Polestar sold just 7,200 cars worldwide in the first three months of 2024, almost 5,000 fewer than a year ago. Now people are being fired – also in Denmark.
Polestar is and has been on a dot tour among its employees. This has also happened in Denmark.
The problem child with a limping economy, which Volvo passed on to the Chinese parent company Geely in February, is bleeding sales.
In fact, sales of new cars plummeted by as much as 40 percent compared to the same quarter just a year ago. This also means layoffs in Denmark.
This is confirmed by the Danish importer's director, Henrik Bang, in an interview with Motor magazine. However, without putting numbers on how many of the layoffs have taken place in Denmark.
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In January this year, however, Polestar announced that it will get rid of 15 percent of its employees, which corresponds to 450 people.
However, Henrik Bang calls the cuts in Denmark 'minimal' because, according to the director, the Danish importer compared to other markets where Polestar is present, has done well.
Although Polestar, now that it has been taken over by Geely, is officially equal to Volvo, on paper it is not a healthy business.
The most recent financial year shows a deficit of as much as SEK 5 billion. Even so, Henrik Bang denies that the brand has a 'sugar daddy' who just blindly throws money into the project.
Instead, Polestar has taken out loans from a number of international banks, including the major British bank HSBC.
Overall, just over 7 billion Swedish kroner have been borrowed. The question then is whether it is the brand's salvation, now that money is not 'blindly thrown into the project'.
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