EV maker Polestar’s (PSNY) inventory is down Friday after reporting 2023 outcomes. Can Polestar’s new electrical fashions assist flip issues round as losses rise? The report comes as the primary Polestar 3 patrons obtained their electrical SUVs this week.
Polestar inventory drops after 2023 earnings outcomes
After a number of months of delaying, Polestar launched its 2023 monetary outcomes Friday, exhibiting falling income and widening losses.
Polestar’s income slipped 3% from $2.45 billion in 2022 to $2.38 billion final 12 months. The decrease prime line was primarily resulting from elevated reductions and fewer carbon credit score gross sales.
In consequence, the EV maker’s working losses rose 13% to $1.46 billion, up from $1.29 billion in 2022. Decrease income and rising gross sales prices led to increased losses. It additionally included a one-time share-based itemizing cost of $372 million and a better impairment of $450 million after reassessing Polestar 2 stock.
Polestar offered 54,626 automobiles final 12 months, up 6% from the 51,549 offered in 2022. The EV maker added 34 places and 33 service factors for a complete of 192 and 1,149, respectively.
Polestar’s inventory slid 4% on Friday following the 2023 earnings launch. Polestar shares are down 63% in 2024 and over 92% from its all-time excessive.
Can Polestar flip issues round as new EVs roll out?
Regardless of rising losses and decrease income, Polestar believes new EVs, just like the Polestar 3 and 4, will assist increase gross sales.
Polestar expects to promote over 155,000 automobiles subsequent 12 months, a major leap from the just below 55K offered in 2023.
The information comes after Polestar delivered its first Polestar 3 fashions to prospects this week. Polestar is delivering the electrical SUV throughout two continents because it rolls out to new markets all year long.
The first Polestar 3s had been delivered in Sweden, whereas the North American Polestar 2 is handing over the primary fashions in California, New York, and Illinois. On Friday, extra fashions will likely be delivered to Germany and Norway.
Polestar additionally launched a brand new lower-priced Lengthy vary Single Motor Polestar 3 mannequin this week. The lower-cost mannequin is on the market in Europe, beginning at $85,500 (€79,890), together with the handover charge. Will probably be out there to order within the US, Australia, and different markets later this 12 months.
Polestar will start Polestar 3 manufacturing in South Carolina this summer time to develop the model within the US.
With the US setting a brand new 100% tariff charge on Chinese language EVs, Polestar appears to beat it with native manufacturing.
Because the EV maker appears to realize market share, it additionally launched the brand new 2025 Polestar 2 with added Swedish Gold design components and extra vary.
Can Polestar’s new EVs assist increase gross sales? Tell us what you assume within the feedback.
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