Polestar stock surges after reporting first-ever profit as a public company

In something of a change this earnings season, an electric carmaker (other than Tesla) actually reported a profit for the quarter.

Polestar (PSNY), the Swedish-based company backed by Volvo and China’s Geely, reported its first gross profit as a public company since completing its SPAC merger earlier this year.

For the quarter, Polestar reported:

Though Polestar did miss on the top line, sales were up 105% for the quarter versus last year, and it was enough to eke out a $4 million gross profit for the quarter. The company was able to trim its operating loss for Q3 by one-third compared to last year as well.

Through the first nine months of the year, Polestar reported $54 million in gross profit on $1.48 billion in sales. During that time Polestar delivered 30,424 cars globally, and the company said it was on track to hit its delivery target of 50,000 cars for the year. The company expects $2.4 billion in sales for the year, predicting that performance will be “driven by strong Q4…

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This article was written by and originally published on finance.yahoo.com