Polestar Automotive Holding shares short-circuited Thursday after posting a widening net loss in its second-quarter earnings report.
The Swedish EV maker posted an adjusted net loss of $334.4 million, compared to $296.2 million a year earlier. Revenue jumped to $685.2 million from $589.1 million.
Polestar delivered 15,765 vehicles in the period, 36% more than a year earlier. The company said it still expects to deliver between 60,000 and 70,000 vehicles in 2023, with a positive gross margin.
Shares of the company fell nearly 10% to $3.46.
The company also said its next two new models remain on track to go into production as planned.
“We achieved record volume growth during the second quarter,” CEO Thomas Ingenlath said in a statement. “Deliveries of our significantly upgraded Polestar 2 are now ramping up. With Polestar 4 expected to start production in November and Polestar 3 in the first quarter of next year, we are entering an exciting phase of higher volumes and value from our expanded model range.”
The Polestar 3 is a large electric SUV based on a new platform developed by Volvo Cars. The Polestar 4 is a smaller crossover SUV expected to be built on a different platform and go into production in November.
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