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Polestar (PSNY) earnings Q2 2023

The Polestar 3 SUV, initially anticipated late this 12 months, has been pushed into early 2024 due to delays with its Volvo-developed software program.

Courtesy: Polestar

Swedish electrical automobile maker Polestar on Thursday reiterated that it nonetheless expects to ship not less than 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. The corporate’s web loss for the interval was $304.1 million, or 14 cents per share. On an adjusted foundation, it had a lack of $334.4 million.

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

Income 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 corporate reiterated the steering 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 March 31.

The corporate’s shares had been down greater than 4% in premarket buying and selling following the information. Polestar’s inventory has fallen virtually 28% this 12 months by Wednesday’s shut.

“We achieved document quantity progress throughout the second quarter,” CEO Thomas Ingenlath stated in a statement. “Deliveries of our considerably upgraded Polestar 2 at the moment are 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 getting 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 stated in Could.

The Polestar 4, a smaller crossover SUV, will probably be constructed on a special 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.

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