Member-only story
Polestar CEO Attempts To Reassure Investors That The Sky Isn’t Falling, But It’s Actually Blue
The electric vehicle manufacturer is in the midst of hard times, but believes their cars will make for a positive and lucrative future
Electric vehicle manufacturer Polestar (PSNY) has seen its fortunes take a recent tumble following a disastrous Q1, 2024 delivery report. However, the company, which has established itself as a strong player in the EV space, is still feeling very positive about its future, if a letter of confidence posted by its CEO Thomas Ingenlath is any indication.
Monday marked the third consecutive day of Polestar’s shares dropping, as their stock fell more than 9% during heavier than usual trading. It appears to be in direct response to the company recently announcing that they only delivered 7,200 vehicles during Q1 of this year, which was 40% less of the 12,076 vehicles that had been projected to land in the hands of customers during that period.
The Swedish-based manufacturer is a subsidiary of Geely Automobile, which also controls Volvo and Lotus among other holdings. As they are in the midst of adding more models to their fleet, they have indicated that they are viewing this year as a transition year, as they ramp up…
