Polestar trimmed its 2023 delivery forecast on Wednesday to the lower end of its earlier guidance and halved its gross margin target, amid fears of a slowdown in EV demand and global economic uncertainty.
High interest rates to cool stubborn inflation have hampered sentiment as consumers looking to buy EVs face higher borrowing costs that largely offset price cuts by automakers to stimulate demand.
Polestar, which operates in 27 markets globally, said in a statement that it would now deliver about 60,000 vehicles this year, down from between 60,000 to 70,000. It had reiterated that forecast just last month after slashing the target in May from the 80,000 it had estimated earlier.
The U.S.-listed company, founded by China's Geely and Volvo Cars, also said it would achieve a gross margin of 2 percent in 2023, down from its prior 4 percent forecast.