Polestar Automotive Holding UK Plc postponed its fourth-quarter and full-year earnings report scheduled for Tuesday after the struggling electric-vehicle maker recognized accounting errors made in earlier years.
The misstatements concern filings for 2021 and 2022, the Swedish-origin producer mentioned in a regulatory submitting. They’re anticipated to positively impression the 2021 web loss by lower than 5%, and negatively impression its web loss by lower than 5% for 2022.
“Additional time is needed for the company to close its books and records, complete its financial statement preparation and finalize its review process” for the previous 12 months, the corporate mentioned.
The accounting snarls add to Polestar’s points with money burn and sluggish auto gross sales. Since itemizing within the US in 2022, the EV maker has repeatedly tapped its largest house owners — Chinese language billionaire Li Shufu and Volvo Automobile AB — for funds.
Polestar’s shares have plunged greater than 60% previously 12 months amid slowing EV progress and waning threat urge for food for brand new companies which have struggled scaling up output. Earlier this 12 months, Volvo Automobile mentioned it should stop funding Polestar and cut back its stake within the firm to guard its steadiness sheet.
The EV maker is counting on new fashions such because the Polestar 4 coupe to bolster gross sales, and in February raised $950 million in debt to assist finance its automobile rollouts.
It reported muted deliveries for the primary quarter, “making the already significant ramp-up required even steeper than initially expected,” Bernstein analyst Daniel Roeska mentioned in a notice earlier this month.
