The Polestar 3 and Volvo EX90 are both delayed until 2024

4 months ago 3

Electric conveyance marque Polestar plans to trim its headcount by 10 percent arsenic portion of an effort to chopped costs. It volition besides institute a planetary hiring frost and it has trimmed accumulation guidance for 2023. Polestar present expects to nutrient betwixt 60,000 and 70,000 vehicles this year, down from the erstwhile fig of 80,000.

The marque cited a delayed commencement to accumulation of the Polestar 3 and "the economical situation affecting the automotive industry" arsenic cardinal reasons for the changes. The electrical SUV is present expected to participate accumulation successful aboriginal 2024.

Polestar says Volvo (which, arsenic Autoblog notes, is Polestar's conveyance shaper and largest shareholder) needs much clip for bundle improvement and investigating of the caller electrical platform. Volvo has delayed the commencement of accumulation of the EX90 for the aforesaid reason. Production is slated to commencement successful the archetypal fractional of adjacent year.

There are nary changes to the Polestar 4 docket arsenic things stand. Polestar expects to commencement accumulation of that EV for China successful the 4th fourth of this twelvemonth and successful aboriginal 2024 for different markets.

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Polestar said successful its latest net study that it delivered 12,076 cars successful the archetypal 3 months of 2023, an summation of 26 percent from a twelvemonth earlier. More than 100,000 of the brand's cars are present retired successful the wild. Polestar's revenue roseate to $546 million, up from $452.2 cardinal a twelvemonth earlier, portion the nett nonaccomplishment for the 4th was $9 million, compared with $274.5 cardinal successful Q1 2022.

There's capable currency successful the kitty for Polestar to marque it done this year, the institution antecedently said. It received a $1.6 cardinal injection from Volvo and chap large shareholder PSD Investment in November. Polestar had $884.3 cardinal currency connected manus arsenic of March 31st, though it expects to request much backing implicit the adjacent fewer years.

Other nascent EV players person besides been struggling to negociate their expenses. Last month, Lucid said it would lay disconnected 1,300 workers to chopped costs, accounting for 18 percent of the full workforce. Rivian has besides laid off much than 1,000 workers since past summer.

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