Polestar Automotive (NASDAQ:PSNY) reported 2Q EPS of ($0.14), $0.01 worse than the analyst estimate of ($0.13). Revenue for the quarter came in at $685.2 million versus the consensus estimate of $686.4M.
Polestar announced the delivery of 15,765 vehicles in the 2Q and confirmed its previous projection of shipping 60,000 to 70,000 cars in the year 2023. This target had been previously revised down from 80,000 in May.
Management anticipates a more robust performance in the latter half of the year, driven by the shift to the upgraded Polestar 2 model for the year 2024. This transition is expected to bring in increased volume and improved margins. Additionally, they are looking forward to the initial shipments of the Polestar 4 in China.
Polestar is finding itself in tougher competition with more established electric automakers. However, while other electric car brands have dropped their prices to attract customers who are dealing with high interest rates, Polestar has stuck to its higher pricing.
Polestar CEO, Thomas Ingenlath commented on the results, saying "We achieved record volume growth during the second quarter. Deliveries of our significantly upgraded Polestar 2 are now ramping up. With Polestar 4 expected to start production in November and Polestar 3 in the first quarter of next year, we are entering an exciting phase of higher volumes and value from our expanded model range.”