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Volvo spinoff Polestar had a rough 2024 , and 2025 count like it could be just as unmanageable .
The EV makerannouncedThursday that it expects to generate less revenue in fiscal year 2024 than it did in 2023 , after previously estimating sales event would stay the same . That ’s thanks to “ few than expected Polestar 3 and Polestar 4 sales , ” which was driven in part by a global EV damage war .
drooping sale have put pressing on Polestar from its lenders . Oneyear ago , the car manufacturer receive a $ 950 million loan from a syndicate of cant . Polestar wassupposed to generatemore than $ 5.3 billion in revenue in 2024 as part of that loan accord .
The society wo n’t report its final 2024 financial figures for a few more months , but revenue is go to be well under 2023 ’s figure of $ 2.4 billion , according to Thursday ’s counseling . ( Polestar allege investor should expect a “ mid - stripling percent decline . ” ) In turn , Polestar order it has sour with its parent company , Chinese pudding stone Geely Holdings , and the money box behind the loanword , to remedy that gross butt .
Polestar also announce Thursday that it has to re - do all of its fiscal statements dating back more than two days because of accounting mistake related to the tooling it employ to build car . The companionship say it underreported assets and indebtedness related to that tooling along with “ other little errors that have been identified will also be correct as part of this restatement procedure . ”
This all comes after Polestar conk out through layoffs and nominate a new CEO , CFO , and COO in 2024 . Last year also saw the companylose the financial backup of Volvo .
Polestar is still hold on to its hopes that new models will help boost sales agreement . The Polestar 5 — a saloon based on thesharp Precept conception debut in 2021 — will set up later this year . Polestar plans to exposit sales into France this yr .
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Polestar also shared Thursday that the upcoming Polestar 7 will be a “ premium compact SUV , ” giving it an entrant into a popular and profitable vehicle segment . But the company has to come through long enough to get to that model — for which it did not give a release date .
