Polestar cuts 300 jobs, reduces gross sales forecast

BE desk

Polestar is chopping jobs and has lowered its 2023 quantity forecast through up to 1 / 4.

The automaker mentioned on Thursday that it’s going to scale down its international headcount through 10 %, or about 300 jobs, and institute a hiring freeze. The corporate can even conserve from including the five hundred jobs it supposed for this week.

Polestar joins sister emblem Volvo in chopping jobs. Volvo mentioned this occasion that it’s going to lay off round 1,300 office-based workers in Sweden because it steps up its value chopping.

Polestar and Volvo each mentioned on Thursday that they’re delaying the manufacturing begins in their fresh all-electric flagship SUVs — the Volvo EX90 and Polestar 3 — to do additional paintings on device building and checking out.

“Given the tougher economic climate, it is difficult for us to compensate for the absence of the Polestar 3 volumes with incremental Polestar 2 volume,” Polestar CFO Johan Malmqvist mentioned on an profits name Thursday. “That, coupled with high market uncertainties, led us to call down the volumes.”

Polestar now expects 2023 international volumes of 60,000 to 70,000, when put next with its previous forecast of about 80,000 devices. Polestar delivered 51,491 devices utmost week.

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