Every time Polestar sells a car, the Geely-owned brand loses 125,000 Danish kroner. This appears from the quarterly accounts.
Polestar has just published its latest quarterly accounts. And it's creepy reading. Compared to the first quarter of 2024 alone, revenue has fallen by 17 percent.
But not just that. Due to a generally declining interest in electric cars, especially in the large markets, Polestar has begun to significantly reduce the price of its cars in order to increase sales.
The brand calls it 'active management measures'. Something which, according to the accounts, has reduced the number of cars in stock. Even so, the number of cars delivered has fallen by 18 percent compared to just a year ago.
In total, Polestar managed to deliver 13,150 cars in the second quarter of 2024, and now the accounts will be even sadder reading if possible. For the loss per car lobs uncannily fast. Polestar puts a whopping 125,000 on each and every car.
READ ALSO: Electric car sales are plummeting – importers want government subsidies
And that's not the only boring news Polestar has to deal with. On Wednesday this week, the brand chose to fire its managing director Thomas Ingenlath.
The German will be replaced by compatriot Michael Lohscheller, who has a past with Opel and a number of other suspect car brands. Read more about it here. All in all, things are going well at Polestar.
In addition to the managing director, the design manager, the country manager in Sweden and the global communications manager have also been fired.
Polestar is neither the first nor, for that matter, the only car brand to lose massive amounts of money per year. electric car. Ford actually loses even more. Read about it here .
And at neither Rivian nor Lucid, which are both American brands, the management has not yet managed to create a plus on the bottom line per electric car.
Back at Polestar, you also have to deal with a share price that fluctuates a lot. And it is dangerous for the brand, which is struggling to stay above the required one dollar. If the price cannot be held there for a total of 30 trading days on the stock exchange, the brand simply goes out of business on the stock exchange in New York.
Read more exciting news from and about the world of cars right here!
