Polestar reports decline in 2023 revenue as EV maker grapples with slowing demand
The Polestar 4 electric SUV is displayed at the New York International Auto Show Press Preview, in Manhattan, New York City, U.S., March 27, 2024. REUTERS/Brendan McDermid/File Photo
(Reuters) - Swedish EV-maker Polestar said on Friday, after months of delays in turning in its financial reports, that its 2023 revenue fell about 3% and its losses widened as it grappled with slowing demand for its higher-priced models.
People look at a Polestar car during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Michaela Rehle/File Photo
U.S.-listed shares of the company fell more than 5% in premarket trading. The stock has slumped more than 63% as of Thursday's close.
The tense anticipation leading to Polestar's earnings announcement was fraught with hurdles, including reduced investment from major backer Volvo Cars and slower-than-expected demand for electric vehicles.
Polestar said it will report its first-quarter results and second-quarter volumes on July 2.
The company had postponed multiple quarterly financial reports, citing accounting misstatements in 2021 and 2022, and has rectified metrics in its 2023 annual results statement.
Polestar reported revenue of $2.38 billion for fiscal year 2023, down from $2.45 billion from restated 2022 figures.
The company reported a gross loss of $414.7 million for the year, compared with a gross profit of 98.4 million a year earlier.
Net loss widened to $1.17 billion in 2023 from $481.5 million, in the prior year.
(Reporting by Arsheeya Bajwa and Akash Sriram in Bengaluru; Editing by Tasim Zahid)