Polestar cuts its guidance as it retools its business plan for lower EV sales, higher profits
Publishing timestamp: 2023-11-08 17:15:31
Summary
Swedish electric vehicle maker Polestar has cut its 2025 deliveries target and announced that it will need to raise cash to break even that year, despite cost cuts. The company now aims for a gross profit margin "in high teens" for 2025 with an annual volume of approximately 155,000 to 165,000 vehicles. Polestar's net loss for the third quarter was $155.4 million. The company has also reduced its guidance for the current year and expects to deliver around 60,000 vehicles in 2023 with a positive gross margin of about 2%. Polestar will need additional outside funding of about $1.3 billion to achieve break-even cash flow in 2025.
Sentiment: NEGATIVE
Tickers: PSNY, 0AAK-GB, 175-HK, A4N1-FF,
Keywords: climate, breaking news: technology, earnings, volvo car ab, breaking news: earnings, business news, technology, geely automobile holdings ltd, polestar automotive holding uk plc,
Source: https://www.cnbc.com/2023/11/08/polestar-psny-q3-2023-earnings-.html