Polestar 3 And 4: Swedish EV Maker Teases Details, New Production Site Plans
Portfolio Pulse from Anan Ashraf
Swedish electric car brand Polestar Automotive Holding UK PLC (NASDAQ:PSNY) provided updates on its upcoming vehicles during its Q3 earnings call. The Polestar 3 SUV, delayed due to software development issues, will start production in China in early 2024 and in the U.S. later that summer. The Polestar 4 SUV coupe will start production in Hangzhou Bay in November. The company also plans to announce another production site outside of China for the production of Polestar 4 starting mid-2025. Polestar reported a Q3 operating loss of $261.2 million, up from a loss of $196.4 million in Q3 2022, but revenue rose 41% to $613.2 million.
November 09, 2023 | 7:22 am
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Polestar reported a Q3 operating loss of $261.2 million, but revenue rose 41% to $613.2 million. The company provided updates on its upcoming vehicles, with production of the Polestar 3 and 4 set to start in 2024.
The news is directly related to Polestar and provides important updates on the company's upcoming vehicles and financial performance. While the company reported a loss, the increase in revenue and progress on vehicle production could have a neutral impact on the stock in the short term.
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IMPORTANCE 80
RELEVANCE 100