An announcement from Polestar Automotive Holding UK PLC Sponsored ADR Class C ( (PSNYW) ) is now available.
On January 16, 2025, Polestar Automotive announced preliminary unaudited financial and operational results for the third quarter of 2024, revealing a decline in retail sales by 8% and revenue by 10% compared to the same quarter in 2023, due to lower vehicle sales and competitive market pressures. Despite a net loss of USD 323 million, the company reported a 28% improvement in adjusted EBITDA due to cost-cutting measures. Polestar also updated its financial guidance, projecting a mid-teens percentage decline in 2024 revenue and a negative gross margin, as market conditions remain challenging. Additionally, the company disclosed plans to restate financial statements from 2022 and 2023, addressing balance sheet errors, while securing significant new loan facilities to support operations.
More about Polestar Automotive Holding UK PLC Sponsored ADR Class C
Polestar Automotive Holding UK PLC is a company operating in the automotive industry, primarily focusing on the production and sale of electric vehicles. It is headquartered in Gothenburg, Sweden, and is a subsidiary of Volvo Car Group and Zhejiang Geely Holding. The company is noted for its focus on sustainability and innovation in the electric vehicle market.
YTD Price Performance: 51.33%
Average Trading Volume: 420,520
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $2.48B
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