Polestar posts $304 million loss amid delays, competition

Polestar delivered 15,765 vehicles during the second quarter — 36 percent more than the same period last year — and kept in place its May forecast that it will deliver as many as 70,000 cars this year. The company is expected to ramp up volumes in the second half of the year, with Polestar 4 crossover production slated to begin in November.

Given the weakness in global markets, Polestar’s confirmation of its previous guidance on deliveries and a 4 percent gross margin for the full year is a “very strong signal,” CEO Thomas Ingenlath said in an interview. “It’s certainly not an environment where consumers are that easy to convince that they should buy a new car.”

Polestar reiterated that it will need to raise additional funds — possibly by issuing new shares or bonds — to support operations and ensure the company’s solvency. The company has repeatedly said there is “substantial doubt” about its ability to do so.

“We’ve said all along that through the actions we’ve taken, we are funded through the end of this year,” said CFO Johan Malmqvist. “We’re not guiding beyond that, aside from just mentioning that we’re working actively on it together with the two shareholders.”


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