Polestar Automotive Holding UK PLC’s stock
PSNY,
rose 1.5% in premarket trade Thursday, after the Swedish electric vehicle company said it delivered about 13,900 vehicles in the third quarter, up 50% from the year-earlier period. Sales of the higher priced and upgraded Polestar 2 contributed to a strong margin improvement, the company said in a statement. Polestar has now delivered about 41,700 vehicles in the first nine months, putting it on track to meet its full-year target of 60,000 to 70,000 vehicles. “We have delivered a strong quarter and expect higher margins for the rest of the year, as we continue to prioritize value over volume in our business,” Chief Executive Thomas Ingenlath said in a statement. “We will soon have a compelling range of three distinctive cars, including two luxury SUVs, each addressing an exclusive luxury EV segment. With this, Polestar enters an exciting new period.” The stock has fallen 50% in the year to date, while the S&P 500
SPX,
has gained 11%.
