Written by Cláudio Afonso | LinkedIn | X
Geely’s electric vehicle manufacturer Polestar published this Friday the financial results for the year 2023 after several delays over the last months.
The company said it will report the first quarter results next week, on July 2, alongside the delivery numbers from the second quarter.
For 2023, Polestar’s revenue reached $2.377 billion, down 3 percent from $2.445 billion in 2022. The company registered a loss of $414.7 million, a significant change from a profit of $98.4 million in 2022 while gross margin was -17.4 percent compared to positive 4.0 percent in the year before.
Polestar’s CFO, Per Ansgar, stated “With the 2023 preliminary results now published, Polestar and its auditors are finalizing the process. We now expect to file our Annual Report on Form 20-F in the coming weeks”.
Polestar said its gross profit margin “met earlier guidance” adding that the results were “affected by non-cash impairment charges of approximately $450 million, related to Polestar 2 assets and inventory impairment”.
The errors announced by Polestar in the previous two annual reports have been corrected, resulting in an impact on net loss of less than 5% for each year, with one year being positively affected and the other negatively.
Polestar will publish its preliminary unaudited results for the first quarter and global deliveries for the second quarter on July 2, before the market opens in New York. Management will host a live audio webcast at 08:00 US Eastern Time (14:00 Central European Summer Time) on the same day.
On Thursday, the company delivered the first units of the Polestar 3 at its headquarters in Gothenburg, Sweden.
Earlier in the day, the company said it will start offering a new entry level variant for the SUV with the introduction of a new Long Range Single Motor variant.
The company led by Thomas Ingenlath said that, over the next days, will deliver more units in Germany and Norway adding that additional test-drive slots have been made available across its showrooms.
Earlier in the week, the EV maker launched the refreshed Polestar 2, featuring design updates, a revamped pack structure, increased range, and more individual options. Since the launch of the first iteration, the company has delivered more than 160,000 units across the 27 markets.
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The new model is now arriving in Europe and Canada, with other markets set to follow later this year, according to the brand under China’s Geely Holding Group.
From 2025 onwards, the Polestar 2’s pack structure will be aligned with its peers Polestar 3 and Polestar 4, offering more single options for a broader personalization as the company fights weaker-than-expected demand.
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.
Over the next days, it is expected that Polestar publishes the annual report for last year and the corrected reports from 2021 and 2022 after assuming mistakes in the calculations.
Written by Cláudio Afonso | LinkedIn | X
