Polestar's Need 4 Cash

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.

More recently, Polestar reshuffled two key C-suite positions and posted disappointing Q4 volumes amid a ruinous price war unleashed by Tesla.

Swedish bank SEB subsequently assigned zero value to the 48% stake in Polestar held by Volvo, itself controlled by Geely.

β€œThe 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.

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