Swedish electric vehicle manufacturer Polestar (PSNY, Financial) is reassessing its strategy and operations following a decline in third-quarter deliveries. The company delivered 11,900 vehicles during the quarter, marking a roughly 15% decrease from the 13,976 vehicles delivered in the same period last year.
Recently appointed CEO Michael Lohscheller stated that the company is working with the management team to establish a clear path for Polestar's development, emphasizing the importance of evolving their commercial capabilities, from showcasing to actively selling vehicles.
Polestar plans to provide an update on its business and strategy on January 16, 2025. The company anticipates 2024 revenue to be similar to last year's $2.377 billion. Polestar aims to achieve cash flow breakeven by the end of 2025, although production is expected to fall short of previous targets.
The company is engaged in constructive discussions with lenders about loan terms and highlighted continued support from these financial institutions. As of June 30, Polestar reported cash and cash equivalents of $669 million.
