2023-05-11 07:33:48 ET
Polestar Automotive Holding ( NASDAQ: PSNY ) delivered a record number of 12,076 cars in Q1 .
Revenue rose 20.7% during the quarter to $546.0M, but came up short of the consensus expectation.
The electric vehicle maker said it was recently learned additional time will be needed for final software development of the new all-electric platform shared by Volvo Cars and that the start of production of Polestar 3 is now expected in Q1 of 2024. Due to the delay and the overall economic climate, Polestar ( PSNY ) now expects 2023 global volumes of 60K to 70K vehicles vs. 51,491 deliveries in 2022. The company expects no change to the start of production of Polestar 4, which is expected for China in Q4 of 2023, and for other markets in early 2024.
"While production of Polestar 3 will now start in the first quarter of 2024, the successful launch of Polestar 4 last month means that we add two strong offers in the attractive electric SUV market in 2024," noted CEO Thomas Ingenlath.
Shares of Polestar Automotive ( PSNY ) gained 3.27% in premarket trading to $4.10.
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Polestar Automotive hits deliveries record, pushes back Polestar 3 production