Shares of Swedish electric vehicle maker Polestar Automotive (PSNY) plummeted 5.74% in the pre-market trading session on Thursday, amid disappointing news about the company's performance.
Polestar reported on Thursday that it sold fewer cars than expected in the full year, missing its sales forecast. The company's CEO, Michael Lohscheller, also stated that it will take longer for Polestar to achieve profitability, further dampening investor sentiment.
The EV maker has been struggling to scale up its business, facing weakening demand for electric vehicles and intense competition from established automakers. Over the past year, Polestar has undergone a major restructuring, including changes in top management positions, in an effort to revive its fortunes.
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