Polestar 3
Courtesy: Polestar
Swedish electrical automobile maker Polestar on Thursday trimmed its full-year manufacturing steering, saying that its upcoming Polestar 3 SUV will probably be delayed till 2024 as a result of of software program points.
The firm additionally stated it would cut about 10% of its workforce to scale back prices. Shares have been down over 9% in early buying and selling following the information.
The information got here as half of Polestar’s first-quarter earnings report.
For the interval ended March 31, Polestar’s internet loss was $9 million, or lower than a penny per share, thanks to about $213.4 million in optimistic adjustments within the valuation of some of Polestar’s obligations associated to its merger with a special-purpose acquisition company final 12 months. A 12 months in the past, the corporate’s internet loss was $274.5 million, or 14 cents per share.
On an adjusted foundation, excluding the accounting adjustments, the corporate misplaced $222.4 million within the interval, or about 10 cents per share.
Revenue grew to $546 million from $452.2 million a 12 months earlier.
Polestar had $884.3 million in money remaining as of March 31, down from $973.9 million as of the end of 2022.
Polestar cut its full-year manufacturing steering to between 60,000 and 70,000 autos in 2023, down from 80,000 in its earlier outlook, as a result of the launch of the upcoming Polestar 3 SUV will probably be delayed till 2024. The firm had initially deliberate to start deliveries of the mannequin in China earlier than the top of this 12 months.
The Polestar 3 will probably be based mostly on a brand new platform shared by Polestar and Volvo Cars. Polestar stated it was “just lately knowledgeable” that extra time will probably be wanted to finalize software program for that new platform. It now expects to start transport the Polestar 3 within the first quarter of 2024.
The firm’s different upcoming new mannequin, a smaller crossover SUV referred to as Polestar 4, remains to be on monitor to launch in China within the fourth quarter of 2023, and elsewhere in early 2024.
“We are taking crucial steps to strengthen Polestar within the near-term,” CEO Thomas Ingenlath stated. “While manufacturing of Polestar 3 will now begin within the first quarter of 2024, the profitable launch of Polestar 4 final month signifies that we add two robust provides within the engaging electrical SUV market in 2024. I’m assured that we are going to ship on our development ambitions and path in the direction of profitability.”