Thomas Ingenlath, CEO of Polestar, believes it’s time to focus on cost amid a weaker market for electric vehicles.
Christopher Goodney/Bloomberg
Polestar Automotive
provided an updated business plan to investors on Wednesday. Things aren’t getting better for the electric vehicle start-up.
For fiscal year 2025, Polestar (ticker: PSNY) now expects to generate gross profit margins in the “high-teens” and an annual volume of about 160,000 cars. In 2022, Polestar said it would ship about 290,000 units annually and generate gross profit margins north of 20%.
“In light of a fast-changing operating environment, Polestar has introduced a strengthened business plan,” the company said in a news release.
When Polestar completed its SPAC merger in June 2022, benchmark interest…
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