Swedish electric vehicle maker Polestar on Thursday trimmed its full-year production guidance, saying that its upcoming Polestar 3 SUV will be delayed until 2024 because of software issues.
The company also said it will cut about 10% of its workforce to reduce costs. Shares were down over 4% in premarket trading following the news.
The news came as part of Polestar’s first-quarter earnings report.
For the period ended March 31, Polestar’s net loss was $9 million, or less than a penny per share, thanks to about $213.4 million in positive changes in the valuation of some of Polestar’s obligations related to its merger with a special-purpose…