Is Polestar the next Rivian or the next Fisker? The company’s looking to be the former not the latter, but if it’s going to be a success, it has a long way to go. The EV maker secured a $450 million loan for short-term help and delayed its fourth-quarter earnings report. Find out what’s next at Headlight.News.
Officials at EV maker Polestar said that it’s going to take longer than originally forecast for the nascent automaker to be in the black. It also delayed a planned expansion to new companies. Check out the story at Headlight.News.
Polestar CEO Thomas Ingelanth resigns from the company as Polestar continues to bleed money and navigate rough waters caused by slumping EV demand and cash burn.
Polestar announces that it has begun U.S. production of Polestar 3 as the brand attempts to avoid tightened U.S. tariffs and reduce its dependency on Chinese facilities for vehicle production.
Polestar reports increased losses for the 2023 fiscal year as the company faces renewed questions about its long-term future amid struggles with cash burn and slumping EV demand.
Struggling Polestar faces some serious financial challenges now that Volvo, its Swedish parent, plans to cut off funding for the battery-electric startup. It’s the latest sign of retrenchment by the auto industry as the rapid growth of EV sales has started to flatten out. Volvo itself continues to move forward with plans to become an all-electric brand by decade’s end. Investors applauded the move — and Volvo’s stronger than expected earnings.