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Today: Jun 14, 2024

Polestar’s Stock Dips 10% as Finance Chief Leaves the Company

1 min read

TLDR: Polestar, the Swedish electric-vehicle maker, saw its stock fall nearly 10% after its Chief Financial Officer Johan Malmqvist departed. The company named Per Ansgar as interim CFO. Polestar also reported fourth-quarter deliveries of 12,800, up 6% from the previous year.

Polestar’s American depositary receipts (ADRs) fell by nearly 10% to $1.66 in Friday trading, bringing their total loss over the past year to about 72%. The company announced on Thursday that its CFO, Johan Malmqvist, had left the company. Polestar has named Per Ansgar as the interim CFO while it conducts a formal search for a successor.

In addition to the CFO departure, Polestar also reported fourth-quarter deliveries of 12,800 vehicles, representing a 6% increase compared to the same period the previous year. The company has been ramping up production and expanding its model lineup in recent years, with hopes of competing with established electric-vehicle manufacturers like Tesla.