Polestar, a Swedish brand, has announced plans to cut 450 jobs globally due to its struggle to sell its electric vehicles (EVs) in the face of increased competition from Tesla and Chinese manufacturers. The brand, once the AMG of Volvo, was positioned as a sporty alternative to Tesla and was listed on the NASDAQ. However, Polestar delivered just 54,600 vehicles globally in 2023, with fourth quarter deliveries falling nearly 8% compared to the preceding quarter. The company’s financial trouble is attributed to its reliance on Volvo and parent company Geely for funding its losses.

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