Polestar in trouble?

[Otispunkmeyer]

https://www.reuters.com/business/autos-transportat...

So a few days ago analysts from Norway and Sweden basically saw Volvo's stake/ownership of the polestar brand as worthless. Today Volvo has announced that its going to divest itself of the 48% stake it holds and hand it all over to Geely (who also owns Volvo).

Perhaps it's a little bit of wooden dollars given the ultimate main holder of both brands but it would seem like Volvo would not be involved with the running of the brand or the financing. That would fall the Geely, who thus far, have said they'll handle it.

But going forward I don't think it looks particularly rosy for them. 450 jobs have been cut. They missed their already cut back targets for 2023.

They rent a lot of office space and facilities where I work and are having some pretty substantial R&D facilities built too. So I kinda want them to stick around!!! Interesting times ahead.

[Otispunkmeyer]

SDK said:

Polestar are fine
This ‘Polestar going bankrupt’ rumour is spreading because click-bait YouTubers are posting videos about stuff they don’t understand.

From Polestar

https://media.polestar.com/global/en/media/pressre...

I never said they were going bankrupt. And these stories have been posted by reputable places like the FT, Bloomberg and Reuters. They're not going under but things are clearly a bit difficult at the moment. I do wonder if things will be scaled back (like the big investment at our site). Geely will take the reigns as they have said, so let's see what the score is in a couple of years time.

I hope so because I really like their designs. The new 4, from the rear, does look properly futuristic. Can't wait to see them on the road.

Edited by Otispunkmeyer on Thursday 1st February 20:24