STOCKHOLM, Sept 3 (Reuters) - Electric vehicle maker
Polestar reported a wider loss for the second quarter
on Wednesday, after U.S. tariffs and intensifying price pressure
led to an impairment charge of its flagship model, Polestar 3.
Despite strong sales in its home market of Europe, demand
for Polestar's vehicles was pressured in the U.S., a key region,
as a high cost of living and worries of a possible recession
prompted consumers to withhold spending on pricey electric cars.
The imposition of U.S. trade tariffs on global trading
partners has hit the automotive industry hard, with automakers
including Polestar scrambling to adjust supply chains and shift
manufacturing to mitigate the impact.
Polestar reported a net loss of $1.03 billion for the
quarter ended June 30, compared with a loss of $268 million a
year earlier.
The company slashed the recoverable value of the Polestar 3
to $25 million, leading to a $739 million impairment charge
recorded in cost of sales.
Polestar has implemented discounts and offers on its
vehicles in Europe to lure wary buyers as the continent faces
uncertainty due to trade tensions with the U.S.
Offers and discounts have not helped the company in the
U.S., which saw a 56% fall in second-quarter sales, as consumers
opted for cheaper hybrid and gasoline-powered vehicles over
pricey electric ones.
Other U.S. EV makers including Tesla and Rivian
also saw declines in second-quarter deliveries.
Polestar's cash position was $719 million at the end of the
second quarter, compared with cash of $732 million in the
preceding three months.