Polestar cuts its guidance as it retools its business plan for lower EV sales, higher profits

Swedish electric vehicle maker Polestar on Wednesday cut its longstanding 2025 deliveries target and said that despite cost cuts, it will still need to raise cash to break even that year.

For 2023, Polestar now expects to deliver"approximately 60,000" vehicles, at the low end of its previous guidance range, with a positive gross margin of about 2%. The company had previously guided to deliveries ofSuspect in custody in recent deadly stabbing of Detroit synagogue leader "By having taken the necessary steps to re-work our business plan, we are reducing costs and improving efficiencies to create a more resilient and profitable Polestar – and reducing our funding need at the same time," CEO Thomas Ingenlath said in a statement.

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