Friday, June 21, 2024

In less than 2 years, Polestar has lost DKK 177 billion

The shareholders – and not least the management – have lost insane fortunes to keep the Polestar car brand alive.

In just 5 days, the Polestar car brand lost a whopping 43 percent in value. It happened after the Chinese brand was warned last week that it risks going off the stock exchange in New York.

This is written by Swedish Carup .

When Polestar was worth the most – it was in the summer of 2022 – the brand was worth twice as much as Volvo. But since then it has only gone one way. Namely downwards.

And it has taken a toll on the smaller shareholders in particular. On Reddit, several of them talk about how they face gigantic losses.

READ ALSO: Kriseramt Fisker forced to close headquarters

One of them calls i.a. himself an idiot, because he has an investment of 20,000 dollars, equivalent to 138,000 Danish kroner, on Polestar's downturn.

– It's all such a shame. They have such a great product, clean design and great engineering. But from a marketing and business perspective, it feels like they're just giving up.

– Or that something bigger happens that Polestar has no control over. In any case, I have lost 90 percent of my investment of 20,000 dollars, writes a shareholder on Reddit.

Right now, the car brand's stock is worth just 0.78 US cents. And if nothing happens soon, Polestar will go off the stock market within 60 days. However, the brand, which Volvo parted with in February this year, may have another 180 days to save existence as a listed business. Read more about it here .

However, it is not only small savers of private individuals who have lost gigantic sums in less than two years on Polestar's decline. Chairman of the board Håkan Samuelsson has lost almost DKK 100 million, while director Thomas Ingenlath has had to say goodbye to DKK 37.4 million.

Sales have declined in the same period. Ahead of a round of layoffs in April 2024, it emerged that Polestar has sold 7,200 cars in total during the first three months of the year. A drop of as much as 40 percent compared to the previous year.

Despite a debt of several billion kroner to Volvo and the dangerously low share price, the car brand is betting on several new models. Among other things, one without a rear window. Read more about it here .

Read more exciting news from and about the world of cars right here!


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