Polestar Automotive Holding UK PLC Sponsored ADR Class C (PSNYW) has released an update.
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Polestar Automotive delivered approximately 11,900 vehicles in Q3 2024, with a total of 32,300 units for the year, despite expecting similar revenue to 2023 and aiming for a positive gross profit margin by Q4. The company, supported by Geely, is adapting to market challenges, including import duties and loan covenant discussions, while transitioning to a more aggressive sales model. A strategic business update is scheduled for 16 January 2025, with reduced Q3 reporting to focus on long-term goals and annual reporting.
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