Jan 16 (Reuters) - Polestar CEO said it would

take longer for the Swedish EV maker to be profitable after the

company reported it sold fewer cars in 2024 than it had

projected, sending the company's U.S.-listed shares down about

8% in premarket trading.

The company, backed by China's Geely, has struggled to scale

up its business amid weakening demand for electric vehicles and

intensifying competition from legacy manufacturers.

Over the past year, Polestar has tried to overhaul its

business, including a major management reshuffle with the

appointment of industry veteran Michael Lohscheller as CEO, as

well as several new executives including head of design, board

chair, finance chief and chief operating officer.

Shortly after assuming his role in October, Lohscheller

launched a strategic review of Polestar's business.

The company announced the results of that review on

Thursday, saying it expects positive free cash flow after

investments in 2027, much later than its previous forecast of

2025-end.

Polestar had previously expected flat revenue for 2024, but

now expects a mid-teens percentage decline, and projects

negative gross margin. It is expected to report fourth-quarter

results on March 6.

The company said on Wednesday it had secured over $800

million last month in 12-month term loan facilities provided by

several banks, and that part of this funding will be used to

repay old loans.

The new funding will take the company's current debt to

about $4.4 billion, it said.