The Gothenburg-based electric car manufacturer Polestar, with Volvo Cars as a part-owner, reports an operating loss of 1.46 billion dollars (equivalent to 15.5 billion kronor) for 2023. This can be compared to the loss of 1.29 billion the previous year.
The result is weighed down by write-downs of 450 million dollars.
Volvo Cars' shares are going up in line with the rest of the stock market despite the Polestar blow.
Volvo Cars writes in a comment that the company "estimates the total net effect on Volvo Cars' financial result as immaterial. The total net effect is a combination of Polestar's result for 2023 and the change in Volvo Cars' ownership stake in Polestar".
Polestar has lost almost 95 percent of its value since Volvo Cars spun off the company two years ago.
A report for the first half of 2024 is planned for July 2 this year.
Volvo Cars currently owns 18 percent of Polestar, down from over 48 percent in December 2023.
The year-end report from Polestar for 2023 is preliminary and was delayed when it was to be presented in April due to errors in the reporting.
