8:53 am, November 15, 2022
Bosses at Polestar say they see no end in sight to ongoing supply chain issues despite the EV firm returning reduced losses in its latest set of financial results.
The popular EV brand cut its operating losses to $196.4m (c. £166m) in the three months to the end of September, compared to $292.9 (c. £248m) in the same period last year.
However, boss Thomas Ingenlath (pictured) said that the firm continues to be blighted by global supply chain issues, including the ongoing semiconductor crisis.
The 58-year-old says he believes the issues are likely to stretch into 2023 as factors, such as the war in Ukraine, rumble on.
Polestar was recently forced to reduce its target of delivering 65,000 vehicles in a year, due to a month-long lockdown in China earlier this year.
Speaking about parts shortages, Ingenlath said: ‘Will the situation improve next year? No, we expect this again to be something that keeps us busy.’
Despite the struggles, it was not all bad news for the Swedish outfit.
The company actually posted a net profit in the period covered by the latest accounts – although the result was mostly down to an accounting quirk which included a calculation of future share payouts.
Polestar made a net profit of $299.4m (c. £253m), compared to a $302.4m (c. £255m) loss during the same period last year, the Financial Times reports.
The period also saw the firm agree a credit facility, from owners Volvo and Geely totalling $1.6bn (c. £1.3m).
The deal means the company is fully funded throughout next year and is aided by cash reserves of around $1bn (c. £845,000).
