Electric vehicle (EV) companies remain in focus as earnings season comes to an end. Today, we’re looking at Swedish automaker Polestar, which reported weaker-than-expected results.
An adjusted loss per share of $0.15 was 25% greater than last year, while revenues rose 16.30% YoY to $685.2 million. Its second-quarter deliveries rose 36% YoY to 15,765, bringing its first half of 2023 total to 27,841 vehicles. ⚡
Despite the soft results, executives reiterated their intent to deliver at least 60,000 EVs in 2023 with a positive gross margin. Additionally, its next two models are still on track to go into production as expected.
As for its cash balance, it jumped from 884.3 million at the end of March to $1.06 billion at the end of June. Gross margins were 1.4% for the first half of 2023, down from 4.9% in 2022 when it delivered 51,941 vehicles. 💸
Despite management’s optimism that the company will reach its goals and growing cash balance, investors remain skeptical about its future results. $PSNY shares fell 13% on the day and are nearing their all-time lows set earlier this year.