According to Reuters, after months of delay, Swedish electric vehicle manufacturer Polar Star recently released its 2023 financial report.
Due to the slowdown in market demand for its high-priced models, the company’s revenue in 2023 will decline and losses will widen.
, Polestar 4.
Photo source: Polestar, Polestar experienced a number of challenges before announcing its earnings report, including a reduction in investment by its main backer Volvo Cars and lower-than-expected demand for electric vehicles.
Consumer demand for electric vehicles has declined, affected by range anxiety, long-term high interest rates and more attractively priced hybrid vehicles.
, In addition, due to accounting errors in 2021 and 2022, Jixing postponed quarterly financial reports many times.
Currently, the company has corrected erroneous indicators in its 2023 annual report.
Due to increased car discounts and reduced carbon credit revenue, Extreme Star’s revenue in fiscal year 2023 was US$2.
38 billion, down 3% from US$2.
45 billion in fiscal year 2022.
the gross loss was US$414.
7 million, compared with US$98.
4 million for the same period the previous year.
After a 2023 analysis, Polar Star had to reduce the value of its assets associated with Polestar 2 models by $329.
7 million, resulting in impairment charges of $240.
5 million.
, Polar Star also incurred approximately $120 million in additional costs as lower-than-expected demand in some markets led to a decline in the value of unsold cars.
Against this background, Polar Star’s net loss in 2023 expanded to US$1.
17 billion, compared with a net loss of US$481.
5 million the previous year.
After the earnings report, the U.S. -listed stock price of Jixing fell 3.
1% to 80 cents.
As of the close on June 27, the company’s share price has fallen by more than 63% this year.
, Jixing plans to announce its first-quarter results and second-quarter sales before the market opens on July 2.
, Return to the first electric network home page>,.
