Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Swedish electric car manufacturer Polestar has given notice about termination of employment to 170 white collar workers in Sweden. Negotiations with trade unions are initiated and are expected to be completed before the summer holidays.
The redundancies in Sweden are part of a global restructuring, where Polestar plans to reduce its workforce by 10%. The company’s sales forecast has been lowered from 80,000 cars in 2023 to the range 60,000 to 70,000 cars. Further, the production of the new Polestar 3 model has been postponed from mid-2023 to Q1 2024.
In 2022, Polestar was expanding rapidly and recruited 100 software developers to its’ Gothenburg headquarters (Polestar-2022-SE).
Polestar has about 3,300 employees, of which some 1,700 are employed in Sweden. Volvo Cars, the major shareholder holding 50% of Polestars shares, also announced job cuts of 1,300 in May, 2023 (Polestar-2023-SE).
Eurofound (2023), Polestar, Internal restructuring in Sweden, factsheet number 109035, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/109035.
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