Beaten Down Electric Car Stock Polestar Misses Mark in Q2 Despite Record Vehicle Deliveries; Eyes 2023 Production Boost
Portfolio Pulse from Anusuya Lahiri
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) reported Q2 FY23 sales growth of 16% YoY, to $685.2 million, missing the consensus of $756.2 million. The company delivered 15,765 vehicles during Q2, a growth of 36% YoY. However, the gross loss was $(0.8) million versus $60.7 million a year ago due to higher manufacturing costs and supplier charges. The company expects to deliver 60,000-70,000 vehicles and a gross margin of 4% in 2023. PSNY stock has lost 28% YTD.
August 31, 2023 | 1:09 pm
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Polestar's Q2 sales missed consensus despite a 36% YoY growth in vehicle deliveries. The company's gross loss was due to higher manufacturing costs and supplier charges. The stock has lost 28% YTD.
Polestar's Q2 sales missed the consensus, which could negatively impact investor sentiment. The company's gross loss, due to higher manufacturing costs and supplier charges, could further dampen investor confidence. The stock has already lost 28% YTD, indicating a bearish trend.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100