Earnings

Polestar (PSNY) Q4 earnings: EV production ramps up

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Polestar 3

Courtesy: Polestar

Swedish electric vehicle maker Polestar cut its annual net losses in half last year, while revenue surged and it attempted to set itself apart from other EV startups.

The company on Thursday reported an 84% increase in revenue for 2022 to roughly $2.5 billion as it exceeded a 50,000-vehicle delivery target. Its net loss for the year fell to $466 million from more than $1 billion in 2021. Its adjusted operating loss narrowed by 8% to $914 million, while its adjusted earnings before interest and taxes, depreciation and amortization increased 4.8% to $759 million.

CEO Thomas Ingenlath described the company’s 2022 performance as the groundwork for a “different…



Source cnbc.com

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