On paper it looks like this. But the managing director does not believe that Polestar's share price reflects reality.
On paper, the Polestar car brand looks like a business in danger of closure. In any case, the Chinese brand has been told that it may be delisted from the stock exchange in New York.
This happens if the share does not have a value above one dollar each for 30 consecutive days. That news alone sent Polestar's share price plummeting by 40 percent in a few days.
However, the managing director flatly denies that Polestar is heading into a situation similar to the one Fisker Inc. be in.
Even the factory that built Fisker's cars does not believe that Fisker will ever start production again. For the same reason, the factory, which has already fired people as a consequence, expects to lose billions of kroner. Read more about it here .
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But that's not how it looks for Polestar, which recently came under the control of parent group Geely, believes Thomas Ingenlath.
In a thread on his LinkedIn profile, the Swedish CEO therefore took up the discussion with the other users of the social network.
– Polestar is here to stay. All our 170,000 customers can rely on the fantastic service, guaranteed parts supply through our network of over 1,000 workshops in the 26 markets where we operate.
– Thank you Stefan Lundin for emphasizing the support from our largest shareholder. Jay, enjoy your new Polestar 2, writes Ingenlath.
Neither Ingenlath nor Polestar have officially responded to what happens if the car brand cannot meet its obligations to lenders. Among other things, Polestar borrowed SEK 10 billion for operations in February this year.
Here, Polestar promised that it would have a turnover of 5.4 billion dollars, corresponding to just over 100,000 cars sold this year. After the first quarter, the brand has sold 7,200 cars.
Something else is Polestar's software outside the car, but which is nevertheless a big part of the ownership. Polestar's app for smartphones gets serious hits on the road. Read more about it here .
Read more exciting news from and about the world of cars right here!
