Polestar's new CEO said on Thursday it would take longer for the Swedish electric-vehicle maker to be profitable and delayed its expansion of sales to more countries. The company's U.S.-listed shares fell nearly 14%.

Polestar (Nasdaq: PSNY) today presents an updated strategy, as the Company starts its next chapter, with significant changes being made to improve operational, commercial and financial performance.

Polestar's CEO said on Thursday it would take longer for the Swedish EV maker to be profitable after the company reported it sold fewer cars in 2024 than it had projected, sending the company's U.S.-listed shares down about 9% in premarket trading.

It'll be the brand’s first vehicle built on the Old Continent, as governments put pressure on Chinese auto production.

Polestar may be facing a possible ban in the US, but the Sweden-by-way-of-China manufacturer isn’t going to let that stop it from releasing new products. The company provided a business update on Thursday,

Polestar has announced a revised strategy aimed at enhancing its operational, commercial, and financial performance as it enters a new phase of development. The updated business plan projects a compound annual growth rate in retail sales volume of 30-35% from 2025 to 2027,

Polestar will add an electric four-door grand tourer to its lineup later this year, before expanding with another compact SUV later this decade.