Electric vehicle maker Polestar lowers production guidance, cuts jobs (updated)

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11/05/2023 12:27

(Adds detail, earnings)
       STOCKHOLM, May 11 (Reuters) - Swedish electric vehicle
(EV) maker Polestar  PSNY.O  said on Thursday it had lowered its
2023 production guidance and would cut headcount by 10%.
    The auto maker said that as a result of a delayed production
start for its Polestar 3 and a challenging environment for the
industry it now expects volumes to be between 60,000-70,000 cars
this year, versus the 80,000 it had previously predicted.
    The Swedish carmaker, founded by China's Geely and Volvo
Cars  VOLCARb.ST , posted a first-quarter operating loss of
$199.4 million, narrowing from a loss of $257.9 million a year
ago.

 (Reporting by Marie Mannes, editing by Terje Solsvik)
 ((Marie.mannes@thomsonreuters.com))