08:18 AM EDT, 07/02/2024 (MT Newswires) -- Polestar (PSNY) reported Q1 adjusted net loss Tuesday of $358.9 million, widening from an adjusted net loss of $251.1 million a year earlier.

One analyst polled by Capital IQ expected a loss of $284 million.

Revenue for the quarter ended March 31 was $345.3 million, compared with $543.4 million a year earlier.

Four analysts surveyed by Capital IQ expected $641.8 million.

The company also said that it delivered about 13,000 cars in Q2, an increase of 80% compared to 7,200 cars delivered in Q1.

Production of Polestar 3 in South Carolina is on track to begin at end of summer while production of Polestar 4 is expected to start in South Korea in the second half of 2025, Polestar said.

The company reported cash and cash equivalents of $784 million as of March 31.

Polestar shares fell 5% in premarket activity Tuesday.

Price: 0.8697, Change: -0.05, Percent Change: -5.03