STOCKHOLM: Swedish electric vehicle (EV) maker Polestar lowered its 2023 production guidance on Thursday and said it would cut headcount by 10%, citing a delayed production start for its Polestar 3 and a challenging environment for the industry.
The auto maker said it now expected to produce between 60,000 and 70,000 cars this year, versus the previously predicted 80,000.
It has been a tough quarter for EV startups, who face mounting competition from new Chinese players as well as from more established brands. An ongoing price war started by Tesla , in addition to high interest rates, has put a further squeeze on the already cash-strapped startups.
