Get in-depth info on the 2024 Polestar 2 including prices, specs, reviews, options, safety and reliability ratings.
trimmed its 2023 delivery forecast on Wednesday to the lower end of its earlier guidance and halved its gross margin target, amid fears of a slowdown in EV demand and global economic uncertainty.
Polestar, which operates in 27 markets globally, said it would now deliver about 60,000 vehicles this year, down from between 60,000 to 70,000. It had reiterated that forecast just last month after slashing the target in May from the 80,000 it had estimated earlier.The company said on Wednesday it would double down on cutting costs to boost margins and that it had secured additional term loans from Volvo and Geely totaling $450 million, maturing June 2027.
CEO Thomas Ingenlath said Polestar, with its focus on premium rather than mass market sales, was chasing profitability rather than volumes and would shy away from cutting prices.Even as pandemic-driven supply chain bottlenecks eased, Polestar has grappled with a delayed production start and growing competition, especially from Chinese players, forcing the company to cut jobs to keep a lid on costs.
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