Swedish EV maker Polestar Automotive (NASDAQ:PSNY) is conducting a review of its strategy and operations, company CEO Michael Lohscheller said on Friday, after the company reported a drop in Q3 deliveries.
What Happened: Polestar delivered 11,900 vehicles in the third quarter, about 15% less than the 13,976 units it delivered in the corresponding quarter of last year.
“Together with the management team, we are conducting a review of our strategy and operations, to set out a clear path for Polestar’s development,” Lohscheller, who took over as company CEO earlier this month, said. “A key to our future success will be the development of our commercial capabilities: going from showing to actively selling cars.”
The company will now provide a business and strategy update on January 16, 2025, it said.
Why It Matters: Polestar is majority-owned by China’s Geely. The company expects revenue in 2024 to be similar to last year when it recorded a full-year revenue of $2,377.7 million.
Polestar is now looking to achieve a cash flow break-even towards the end of 2025 but at a lower volume than previously targeted.
The company said on Friday that it is now engaging in constructive dialogue with its lenders regarding its loan covenants. The lenders remain supportive, it added.
The company reported cash and cash equivalent of $669 million as of June 30.
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Photo courtesy: Polestar
