Polestar Automotive Reports Disappointing H1 Earnings, Stock Drops Nearly 29%
On September 3, 2026, Polestar Automotive Holding UK PLC (NASDAQ: PSNY) experienced a significant stock price drop of nearly 29% following the release of its first-half earnings report for fiscal year 2026. The company reported an $842 million net loss during H1 2026, down from losses in the same period last year but still far below expectations. Despite a slight improvement in gross profit margin and reduced operating costs due to lower R&D spending, Polestar's negative margins continued, with each car sold costing more than its selling price. Polestar also announced it would scale back production growth plans for 2026 from double-digit increases to low-to-mid single digits. This decision came amid the launch of four new electric vehicle models and a challenging market environment marked by high competition and volatility. Additionally, Polestar faces regulatory hurdles in the U.S., with a ban on selling its 2027 model-year vehicles.
Tickers: $PSNY
Topics: automotive electric vehicles (EVs) stock market reaction