STOCKHOLM (Reuters) – Swedish electric vehicle maker Polestar’s operating loss narrowed in its second quarter as the auto industry slowly recovers from pandemic-related supply chain bottlenecks.
The cash-strapped Swedish carmaker, founded by China’s Geely and Volvo Cars, posted an operating loss on Thursday of $274.4 million, down from $627.3 million a year ago, while revenue rose to $685.2 million from $589.1 million.
Polestar said it had delivered 15,765 vehicles during the second quarter, and reiterated its forecast of delivering between 60,000 and 70,000 cars in 2023.
Polestar had cut that target from 80,000 in May.
Delayed production starts, job cuts and mounting competition from new Chinese rivals have meant a tough year for Polestar.
The carmaker has also faced increased competition from more established EV makers. While other EV makers have slashed prices to boost demand from consumers grappling with high interest rates, Polestar has maintained its premium pricing.
Polestar posted a net loss per share of $0.14, compared to a year-ago figure of $0.12.
While it has inched closer to profitability, like its rivals Polestar continues to struggle with high raw material prices.
(Reporting by Marie Mannes in Stockholm and Arsheeya Bajwa in Bangalore; Editing by Alexander Smith)
