Polestar cuts annual losses in half as it ramps up EV production
Publishing timestamp: 2023-03-02 09:33:26
Summary
Polestar, a Swedish electric vehicle maker, reported a 84% increase in revenue for 2022 and a 50% decrease in net losses. The company exceeded its 50000-vehicle delivery target and expects to increase deliveries by nearly 60% to approximately 80000 cars in 2023. Polestar's relatively positive results come after other EV startups reported ongoing problems with supply chains and production. The company is releasing two new EVs this year and its cash position improved to $973.9 million to end last year.
Sentiment: POSITIVE
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Keywords: nikola corp, breaking news: business, business news, transportation, autos, earnings, volvo car ab, sweden, geely automobile holdings ltd, climate, business, rivian automotive inc, electric vehicles, lucid group inc, polestar,
Source: https://www.cnbc.com/2023/03/02/polestar-psny-q4-earnings-ev-production.html