Thursday, June 20, 2024

Polestar in crisis – more important to get cars on the road

Despite a share that is bleeding so much that the car brand is threatened with being kicked out of the stock exchange in New York, Polestar is adamant that they will send cars to the street.

Polestar's stock is worth vanishingly little.

In fact, the current value of the car brand is so low that the stock exchange in New York is now threatening to dump Polestar's stock.

And that is not the only warning from the stock market. Polestar has also been told that they will go public if they do not submit annual accounts very soon. The deadline has already passed. Read more about it here.

But despite the crisis, the top of the car brand still believes in the future. In an interview with the Swedish mediaDagens Industri, chairman of the board Håkan Samuelsson insists that right now it is most important to get the brand's cars out on the roads.

READ ALSO: Sold deadly Toyota for DKK 90,000 – now he's bankrupt

Håkan Samuelsson, who himself has lost a good 65 million Danish kroner on the downturn in the Polestar share, still believes that the share is a good investment. Especially for the Volvo shareholders who are now also sitting on very cheap Polestar shares. This, even though the first rounds have lost huge sums.

The chairman of the board believes that Polestar will get the business going when the production of the models '3' and '4' first starts rolling in the USA, South Korea and China.

Even Polestar's top people believe that they can fivefold the sales of their cars as early as 2025, so it is around 165,000 cars annually.

At the time of this article's publication, Polestar shares are trading at just 78 US cents. Far from enough to meet the requirement that the price must stay above 1 dollar for 30 consecutive days, if the car brand is not to be thrown out of trading on the stock exchange.

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

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