Polestar posts smaller loss, says no to price war

STORY: Polestar posted a small quarterly loss on Thursday (March 2).

The electric carmaker saw a fourth quarter deficit of just under $205 million - compared with $337 million a year ago.

But, unlike its rivals, the electric vehicle maker kept its production outlook for 2023.

Start-up competitors Rivian and Lucid have found demand has weakened for electric cars this year.

Both have forecast much lower production than analyst estimates.

But Polestar stuck with the outlook it gave in January of 80,000 cars.

That is up from the 51,000 it delivered last year.

The Swedish automaker also said it would not get dragged into any price wars.

It has been a tough start to the year for EV makers.

Tesla has slashed prices for some of its models, while supply chain bottlenecks have put more strain on start-ups.

Some carmakers have followed Tesla's lead and cut prices, but Polestar said it would not do the same.