Over the past 18 months, electric vehicle maker Polestar has delayed two annual reports and multiple quarterly financial disclosures, while also replacing its CEO Thomas Ingenlath, CFO Johan Malmqvist and design chief Maximilian Missoni.
Headquartered in Sweden but backed by China’s Geely Holding Group, the EV maker said on Friday it filed its long-delayed annual report for 2024 with U.S. regulators, just days before the extended deadline.
Polestar disclosed it submitted its 20-F filing to the U.S. Securities and Exchange Commission on Friday, after missing its original target of an end-April filing.
The delay marks the second straight year Polestar has filed its annual report later than initially expected. Last year, the company filed its 2023 annual report with the SEC in August, after receiving a compliance notice in May.
Polestar had notified the SEC on April 30 that it needed more time to finalize the 2024 report, pushing the deadline to May 14. The company said back then it “needed additional time to complete” it.
The filing comes ahead of Polestar’s first-quarter 2025 financial results, which the company said — also on Friday — will be released on May 12 before U.S. markets open, followed by a conference call at 08:00 Eastern Time.
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.
On the same day, the EV maker said it also paused formal financial guidance for 2025, it prepares for potential disruption from broad tariffs that could upend supply chains
“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.
In September 2024, Polestar appointed Jean-Francois Mady as Chief Financial Officer, effective October 21, replacing interim CFO Per Ansgar, who returned to his role at Geely Sweden Holding after a brief transition period.
Polestar said last month continues to target compound annual retail sales volume growth of 30-35% between 2025 and 2027.
