Shares of Polestar Automotive Holding (NASDAQ:PSNY) are down today after it reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at -$0.01, which beat analysts’ consensus estimate of -$0.12 per share. Sales increased by 20.7% year-over-year, with revenue hitting $546.02 million. This was almost $63 million below expectations.
The EV manufacturer recently discovered that it’ll need more time to finish developing the software for the new all-electric platform shared with Volvo Cars. As a result, production of Polestar 3 is now anticipated to begin in Q1 of 2024. Due to this delay and the current economic environment, Polestar now projects global volumes of 60,000 to 70,000 vehicles for 2023, compared to 51,491 deliveries in 2022. No changes in production are expected for Polestar 4, which is scheduled for China in Q4 of 2023, and for other markets in early 2024.
Overall, Wall Street analysts have a consensus price target of $6.50 per share on PSNY stock, implying over 85% upside potential, as indicated by the graphic above.
