(Reuters) – Swedish electric vehicle maker Polestar (NASDAQ:) said on Friday, after months of delays in reporting financial results, its 2023 revenue fell and losses widened as it grappled with slowing demand for its higher-priced models.
The company’s U.S.-listed shares fell about 8% in premarket trading. As of Thursday’s close, the stock is down more than 63% this year.
The tense wait leading up to Polestar’s earnings announcement was fraught with headwinds, including reduced investment from major backer Volvo (OTC:) Cars and slower-than-expected demand for electric vehicles.
Polestar said it will release first-quarter results and second-quarter sales figures on July 2 before the market opens.
Demand for electric vehicles has weakened as consumer demand was impacted by range anxiety, higher interest rates for longer terms and attractive low-cost hybrid vehicles.
The company delayed several quarterly financial reports, citing accounting misstatements in 2021 and 2022, and also corrected figures in its 2023 annual results report.
Polestar reported revenue of $2.38 billion for fiscal 2023, down 3% from $2.45 billion in 2022, citing higher rebates and lower sales of carbon credits.
The company reported a gross loss of $414.7 million for the year, compared with a gross profit of $98.4 million a year earlier.
The electric vehicle maker said that following a 2023 review, it had to write down the value of its Polestar 2 model assets by $329.7 million, resulting in an impairment charge of $240.5 million.
Polestar said it incurred additional costs of about $120 million due to lower-than-expected demand in some markets, which led to a fall in the value of unsold vehicles.
Net loss widened to $1.17 billion in 2023 from $481.5 million in the prior year.