Earnings

Polestar PSNY Q3 2023 earnings

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A Polestar 4 electric SUV is on display during the 20th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center (Shanghai) on April 18, 2023 in Shanghai, China.

Vcg | Visual China Group | Getty Images

Swedish electric vehicle maker Polestar on Wednesday cut its longstanding 2025 deliveries target and said that despite cost cuts, it will still need to raise cash to break even that year.

The company also cut its guidance for the current year.

Shares rose about 3% in after-hours trading.

Polestar said it now targeting a gross profit margin “in the high teens” for 2025, with a total annual volume of roughly 155,000 to 165,000 vehicles. At the time of…



Source cnbc.com

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