Polestar cuts full-year delivery forecast after US bars China-linked EV maker

Sept 3 (Reuters) - EV maker ‌Polestar on Thursday ​cut ​its full-year delivery forecast, hurt by Washington's crackdown on Chinese-linked vehicles that forced it out of the United States, sending its ‌shares down 5.7% in premarket trading.

The Swedish company, which is majority-owned ⁠by China's Geely Holding, now expects its annual volume growth to be low-to-mid single-digit, from ‌a previous forecast of low ‌double-digit growth.

Here are more details:

• In June, Polestar became the first automaker to be forced out of the U.S. after the Trump administration refused ​to grant the company authorization to sell vehicles in the country from model year 2027 onwards.

• "Working in a challenging environment, we continue to ⁠be disciplined in our execution and focused on improving the business," Polestar CEO Michael Lohscheller said ​in a statement.

• Net loss narrowed 55.3% to $459 million from a year earlier, as the company had to record a $724 ​million impairment in the second quarter of ‌last year.

• The company reported second-quarter revenue of $727 million, an 8% decline from a year earlier.

• Polestar recorded about $130 ⁠million in charges tied to its U.S. restructuring in the quarter, primarily related to inventory, residual value guarantees, and employee and supplier provisions.

• It also reported a negative ⁠free cash flow of $1.06 billion in the first half, compared with negative $787 million a ​year earlier, despite raising $700 million in fresh equity through the first six months of the year.

• Retail sales fell 4.0% in the second quarter.

• In the first half of ‌2026, retail sales rose 0.4% year-on-year to 30,423.

• The Swedish company opened its order book on Wednesday for ‌its new SUV 4, the first of a series of refreshed models it plans to ⁠launch in the next few ‌years.

• The company expects ​to publish third-quarter financial results on November 5.

(Reporting by Prathik Jayaprakash in Bengaluru and Marie Mannes in Stockholm; Editing by ‌Leroy Leo)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Ciena beats estimates on strong AI-driven demand, shares rise
• Broadcom Limited (AVGO) PT Raised to $575 at BMO Capital
• MediaAlpha names new CFO and raises Q3 2026 guidance