WionDrive News Desk 
Swedish electric vehicle company Polestar has received a notice from the Nasdaq – a US-based stock market exchange – for not meeting the listing rules of timely filing of the company’s annual report with the US securities regulator. A deficiency notice from Nasdaq serves as a warning of potential delisting and for rectifying the issues. It is a formal alert sent to a company that is not meeting the minimum standards for continued listing.
Polestar has said that it is working to file its annual report for the fiscal year ended December 31 and to report its first-quarter financial results of 2024. It has 60 days from the date of the notice to submit a plan of compliance to Nasdaq, it said in a statement to Reuters.
In April, the company had said that it would delay the publication of its fourth-quarter and full-year 2023 financial results for a second time.
In a separate development, the company last month revealed its plans to shift its production of cars it plans to sell into Europe, to its US plant from China. This came after rising geopolitical tension between EU and China. Polestar primarily builds its cars in the Chinese cities of Chengdu and Taizhou, and only started production in South Carolina this year. Now, it plans to build a facility in South Korea.
Primarily founded by Sweden’s Volvo Cars and China’s Geely, the majority stakes were sold off to Geely after Volvo decided to stop funding the venture. This comes at a time when Chinese EV makers are under scrutiny in Europe, and the U.S. due to China allegedly exporting over-capacity.
Data shows that Geely and a private investment firm owned by Geely founder Eric Li now own a combined 69% of Polestar, while Volvo Cars’ stake is 18% from an initial 49%. Stats show that Polestar delivered 54,600 cars globally in 2024, and has set a goal to deliver around 165,000 cars in 2025. Despite a 40% drop in the first quarter deliveries, Polestar expects deliveries of its luxury Polestar 3 and 4 SUVs to accelerate this year.
