Electric vehicle manufacturer Polestar Automotive Holding once again posted a loss in the second quarter. The company's loss amounted to $304 million due to software delays and increased competition.
Polestar said that for the three months leading up to the end of June, the company's revenue increased in the UK and Sweden, but fell in key markets such as the US and China. The company delivered 36 vehicles in the second quarter, 15.765% more than the same period last year.
Polestar's results show the company's continued woes, which suffered after it was listed only last year. The company's stock prices have fallen by about 65%.
The company said the listing cost incurred in the second quarter of last year was $372 million. Excluding this one-time expense, Polestar's second-quarter operating loss increased 8 percent to $19 million.
Polestar is expected to increase its production volume in the second half of the year. The company's production of the Polestar 4 crossover is scheduled to begin in November.
The challenges facing Polestar reflect the overall challenges of the electric vehicle industry. While Tesla and Chinese manufacturers are selling battery-powered vehicles at lower prices, electric vehicle manufacturers across Europe are struggling to gain market share.
To meet these challenges, Polestar will have to focus on increasing production capacity and expanding into new markets.
