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

Swedish electric-vehicle maker Polestar on Thursday reiterated that it nonetheless expects to ship a minimum of 60,000 EVs in 2023, with a constructive gross margin – and confirmed that its subsequent two new fashions are nonetheless on observe to enter manufacturing as anticipated.

The information got here as a part of Polestar’s second-quarter earnings report. Polestar’s internet loss for the interval was $304.1 million, or 14 cents per share. On an adjusted foundation, it misplaced $334.4 million.

A 12 months in the past, Polestar’s internet loss was $228.2 million, or 12 cents per share. Its adjusted loss was $296.2 million for that interval.  

Revenue for the second quarter jumped to $685.2 million from $589.1 million throughout the identical quarter final 12 months.

Polestar delivered 15,765 automobiles within the second quarter, up 36% from a 12 months earlier, and a complete of 27,841 automobiles within the first half of 2023.

The firm reiterated the steerage it provided in May, saying that it nonetheless expects to supply between 60,000 and 70,000 automobiles in 2023, with a gross margin of 4% for the 12 months. Polestar’s gross margin was 1.4% within the first half of 2023 and 4.9% in 2022.

The automaker delivered 51,491 automobiles 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 have been roughly flat in premarket buying and selling following the information. Polestar’s shares have been down nearly 28% this 12 months by way of Wednesday’s shut.

“We achieved file quantity progress throughout the second quarter,” CEO Thomas Ingenlath mentioned in a statement. “Deliveries of our considerably upgraded Polestar 2 are actually ramping up. With Polestar 4 anticipated to start out manufacturing in November and Polestar 3 within the first quarter of subsequent 12 months, we’re coming into an thrilling part of upper volumes and worth from our expanded mannequin vary.”

The upcoming Polestar 3, a big electrical SUV, is predicated on a brand new platform developed by (and shared with) Volvo Cars. It was initially anticipated earlier than the tip of 2023, however delays with the platform’s software program will push it into early 2024, Polestar mentioned in May.

The Polestar 4, a smaller crossover SUV, will likely be constructed on a distinct platform and continues to be on observe to enter manufacturing in November as initially deliberate. Deliveries are anticipated to start in China earlier than the tip of 2023, and elsewhere in early 2024.