Swedish electric vehicle (EV) maker Polestar said on Thursday it had lowered its 2023 production guidance and would cut headcount by 10%.
The carmaker said as a result of a delayed production start for its Polestar 3 and a challenging environment for the industry, it now expects volumes of between 60,000 and 70,000 cars this year, versus the 80,000 it previously predicted.
Founded by Geely and Volvo Cars, the carmaker posted a first-quarter operating loss of $199.4m (roughly R3.8bn), narrowing from a loss of $257.9m (roughly R4.9bn) a year ago.
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