The Polestar 3 SUV was originally due to launch by the end of this year, but has been pushed back to early 2024 due to software delays developed by Volvo.
Courtesy: Polaris
Swedish electric carmaker Polestar reiterated on Thursday that it still expects to deliver at least 60,000 electric vehicles in 2023 with a positive gross margin, confirming that its next two new models are still in production as expected.
This message is part of Polestar Second Quarter Earnings Report. Polestar’s net loss for the period was $304.1 million, or 14 cents a share. On an adjusted basis, the company posted a loss of $334.4 million.
A year ago, Polestar had a net loss of $228.2 million, or 12 cents a share. The adjusted loss for the period was $296.2 million.
Revenue jumped to $685.2 million in the second quarter from $589.1 million a year earlier.
Polestar delivered 15,765 vehicles in the second quarter, a 36% increase year-on-year, and a total of 27,841 vehicles in the first half of 2023.
The company reiterated guidance it provided in May, saying it still expects to produce between 60,000 and 70,000 vehicles in 2023, with full-year gross margins of 4%. Polestar’s gross margin in the first half of 2023 will be 1.4%, and its gross margin in 2022 will be 4.9%.
The automaker delivered 51,491 vehicles in 2022.
Polestar ended the second quarter with $1.06 billion in cash and equivalents, compared with $884.3 million as of March 31.
Shares were roughly flat in premarket trading following the news. Polestar shares had fallen nearly 28% this year as of Wednesday’s close.
“We achieved record volume growth in the second quarter,” said Chief Executive Thomas Ingenlath. in a statement. “Deliveries of our significantly upgraded Polestar 2 are currently ramping up. With production of the Polestar 4 expected to start in November and Polestar 3 in the first quarter of next year, we are entering an exciting phase with our expanded model range Will result in higher yield and value.”
The upcoming Polestar 3 is a large electric SUV based on a new platform developed by (and shared with) Volvo Cars. Polestar said in May that the launch was initially expected before the end of 2023, but delays in the platform’s software will push it to early 2024.
The Polestar 4, a smaller crossover SUV that will be built on a different platform, is still expected to enter production in November as originally planned. Deliveries are expected to begin in China by the end of 2023 and in other regions in early 2024.
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