Polestar Cuts Jobs, Delays Vehicle Launch Amid Slowing EV Market
- Polestar to cut 15% (450 jobs) of global workforce amid slowing EV sales and weak market share
- Struggling to meet delivery targets; missed 2023 target by over 5,000 units
- Polestar 3 launch delayed, hurting 2023 sales reliance on Polestar 2
- Brand recognition still weak compared to goals at this point
- Cost cutting necessary to reach goal of cash flow break-even by 2025