The Polestar 3 SUV, originally expected late this yr, has been pushed into early 2024 due to delays with its Volvo-developed software.
Courtesy: Polestar
Swedish electric-vehicle maker Polestar on Thursday reiterated that it still expects to deliver no less than 60,000 EVs in 2023, with a positive gross margin – and confirmed that its next two recent models are still on the right track to enter production as expected.
The news got here as a 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 yr 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 in the course of the same quarter last yr.
Polestar delivered 15,765 vehicles within the second quarter, up 36% from a yr earlier, and a complete of 27,841 vehicles in the primary half of 2023.
The corporate reiterated the guidance it provided in May, saying that it still expects to provide between 60,000 and 70,000 vehicles in 2023, with a gross margin of 4% for the yr. Polestar’s gross margin was 1.4% in the primary half of 2023 and 4.9% in 2022.
The automaker delivered 51,491 vehicles in 2022.
Polestar had $1.06 billion in money and equivalents as of the tip 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 yr through Wednesday’s close.
“We achieved record volume growth in the course of the second quarter,” CEO Thomas Ingenlath said in a press release. “Deliveries of our significantly upgraded Polestar 2 are actually ramping up. With Polestar 4 expected to begin production in November and Polestar 3 in the primary quarter of next yr, we’re entering an exciting phase of upper volumes and value from our expanded model range.”
The upcoming Polestar 3, a big electric SUV, relies on a recent platform developed by (and shared with) Volvo Cars. It was originally expected before the tip 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, shall be built on a unique platform and remains to be on the right track to enter production in November as originally planned. Deliveries are expected to start in China before the tip of 2023, and elsewhere in early 2024.