Written by Cláudio Afonso | LinkedIn | X
Shares of electric vehicle (EV) maker Polestar surged 31 percent last week following the announcement of a new business model and expansion into seven new global markets. However, the gains were short-lived as the stock tumbled to a new all-time low of $0.66 per share on Friday.
Over the next days, the company is expected to publish its fourth quarter 2023 financial results and also the ones from the first quarter of this year aiming to avoid another deadline missing.
The lack of information regarding the financial situation of the company has been a major factor for retail and institutional shareholders to refrain from investing in the EV maker.
Year-to-date, Polestar’s stock has plunged 68.90 percent, with a 52-week loss of nearly 80 percent based on the last closing price at $0.7029 per share.
Geely’s EV brand has been under significant pressure in recent months due to missed deadlines with the Securities and Exchange Commission (SEC).
On the last day of May, the company announced plans to file its Annual Report for 2023 on Form 20-F and release its preliminary unaudited financial and operational results for the first quarter of 2024 by the end of June.
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Earlier, on May 1, Polestar disclosed its inability to file the 2023 Annual Report, which was originally scheduled for publication on February 29 before being postponed to April 30.
In a positive development, Polestar announced last week its expansion into seven additional markets across Asia, Europe, and Latin America by 2025. The company will enter France, the Czech Republic, Slovakia, Hungary, Poland, Thailand, and Brazil through local distribution partnerships.
“Expanding our retail operations with new and existing partners will enable us to reach more customers,” said Chief Executive Thomas Ingenlath in a statement.
Polestar’s new business model, already implemented in Sweden and Norway, allows customers to configure and order vehicles online as well as through an expanding network of Polestar Spaces and service locations.
“Through these partnerships and expansion, we will capitalize on our strong brand and growing model line-up,” Ingenlath added.
To support its growth, Polestar has made several key management appointments including the appointment of Anders Gustafsson as Head of North America, and the former Nio executives Marius Hayler to lead the operations in Norway and Matt Galvin for the UK and Irish markets.
Written by Cláudio Afonso | LinkedIn | X
