Polestar Incurs $242M Operating Loss in Q2, Eyes Recovery in 2H24 [Yahoo! Finance]
Polestar Automotive Holding UK Limited (PSNYW)
Company Research
Source: Yahoo! Finance
The company delivered 13,150 vehicles in the quarter, indicating an 82% jump on a sequential basis. Revenues came in at $575 million, down 17% year over year, owing to generous discounts amid the competitive EV landscape. PSNY incurred an operating loss of $242.3 million for the three months ended June 30, narrower than $273.6 million incurred in the year-ago quarter. Nonetheless, the loss underscores the challenges the company is experiencing, including high competition, rising costs and pricing pressure. Polestar exited the second quarter with cash/cash equivalents of $669 million. The company expects the second half of 2024 to fare better than the first half, thanks to the growing sales of two premium SUVs — Polestar 3 and 4. Since its spin-off from Volvo two years ago, Polestar's share price has plummeted more than 90%. To navigate these turbulent waters, the company has announced a leadership change. Michael Lohscheller, the former chief of Opel, will replace CEO Thomas Ingen
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News
- Polestar (PSNY): Asset-Light EV Manufacturer Targets Positive Margins Amid Steady Growth [Yahoo! Finance]Yahoo! Finance
- 2, 3, 4: Polestar posse poised to perform [Yahoo! Finance]Yahoo! Finance
- Is Polestar Automotive Holding UK PLC (PSNY) the Best Small Cap EV Stock to Invest In? [Yahoo! Finance]Yahoo! Finance
- Polestar Automotive Holding UK PLC (PSNY) Q2 2024 Earnings Call Transcript [Seeking Alpha]Seeking Alpha
PSNYW
Sec Filings
- 10/11/24 - Form 6-K
- 10/7/24 - Form 6-K
- 9/30/24 - Form 6-K
- PSNYW's page on the SEC website