Why Polestar Automotive Stock Keeps Falling [Yahoo! Finance]
S&P Global Inc. (SPGI)
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Source: Yahoo! Finance
Last Thursday, Polestar said that it delivered only 7,200 electric vehicles (EVs) in the quarter. Not a good number A year before, the company delivered 12,076 EVs, meaning that 7,200 figure was a 40% decline in deliveries for the Sweden-based company. China's Geely Automobile owns 24% of its stock, more than Volvo, and S&P Global Market Intelligence says Polestar's chairman, Shu Fu Li, owns another 39.2% of the EV company's stock. Management says 2024 is a "transitional year" in which it will shift from building just one EV model (the Polestar 2) to adding two new electric SUVs (Polestar 3 and 4) to its lineup. As the SUVs roll out, the company predicts it will grow its sales and expand its profit margins in the second half of fiscal 2024. By 2025, it expects to sell between 155,000 and 165,000 EVs, implying a sixfold increase from the latest quarterly numbers. Is Polestar stock a buy? That's a pretty aggressive target. And judging from investors' reaction to the company'
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SPGI
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- 4/26/24 - Miss
SPGI
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- 4/26/24 - Form IRANNOTICE
- 4/25/24 - Form 10-Q
- 4/25/24 - Form 8-K
- SPGI's page on the SEC website