Reported about 5 hours ago
Polestar's CEO announced a strategic review after a 14% drop in EV deliveries in Q3, causing shares to fall nearly 6%. The Swedish company, majority-owned by China's Geely, faces weakening demand due to high interest rates driving customers towards cheaper hybrid vehicles. Following a leadership reshuffle, new CEO Michael Lohscheller aims to enhance sales models and cut costs. While revenues for 2023 remain stagnant at $2.38 billion, Polestar targets break-even cash flow by the end of next year, amidst pressures from tariffs and production shifts to the U.S.
Source: YAHOO