Lackluster results, production target cuts deepen EV start-up gloom
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Polestar (PSNY) slashes production guidance and announces job cuts
May 11, 2023 10:00 AM EDTSwedish electric automaker, Polestar Automotive (NASDAQ: PSNY) on Thursday lowered its 2023 production guidance and announced that the company would cut headcount by 10%, citing a delayed production start for its Polestar 3 and a challenging environment for the industry.
The electric vehicle company now expects to produce between 60,000 and 70,000 cars this year, versus... More
U.S. EV shares slump following news of Lucid (LCID) and Fisker (FSR) poor 1Q results and production cuts
May 9, 2023 1:44 PM EDTU.S. electric automakers saw a decline in share prices Tuesday morning following cuts to production forecasts by Lucid Group Inc (NASDAQ: LCID) and Fisker Inc (NYSE: FSR), with Lucid sliding 9% in early trading.
Fisker shares were last down 5.3% after the company reported quarterly results. The company reported 1Q EPS of ($0.38), $0.08 worse than the analyst estimate of ($0.30). Revenue for the quarter came in at $198 thousand versus the consensus estimate of $6.33 million. The EV maker also announced... More
