Pedestrians walk past the Polestar showroom on Friday, January 5, 2024 in New York, USA.
Yuki Iwamura | Bloomberg | Getty Images
electric car manufacturers Polestar Automotive Holding The Swedish company announced on Friday that it plans to cut around 450 jobs worldwide, or about 15% of its workforce, amid „difficult market conditions.“
Over the past year, many automakers have warned that expected growth in electric vehicles has been slowed by weak demand, steep price cuts, subsidy cuts and supply chain issues.
Polestar lowered its delivery forecast in November and announced a revised business plan, aiming to break even in cash flow in 2025 and reduce dependence on external funding from major owners Volvo Cars and Geely. An overview was presented.
A Polestar spokesperson said on Friday: „As part of this business plan, we are required to adjust the scale of our business and operations. This includes reducing external spending and, unfortunately, reducing our workforce.“ Ta.
In November, the company announced it would double down on cost cuts to boost profit margins.
Polestar, like other pure electric carmakers, has struggled to reach its goal of turning a profit.
The company announced in early January that it missed its revised 2023 delivery target, weighed down by high inflation, low demand and a price war sparked by Tesla.