Shares of Polestar (NASDAQ:PSNY) are down by about 8% after the Swedish electric vehicle (EV) company reported weaker than expected 2023 deliveries.
During the fourth quarter, Polestar delivered 12,800 vehicles, bringing its full-year 2023 deliveries to 54,600 vehicles, up by 6% year-over-year. Fourth-quarter deliveries fell by 8.4% compared to third-quarter deliveries of 13,976 vehicles.
During its third-quarter earnings, the EV company guided for 2023 deliveries of 60,000 vehicles. Therefore, it fell short by 5,400 vehicles, or about 9.9%.
“Polestar 4 has been very well received in China and ramping up production was an important milestone for us,” said CEO Thomas Ingenlath. “Sales of our SUV coupé will start in Europe and Australia in the coming weeks. With the first deliveries of Polestar 3 expected in the summer, our shift from being a one to three-car company positions us for a transformative and exciting 2024.”
PSNY Stock: Polestar Misses 2023 Delivery Target
Polestar also announced three new management changes this morning. Former Volkswagen (OTCMKTS:VWAGY) China Group CEO and President Winfried Vahland has been appointed as a director. Vahland was also formerly Skoda Auto’s Executive Board Chairman and a board member of Volvo (OTCMKTS:VLVLY).
On top of that, Geely (OTCMKTS:GELYF) and Volvo veteran Per Ansgar has been appointed as Polestar’s transitional CFO will the company searches for a permanent replacement. Ansgar replaced Johan Malmqvist, who held the CFO role since 2021.
Finally, Kristian Elvefors was named as Polestar’s global head of sales. Elvefors has over 20 years of experience in the commercial automotive industry and last worked as a managing director for Volvo. Elvefors, Ansgar and Vahland’s appointments are effective as of Jan. 15.
Meanwhile, Polestar has confirmed that it will report its fourth quarter earnings on Feb. 29 before the market open. Analysts are expecting $817 million in revenue, up by 33.19% sequentially, and a GAAP EPS loss of 27 cents. For the full calendar year of 2023, analysts expect revenue of $2.721 billion, up by 10.52% YOY, and a GAAP EPS loss of 38 cents.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
