Polestar faces delisting after fumbling annual report

The decision of Polestar to get listed on Nasdaq in the summer of 2022 wasn’t a particularly sound one, and the company is currently at risk of being delisted altogether.

According to Nasdaq, the automaker still hasn’t published its mandatory annual financial report for 2023. For its own part, Polestar claims it detected a number of “accounting errors” that “had to be fixed first”, some of them going back to fiscal years 2021 and 2022.

While that could be true, observers agree that a much likelier explanation is in the company’s dismal financial performance last year. By all indications, Polestar vehicles have been selling very poorly lately, especially after the EV market began its decline.

Company CEO Thomas Ingenlath maintains a positive outlook, saying that going electric was the right call to make. In his latest interview, he even warned the EV skeptics that their reluctance to pursue total electrification would only lead to them falling behind the rest of the industry.