Written by Cláudio Afonso | LinkedIn | X
Polestar announced on Friday it is delaying its fourth-quarter results to April along with its annual filing for fiscal 2024.
In a statement, the struggling carmaker said it “intends to publish fourth quarter and full-year 2024 results prior to or concurrently with filing its Annual Report on Form 20-F for 2024 in April 2025.”
As reported earlier today, the company started a new round of layoffs in China one year after having reduced its global workforce by 450 employees, or about 15%.
Shares of the EV maker dropped over 4.5% in premarket trading to $1.06, only six cents above the Nasdaq listing requirement where a publicly traded company should trade above $1.00 to avoid being delisted.
Over the last 12 months, the stock has fallen over 43%.
Additionally, Polestar said it has secured a 12-month term facility of up to $450 million and has renewed the EUR 480 million Green Trade Finance Facility (TFF). In December, the carmaker had secured 800 million in 12-month term facilities.
“Polestar originally entered into a 12-month TFF with a syndicate of leading global banks in February 2022 to support its working capital requirements and in February 2025 the facility has been renewed for €480 million,” the company said in a statement.
Polestar delivered 12,256 vehicles in the fourth quarter of 2024, bringing full-year sales to 44,851 units, down 15% from 52,796 in 2023. However, the company said total order intake rose 37.2% year-on-year in Q4 2024 and increased 37.9% for the full year compared to 2023.
The company will report its first quarter global retail sales on 10 April.
“We expect 2025 to be the most successful year in Polestar’s history,” CEO Michael Lohscheller said during a major business update.
In the U.S., Polestar sold 505 vehicles in January 2024, down from about 800 units in the same month a year earlier, according to Motor Intelligence. The Polestar 3 starts at $67,500, with lease plans beginning at $599 per month for 27 months. The launch edition, which includes the Pilot and Plus packages and faster delivery, is priced at $78,900.
