Tightening must be done at Polestar, which is now trying to save a limping economy by firing a good 15 percent of all employees.
Polestar will henceforth be a smaller brand. At least when it comes to the number of employees. The Chinese-owned brand, which owes Volvo 20 billion Swedish kroner, is cutting 15 percent of its employees.
This corresponds to just over 450 positions. That's what Automotive News writes.
Despite some success in Denmark, where Polestar's only model so far is the most leased car among Danes, it looks more difficult on the global market.
Here, Geely generally struggles with declining car sales and increasing competition. A competitive situation that is primarily plagued by enormous price pressure.
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A pressure that is actually so great that even Tesla had to report his passport last week. Read more about it here. But this is actually not the first time that Polestar has adjusted down.
Back in November, the Chinese brand revised its own business plan. And they are now aiming for a stable economy in 2025.
Stability must also help make Polestar less dependent on Volvo and parent company Geely. However, Polestar also failed to meet the expectations for 2023.
The Swedish-Chinese enterprise had expected to deliver just over 60,000 cars. It came to just under 55,000. More precisely 54,600.
Earlier in January, the Swedish major bank SEB rated Polestar 'worthless'. And later, the analysis company Bernstein has recommended that Geely peel Polestar off the stock market to avoid a collapse.
