Geely-backed EV maker Polestar warned Wednesday that it “needs additional time” to file its 2024 annual report. Previously scheduled to be published in April, the company led by Michael Loscheller now expects last year’s report to be released “before or on May 14.”
Last year, the company filed its 2023 annual report with the SEC in August, after receiving a compliance notice in May. It regained reporting compliance upon the filing, meeting the requirements of Nasdaq Listing Rule 5250(c)(1).
First quarter results followed by the earnings conferenece call with Wall Street analysts are planned to be published “in May” with the company refraining from setting a concrete date.
The carmaker expects gross marging improvement through this year thanks to “good momentum in transforming commercial operations” and a “favorable shift in the product mix towards higher margin models” as it ramps up production of Polestar 3 and 4 vehicles.
With the launch of new models and expansion to new markets (such as France), Polestar reaffirmed on Wednesday that it targets an annual sales growth of 30-35% between this year and 2027.
The EV maker said it “continues to implement further efficiencies across the organization” aiming to reduce costs.
Polestar has recently stopped selling new Polestar 2 model from its US website in reaction to the recently announced US tariffs. The model is produced in China and is highly affected by the new duties from the U.S. Administration.
“Given the current uncertainty surrounding international tariffs and government regulations impacting Polestar’s business and market dynamics, Polestar is pausing its financial guidance for 2025,” the company said in a statement.
Polestar‘s global sales jumped 76% year over year in the first quarter of the year to “an estimated 12,304” vehicles. In the first three months of 2024, Polestar had sold 6,975 units.
In the UK, the brand set a new sales record in March with 2,434 vehicles sold, industry data showed earlier this week. Figures jumped 203.11% year over year bringing first quarter total figures to 3,695 units, up 184.7% year over year.
The EV maker registered 357 vehicles in Germany in March, matching its performance from the same month in 2024. For the first quarter, the company sold 855 vehicles in Germany, a 35.5% increase year-over-year.
In the Netherlands, 165 units were recorded in March — an 11% rise from last year. First-quarter sales totaled 439 cars, up 25% from the same period in 2024.
