Swedish-Chinese EV maker Polestar posts operating loss


Swedish-Chinese electric vehicle maker Polestar, founded by Geely and Volvo Cars, posted an operating loss of $274.4 million on Thursday, August 31. This is down from $627.3 million in 2022, while revenue rose to $685.2 million from $589.1 million.

Polestar said it has delivered 15,765 vehicles during the second quarter of 2023. The company restated its estimate of delivering between 60,000 and 70,000 cars in 2023. A target Polestar cut from 80,000 back in May.

Delayed production starts, job cuts and growing competition from new Chinese rivals have caused problems for Polestar, along with increased competition from established EV makers. While many EV makers have slashed prices to boost consumer demands, Polestar has maintained its premium pricing.

Source: kfgo.com

About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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