Polestar, Volvo’s sister firm in Geely’s rising portfolio of automotive marques, will lay off about 15% of its workforce globally, which quantities to roughly 450 individuals shedding their jobs, the producer stated on Friday, based on Reuters.
The Geely-owned carmaker builds the all-electric Polestar 2 liftback, Polestar 3 SUV, and Polestar 4 coupe-like SUV that has no rear window. A low-slung four-door flagship sedan dubbed Polestar 5 can also be within the works.
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After lacking its gross sales goal for 2023, Swedish-based EV maker Polestar stated it plans to chop about 450 jobs worldwide, or roughly 15% of its workforce, citing “difficult market circumstances.”
“As a part of this marketing strategy, we have to alter the dimensions of our enterprise and operations,” a Polestar spokesperson stated. “This includes lowering exterior spend and, regrettably, additionally our variety of staff.”
With a portfolio that till just lately solely had one mannequin–the Polestar 2–Volvo’s sister firm has been struggling to get gross sales and revenue take off. At first of the 12 months, the automaker, which plans to start out U.S. manufacturing this quarter, missed its supply targets for 2023. In This autumn of final 12 months, Polestar offered about 12,800 EVs worldwide, a 39% lower in quantity in comparison with the identical interval in 2022.
“Polestar continues to guard its unique model place in what stays a difficult market, leading to fewer deliveries within the fourth quarter, and now expects a gross revenue margin for the total 12 months of round break-even,” the marque stated concerning its disappointing outcomes.
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That stated, the corporate’s full-year gross sales numbers noticed a slight enhance of 6%, nevertheless it was not sufficient to succeed in the up to date steerage of 60,000-70,000 gross sales in 2023, because the 12 months ended with roughly 54,600 gross sales. Initially, Polestar hoped to promote 80,000 EVs final 12 months.
Regardless of smaller numbers, the corporate’s head honcho remained optimistic about what’s to come back. “[The] Polestar 4 has been very effectively obtained in China and ramping up manufacturing was an vital milestone for us,” stated Thomas Ingenlath, Polestar CEO originally of January. “Gross sales of our SUV coupé will begin in Europe and Australia within the coming weeks. With the primary deliveries of [the] Polestar 3 anticipated in the summertime, our shift from being a one to three-car firm positions us for a transformative and thrilling 2024,” he added.