Polestar has delayed the publication of the annual accounts last year, at the risk of being thrown off the stock exchange in New York. And that hurts the stock.
Polestar has several cars on the way. But the wait is currently hurting the brand's stock.
Since listing on the stock exchange in New York in 2022, Polestar's value has shrunk by as much as 95 percent. From a value of a whopping 21 billion dollars, Polestar is now worth 'only' 1.6 billion dollars.
One of those who have lost a lot of money in the downturn is the car brand's managing director Thomas Ingenlath. Together with chairman of the board Håkan Samuelsson, he has had to wave goodbye to almost 150 million Danish kroner in that account.
Right now, the Polestar share is down to 78 US cents, equivalent to 5.3 Danish kroner, according to Yahoo! Finance .
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A share that is not above 1 dollar for 30 consecutive days will be thrown off the stock exchange, in line with the rules.
But that doesn't mean Polestar sees itself as the next Fisker Inc. So the next car brand to face bankruptcy. Thomas Ingenlath doesn't think Polestar is there.
In a LinkedIn thread, the director defends the car brand he heads. Some of the other users believe that Polestar is Fisker 2.0.
– I think you are very wrong. With our established presence and unwavering shareholder support, we will prove you wrong, says Thomas Ingenlath.
A group which may not be bankrupt, but is still withdrawing from Europe, is the Chinese Great Wall Motor. On top of disappointing sales in 2023, the brand is closing its European headquarters in Munich, Germany, and is considering whether the internal combustion engine is the way to go. Read more about it here.
Read more exciting news from and about the world of cars right here!
