Polestar Trims Team Amid EV Market Challenges

by AutoExpert   |  29 January, 2024

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Polestar, those cool cats in the EV game, just dropped a bit of a bombshell – they're cutting loose around 450 of their team. That's like saying goodbye to 15% of their family. Ouch, right? The word on the street is, the EV market's hitting some bumpy patches and demand's not quite buzzing like it used to.

Here’s the lowdown from Stockholm: It's been a bit of a rollercoaster year for car makers, Polestar included. Everyone was betting big on electric vehicles taking off, but reality's been a bit more... let's say, underwhelming. We're talking weaker demand, prices taking a nosedive, not enough sweet government deals, and, yeah, those ever-tricky supply chain snarls.

Polestar

Cut to November, and Polestar's shifting gears. They had to totally revise their business plan, which plans to get their financials in the green by 2025 and trying to stand on their own two feet, rather than leaning on Volvo Cars and Geely. Their current star player is the Polestar 2, but keep your eyes peeled for the upcoming Polestar 3 SUV and the sleek Polestar 4 coupe.

Polestar

But here's the twist – it's not all smooth sailing for Polestar. These guys, like many in the EV-only lane, are working their tails off to turn a profit. They kicked off January with a bit of a hiccup, confessing they didn't quite hit their 2023 delivery goals. High inflation, lukewarm demand, and a pricing tussle (yeah, Tesla, we're looking at you) threw them some curveballs.

Polestar

So, that's the dish on Polestar. It's a wild ride in the EV biz, but let's see where this road leads. Keep your eyes on the road for more updates from the fast-moving world of electric cars!

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