First casualty of the EV pricewar headed toward the dumpster?
In November, the company revealed it needed to plug a $1.3 billion funding gap until 2025 when it expects it will no longer burn through cash.
Swedish bank SEB subsequently assigned zero value to the 48% stake in Polestar held by Volvo, itself controlled by Geely.
“The end of ’23 was a particularly tough situation where the competition has gone to discounts at a level which we just simply said no to,” CEO Thomas Ingenlath told Reuters in an interview last week.
In a rapidly expanding global EV market, Polestar eked out just 6% growth in 2023 after 80% in the previous year.