Geely-owned carmaker continues to be linked with a possible public offering.

Speaking at this week’s Shanghai International Auto Show, Ingenlath suggested that the EV revolution was in danger of becoming a plaything for speculators which risks losing its focus on making the most significant contribution to climate change since the car was invented.

And he urged Polestar’s rivals to get their priorities straight by putting climate change before pushing for a sky-high market valuation.

Ingenlath’s statement came less than a week after Polestar announced that it had raised USD550m (£395.7m) from a group of long-term financial investors to further boost its growth potential.

“It frankly amazes me that there are companies out there that are worth billions of dollars and have never made a car,” said Ingenlath.