Polestar second-quarter loss widens as it ramps up EV deliveries

Polestar second-quarter loss widens as it ramps up EV deliveries


The Polestar 3 SUV, originally expected late this year, has been pushed into early 2024 because of delays with its Volvo-developed software.

Courtesy: Polestar

Swedish electric-vehicle maker Polestar on Thursday reiterated that it still expects to deliver at least 60,000 EVs in 2023, with a positive gross margin – and confirmed that its next two new models are still on track to go into production as expected.

The news came as part of Polestar’s second-quarter earnings report. Polestar’s net loss for the period was $304.1 million, or 14 cents per share. On an adjusted basis, it lost $334.4 million.

A year ago, Polestar’s net loss was $228.2 million, or 12 cents per share. Its adjusted loss was $296.2 million for that period.  

Revenue for the second quarter jumped to $685.2 million from $589.1 million during the same quarter last year.

Polestar delivered 15,765 vehicles in the second quarter, up 36% from a year earlier, and a total of 27,841 vehicles in the first half of 2023.

The company reiterated the guidance it provided in May, saying that it still expects to produce between 60,000 and 70,000 vehicles in 2023, with a gross margin of 4% for the year. Polestar’s gross margin was 1.4% in the first half of 2023 and 4.9% in 2022.

The automaker delivered 51,491 vehicles in 2022.

Polestar had $1.06 billion in cash and equivalents as of the end of the second quarter, versus $884.3 million as of Mar. 31.

Shares were roughly flat in premarket trading following the news. Polestar’s shares were down almost 28% this year through Wednesday’s close.

“We achieved record volume growth during the second quarter,” CEO Thomas Ingenlath said in a statement. “Deliveries of our significantly upgraded Polestar 2 are now ramping up. With Polestar 4 expected to start production in November and Polestar 3 in the first quarter of next year, we are entering an exciting phase of higher volumes and value from our expanded model range.”

The upcoming Polestar 3, a large electric SUV, is based on a new platform developed by (and shared with) Volvo Cars. It was originally expected before the end of 2023, but delays with the platform’s software will push it into early 2024, Polestar said in May.

The Polestar 4, a smaller crossover SUV, will be built on a different platform and is still on track to go into production in November as originally planned. Deliveries are expected to begin in China before the end of 2023, and elsewhere in early 2024.



Source

Shares of American Eagle surge after Trump calls Sydney Sweeney campaign ‘hottest ad out there’
Business

Shares of American Eagle surge after Trump calls Sydney Sweeney campaign ‘hottest ad out there’

A window display of actress Sydney Sweeney is seen on a window of an American Eagle store on August 01, 2025 in New York City. Michael M. Santiago | Getty Images Shares of American Eagle surged more than 15% on Monday after President Donald Trump complimented the retailer’s marketing campaign with actress Sydney Sweeney. “Sydney […]

Read More
More than 3,000 Boeing defense workers go on strike after rejecting contract
Business

More than 3,000 Boeing defense workers go on strike after rejecting contract

A worker performs quality checks on a Boeing Co. F/A-18 Super Hornet fighter aircraft at the Boeing Defense, Space & Security facility in St. Louis, Missouri, U.S., on Monday, July 24, 2018. Alex Flynn | Bloomberg | Getty Images Some 3,200 Boeing defense unit workers went on strike early Monday hours after turning down a […]

Read More
New guide to wealth terminology aims to ‘counteract some of the BS’ for investors
Business

New guide to wealth terminology aims to ‘counteract some of the BS’ for investors

Senior woman looking on cell phone at sidewalk cafe. Yuliya Taba | E+ | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. A leading advisory group to the wealth […]

Read More