Written by Cláudio Afonso | Info@claudio-afonso.com | LinkedIn | X
The electric vehicle (EV) manufacturer Polestar announced on Tuesday that it would postpone the release of its financial results for the fourth quarter and full year of 2023 for the second time. Polestar shares plummeted 11.50 percent in after-hours market to $1.23 per share following the news.
In a new SEC filing, the company says it is “unable” to file its 2023 Annual Report which was originally scheduled to the published on February 29 before being delayed to the last day of April.
NEVER MISS AN UPDATE
Polestar claims in the SEC filing the existance of “certain errors” in the 2021 and 2022 annual and interim financial statements adding that it will file the Form 20-F “as soon as practicable”.
Following the adjustments needed to correct both 2021 and 2022 statements, the company anticipates a decrease of less than 5% in its net loss for 2021 and an increase of less than 5% for 2022.
Earlier this week, the manufacturer shared that its upcoming model Polestar 5 had successfully charged from 10 to 80 percent in 10 minutes using the extreme fast charging technology from the startup StoreDot.
NEVER MISS AN UPDATE
The ready-to-drive prototype featured a 77 kWh battery pack and experienced a steady charging rate, powered by StoreDot’s Extreme Fast Charging (XFC) technology. Polestar 5 charging performance began at 310 kW and reached a peak of over 370 kW upon completion of charging.
Last week, Polestar announced the arrival of the Polestar 4 SUV to the US market. The first deliveries are planned for the last quarter of the year with the model starting at $55,000 as the company faces extreme pressure from shareholders.
As online sales commence today in the U.S., production is scheduled to begin in the US during the third quarter. The brand delivered “approximately 7,200 cars” globally in the first quarter.
CEO Thomas Ingenlath had recently addressed shareholders emphasizing the company’s commitment to succeed with the latest models 3 and 4. Ingenlath added also the final prototype of the Polestar 5 will be completed this year.
Earlier this year, Volvo Cars announced the plan to discontinue funding its Polestar electric sports car brand. On April 5th, the automaker announced that its shareholders agreed to distribute “a portion” of Volvo Cars’ stake in Polestar to its shareholders.
Written by Cláudio Afonso | Info@claudio-afonso.com | LinkedIn | X
NEVER MISS AN UPDATE
The post Polestar Faces Setback as 2023 Financial Report Is Postponed for the Second Time first appeared on EV.