EV maker Polestar slides after delaying Q4 results again

Investing.com-- U.S.-listed shares of Polestar Automotive (NASDAQ:PSNY) fell sharply in after-hours trading on Tuesday after the Swedish electric vehicle maker delayed the publication of its fourth-quarter and 2023 full-year financial results for a second time. 

Polestar’s shares sank 8.6% to $1.270, reversing a 13% bounce during the session, and remaining close to record lows hit in April. The automaker announced the delay in a regulatory filing, but did not specify when it would release the earnings report. 

The delay in earnings comes as the EV maker seeks more time to rectify its financial statements after accounting misstatements in 2021 and 2022, which will be corrected in its 2023 report.

Polestar was initially expected to report its fourth-quarter earnings on February 29, and had then postponed the report to April 30. 

The firm’s shares have lost over 60% in the past year amid weakening EV demand and limited funding support from its biggest owners- Chinese billionaire Li Shufu and automaker Volvo (OTC:VLVLY) Car (ST:VOLCARb). 

Volvo recently said it will stop funding Polestar and will significantly reduce its stake in the EV maker. Chinese automobile giant Geely had become a major shareholder in the firm with a 24% stake. 

Polestar's accounting issues have added to the EV maker's woes, as it struggles to expand production amid sluggish sales and dwindling funding.