Reuters
Polestar Q3 loss narrows, expects hit from rising costs
Polestar on Friday reported a smaller third-quarter operating loss as revenue more than doubled and the company cut spending, sending shares soaring 25% in early trading. The Swedish carmaker, founded by China’s Geely and Volvo Cars, posted an operating loss of $196.4 million, down from $292.9 million a year ago, while revenue rose to $435.4 million from $212.9 million. Polestar, which listed on the Nasdaq exchange in June via a merger with a special-purpose acquisition company (SPAC), said rising costs for raw materials used to make its batteries had not yet fully hit because of set contracts.