Polestar Automotive (PSNY, Financial) experienced significant volatility in its stock price, dropping over 12% to $1.29 during trading, though its losses have since narrowed to below 2%. The fluctuation followed the company's announcement of delivering approximately 11,900 vehicles in the third quarter of 2024.
For the first nine months of the year, Polestar delivered a total of 32,300 vehicles, marking a 22.8% decrease compared to the same period last year. Despite the decline, the company maintains its forecast for 2024 revenue to be similar to that of 2023 and expects to achieve a positive gross margin in the fourth quarter.
Polestar reiterated its target to reach cash flow break-even by the end of 2025, demonstrating its commitment to financial stability and growth despite current challenges.
