Thursday, July 25, 2024

Polestar saved? Handing over an important document at the last minute

Polestar seems to have created its own salvation. In any case, the car brand has submitted accounts just two days before it would have been thrown off the stock exchange.

Overall, Polestar came out of 2023 with a gigantic deficit of just under 10 billion kroner.

Still, the car brand has for the time being saved itself from a delisting on the stock exchange in New York.

The car brand has submitted accounts just two days before, otherwise it would have been thrown out with a delisted share.

The warning got Polestar back in May. From here, the stock market authorities said that Polestar had 60 days to hand in the accounts, which were already overdue.

The Chinese car brand apologized immediately after saying that there was a need to correct mistakes from 2023 and 2022.

READ ALSO: Famous trio resigns – makes last Grand Tour program

However, Polestar still runs the risk of going off the market. The accounts have not yet been audited, and the brand's stock is still below the $1 value required to be traded on the stock exchange at all.

The news that the car brand has, after all, submitted some form of accounting did not immediately cause the stock to rise. Immediately before 16:00 on Friday 28 June Danish time, the trade has been in progress for an hour.

One explanation for the market's negative reaction may be that Polestar reports a drop in revenue of 3 percent compared to 2022. According to the Danish industry analyst Rene Tonder, the accounts also show that it has cost Polestar a fortune to follow the price drop on electric cars, Tesla pushed it in. He writes that in a quick analysis on LinkedIn .

Polestar's gross margin thus fell from plus 4 percent to minus 17 percent. It is therefore difficult for Polestar to make money, even though it has recently received gigantic loans in an attempt to save the business.

Read more exciting news from and about the world of cars right here!

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