07:44 AM EST, 01/16/2025 (MT Newswires) -- Polestar Automotive Holding UK ( PSNY ) reported Thursday a preliminary fiscal Q3 revenue of $550.7 million, down from $608.6 million a year earlier.

The company also said it now expects a mid-teens percentage decline in fiscal 2024 revenue due to "continued adverse market conditions." Polestar previously estimated fiscal 2024 revenue to be in line with that of fiscal 2023.

In a separate statement, Polestar said it has updated its business plan to target a positive adjusted earnings before interest, taxes, depreciation, and amortization in 2025. The company said its new strategies also target a compound annual retail sales volume growth of 30% to 35% for 2025 to 2027.

Shares of Polestar were down more than 11% in recent premarket activity.