Polestar Automotive Holding posted another operating loss in the second quarter as the electric vehicle maker struggled with software delays and intensifying competition.
While revenue surged in the U.K. and Sweden, it declined in key markets including the U.S. and China during the three months through June, the EV maker said Thursday. Polestar, owned by Volvo Car and Chinese billionaire Li Shufu’s private investment company, posted a $304 million net loss.
EV makers throughout Europe are struggling to gain market share amid intense competition from Tesla and Chinese manufacturers selling battery-powered vehicles at substantially lower prices.
Polestar’s results show ongoing woes at the company, which has only seen losses since its listing last year, pushing its stock down about 65 percent. Some shareholders are suing the architects of the listing, saying they were misled about the company’s value.
The company said the listing cost incurred in the second quarter of last year was $372 million. Excluding that one-time charge, Polestar's second quarter operating loss increased 8 percent to 19 million, CFO Johan Malmqvist said during a confernce call.