Polestar Reports 31% Reduction in Quarterly Net Loss

Published 7 hours agoPSNY

Polestar Reports 31% Reduction in Quarterly Net Loss

Polestar, the Swedish electric vehicle company, has unveiled a marked improvement in its financial metrics for the first quarter ending March 31, 2025. The company reduced its net loss by 31% to $190 million down from $276 million in the same period the previous year, Reuters reported. This positive movement comes amid efforts to boost demand and implement cost-saving measures.

In addition to scaling back losses, Polestar witnessed a substantial 84% surge in revenue, reaching $608 million. This boost was largely driven by increased vehicle sales, with deliveries nearly doubling to 12,304 units from 6,975 a year ago. A notable highlight was the improvement in gross margins, climbing to 6.8% compared to a negative margin of 7.7% during the same period last year.

Polestar's strategic initiatives have been pivotal in rewriting its financial story. The company undertook cost-cutting measures, which included a global hiring freeze and a 10% reduction in headcount to streamline operations. To further strengthen its leadership, Michael Lohscheller took the helm as CEO as of October 2024. On the manufacturing side, Polestar is also adjusting its strategy to counteract U.S. import tariffs by shifting production to the U.S. and Europe, aiming to cushion the impact on its global operations.

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