Swedish electric-vehicle maker Polestar Automotive has announced a second delay in the publication of its fourth-quarter and full-year 2023 financial results. The company, known for its high-performance electric cars, did not provide a specific date for the release but confirmed its intention to publish first-quarter financial results on May 23.
The delay is attributed to the need for additional time to finalize its financial statements due to accounting misstatements in 2021 and 2022, which will be rectified in the 2023 report. As a result of these restatements, Polestar expects its net loss for 2021 to decrease by less than 5% and increase by less than 5% for 2022.
In addition to addressing the accounting misstatements, Polestar is also working on internal control measures related to financial reporting, as required by the Sarbanes-Oxley Act of 2002. This law, enacted in response to accounting scandals, aims to enhance accounting standards for publicly traded U.S. companies.
Polestar’s initial deadline for reporting its fourth-quarter results was Feb. 29, which was later postponed to April 30. The company recently reported a 40% drop in first-quarter deliveries, citing slowing demand amid uncertain economic conditions that have led consumers to tighten their budgets and reduce spending on major purchases.
