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.
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)
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