EV maker Polestar to delay fourth-quarter results for a second time

admin admin | 05-02 00:20

Polestar was initially set to report its fourth-quarter results on Feb. 29, before postponing it to April 30.
Swedish electric-vehicle maker Polestar Automotive will delay the publication of its fourth-quarter and full-year 2023 financial results for a second time, a spokesperson for the company said on Tuesday.

Polestar did not provide a date for the release but said it still intends to publish first-quarter financial results on May 23.

The delay is partly because the company needs more time to finalize its financial statements over accounting misstatements in 2021 and 2022 that will be rectified in the 2023 report.

As a result of the restatements, the company expects its net loss to decrease by less than 5% for 2021 and increase by less than 5% for 2022.

Polestar also requires more time to complete work related to the internal control of its financial reporting as per the Sarbanes-Oxley Act of 2002, the spokesperson said.

Sarbanes-Oxley is a law which created enhanced accounting standards for publicly traded U.S. companies after a series of accounting scandals.

Polestar was initially set to report its fourth-quarter results on Feb. 29, before postponing it to April 30.

The company reported a 40% drop in first-quarter deliveries earlier this month as slowing demand due to uncertain economic conditions pinched consumer budgets and prompted them to cut back on big-ticket purchases.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Hyundai Motor India lists with record IPO, commits to Indian market with new tech and EV plans

As part of its effort to introduce clean mobility solutions for Indian buyers, Hyundai will launch f...

auto | 7 hours ago

Skoda Auto Volkswagen India plants over 7 lakh trees in Maharashtra for ecological restoration

Additionally, SAVWIPL has installed 18.5 MWp of rooftop solar power at its Chakan facility, which of...

auto | 7 hours ago

Mega Corporation launches Lendingo to enhance EV financing solutions

Mega Corporation on Monday announced the launch of a new division, Lendingo. Mega Corporation on Mon...

auto | 7 hours ago

GreenLine accelerates decarbonisation efforts with 1,000 LNG trucks by March 2025

The government in a recent draft policy proposed to convert a third of long-haul trucks into LNG pow...

auto | 7 hours ago

Remsons Industries acquires 51% stake in BEE Lighting to enhance automotive lighting solutions

Established in 2006, BEE Lighting specialises in automotive headlamps, rear lamps, and various exter...

auto | 7 hours ago

EV Recharge partners with ZEVO for mobile EV charging solutions

EV Recharge’s technology can charge vehicles from 0% to 80% in just 20 minutes, a significant improv...

auto | 7 hours ago