| In
addition to delaying the release of its Polestar 3 SUV due to technical
glitches and lowering its full-year production forecast, Polestar also decreased its workforce by 10%. This
forecast comes after the business announced a first-quarter net loss of
$9M, an improvement from the $274.5M loss a year ago. - While the adjusted net loss for the quarter was $222.4M, revenue grew to $546M from $452.2M YoY.
- Polestar's
cash position declined from $973.9M at the end of 2022 to $884.3M as of
March 31, and shares are down by 12% following this Q1 report.
- Due
to the delayed Polestar 3 launch, the full-year production projection
has been reduced from the earlier estimate of 80,000 vehicles to 60,000
to 70,000 vehicles in 2023.
- The smaller Polestar 4 crossover
SUV is still scheduled to debut in late 2023, while the larger Polestar 3
SUV will go on sale in the first quarter of 2024.
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