Polestar Loss Deepens to $1.46B Amid Slowing EV Demand
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Polestar Automotive Holding UK reported deepening losses for last year as the EV maker faced weaker demand amid organizational challenges that delayed its earnings report.
The manufacturer's operating loss amounted to $1.46 billion, compared with a restated $1.29 billion a year ago, the company said June 28. Polestar had postponed its annual report in April because of accounting errors with the delay violating Nasdaq listing rules.
The Gothenburg-based company, once in the vanguard of the electric car movement, has lost nearly 95% of its value since spinning out of Volvo Car AB two years ago. Polestar has struggled with high cash-burn amid slower-than expected sales.
The company is set to report first-half results on July 2.
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