Polestar second-quarter loss widens as it ramps up EV deliveries
Publishing timestamp: 2023-08-31 10:34:19
Summary
Polestar reported a net loss of $304 million in the second quarter, with revenue of $685 million. Despite the loss, the company remains on track to build 60,000 to 70,000 EVs in 2023 and confirmed the production of two new models. The company's stock has fallen 35% this year, and its gross margin for the first half of 2023 was 1.4%. Polestar's upcoming Polestar 3 SUV has been delayed to early 2024 due to software issues, while the Polestar 4 crossover SUV is still expected to go into production in November.
Sentiment: MIXED
Tickers: PSNY, 8JO-FF, A4N1-FF,
Keywords: polestar automotive holding uk plc, volvo car ab, technology, transportation, business news, breaking news: business, climate, earnings, business, breaking news: technology,
Source: https://www.cnbc.com/2023/08/31/polestar-psny-earnings-q2-2023.html