Polestar losses deepened in 2023 as EV maker grapples with slowing demand

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Swedish EV-maker Polestar said on Friday, after months of delays in turning in its financial reports, that its 2023 revenue fell and its losses widened as it grappled with slowing demand for its higher-priced models.

The tense anticipation leading to Polestar's earnings announcement was fraught with hurdles, including reduced investment from major backer Volvo Cars and slower-than-expected demand for electric vehicles. Demand for EVs has suffered as range anxiety, higher-for-longer interest rates, and attractive lower-priced hybrid vehicles have weighed on consumer demand.

Polestar reported revenue of $2.38 billion for fiscal year 2023, down 3% from $2.45 billion from 2022, citing higher discounts and lower sales of carbon credits.

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