EV maker Polestar stock up as it forecasts stronger second half

By Steve Gelsi

Company bullish on Q4 sales of premium sport-utility vehicles

Polestar Inc.'s stock rose 12% Thursday after the Swedish electric-vehicle maker posted a narrower second-quarter loss and said it remains bullish on its prospects in the second half of the year.

Polestar (PSNY) said its car deliveries rose 82% to 13,150 in the second quarter and said it remains confident of a stronger second half of the year, including an expected fourth-quarter boost from sales of two premium sport-utility vehicles.

Polestar said its second-quarter operating loss fell to $242.3 million, from a year-ago loss of $273.6 million.

Revenue fell 17% to $574.9 million due to higher discounts and lower global volumes. The company missed the FactSet consensus estimate of $642.8 million.

Polestar said it remains on track to offer five performance EVs by 2026.

Including Thursday's moves, Polestar's stock is down 53.5% in 2024, compared to a 17.7% increase by the Nasdaq COMP.

-Steve Gelsi

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08-29-24 0944ET

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