Polestar issues caution for fourth-quarter results

Polestar reported a smaller third-quarter operating loss as revenue more than doubled and the company cut spending, which sent shares soaring 25 percent in early trading. However, the electric vehicle maker warned that higher raw material costs would start to hurt later in the year. The Swedish carmaker, founded by China’s Geely and Volvo Cars, posted an operating loss of $196.4 million, down from $292.9 million in 2021. Revenue rose to $435.4 million from $212.9 million. Polestar, which listed on the Nasdaq exchange in June via a merger with a special-purpose acquisition company, said rising costs for raw materials used to make its batteries had not yet fully hit because of set contracts.