Thursday, July 25, 2024

In the middle of the crisis, Polestar's value rises by 28 percent

Things are still going badly for Polestar on the stock market. But the share has jumped up by as much as 28 percent in a few hours.

On Friday last week, Polestar shares hit a record low. Just US$0.68 was worth the car brand's stock.

However, that picture has already turned on Monday this week. An increase of 28 percent sounds impressive. But it is not enough to be able to save Polestar from a delisting on the stock exchange, which the car brand is still threatened by.

The share must cost over a dollar apiece. And Polestar is still not here. But the 28 percent rise after the market closed on Monday means the stock is now worth $0.80.

This is evident from the stock overview Yahoo! Finance .

The increase comes on top of several new announcements from the car brand. Among other things, Polestar will move away from selling cars on its own in several countries. Instead, they will leave that task to actual dealers.

READ ALSO: Daniel Ricciardo's pig goes viral: "He can eat shit"

The move to sell the cars themselves has Polestar from Tesla, which still adheres to that principle. Fisker Inc. tried it too. But in a desperate attempt to save the business, Henrik Fisker also entered into agreements with several existing dealers. Among other things. here in Denmark.

It only helped a little, though. And now, after a breakdown in negotiations with an as yet unnamed car brand, Fisker has sought bankruptcy protection in the US. Read more about it here.

Back at Polestar, they have also been on the hunt for several new managers. Among other things, they have hired Nio's German top manager, who otherwise only managed to have that job for 8 months. Read more about it here .

The rest of the management at Polestar also continue to believe in the project. Among other things, managing director Thomas Ingenlath denies that the brand he heads is the next Fisker. Read more about it here .

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

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