Polestar Q2: Another New Low

Polestar reported Q2 results with declining delivery volumes, 8% lower revenues, and continued large losses. PSNY faces ongoing cash burn, negative working capital exceeding $4.7 billion, and a weak balance sheet despite support from Geely and Volvo.

A US sales ban from and tough competition have driven management to cut sales expectations and contributed to a bleak outlook.

One of Thursday's biggest losers in the market was Polestar ( PSNY ). Shares of the electric vehicle maker plunged more than 28%, hitting a new 52-week low in the process, after the company reported