Polestar's Guidances Expectation To 60-70k Vehicles Update!
The Swedish electric car brand Polestar Automotive Nasdaq: $PSNY announces its results for the three months ending March 31, 2023.
In the first quarter, Polestar delivered 12,076 cars, generating $546m in revenue, driven by Polestar 2 sales which are up 26% from a year ago and is on track to achieve strong commercial results in the second quarter.
Over the past five years, the company has grown rapidly, establishing a global footprint with over 100,000 cars in 27 countries. In order to address the popular SUV market, the company recently introduced two new models, the Polestar 3 and Polestar 4.
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Polestar recently learned that more time is needed for the final software development of their all-electric platform shared with Volvo is required, causing a shift in the start of production for Polestar 3 from an earlier date to the first quarter of 2024.
Despite these delays and an uncertain economic climate, Polestar still anticipates annual growth of 16% - 36% for 2023 global volumes reaching 60,000 - 70,000 vehicles, the previous figure was 80,000.
This follows their record deliveries of 51,491 last year. The start of production for Polestar 4 remains unchanged; it is expected in China during the fourth quarter of 2023 and in other markets early 2024.
With a 10% headcount reduction and a global hiring freeze, Polestar is intensifying its focus on cost management.
Thomas Ingenlath, Polestar CEO, comments: “We are taking necessary steps to strengthen Polestar in the near-term. While production of Polestar 3 will now start in the first quarter of 2024, the successful launch of Polestar 4 last month means that we add two strong offers in the attractive electric SUV market in 2024. I am confident that we will deliver on our growth ambitions and path towards profitability." Source: https://investors.polestar.com/news-releases/news-release-details/polestar-reports-results-first-quarter-2023-and-intensifies-cost
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