Electric-car maker Polestar needs to raise an additional $1.3bn and cut costs further in order to break even by 2025, it said on Wednesday.
As it raised $450mn from owners Volvo Cars and Geely, the Nasdaq-listed group said it aims to make gross margins in the “high teens” in 2025, while selling 155,000 to 165,000 cars a year, a new target. Last year the lossmaking business sold 51,000 cars.
Polestar said a “reduced cost structure”, as well as new models, will help margins. It plans a “refocused approach to key markets”, and will lay out more details of partnerships and factory plans during an investor day on Thursday.
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