Polestar Automotive (NASDAQ:PSNY) shares traded up nearly 7% on Thursday, to $1.01, after the EV firm narrowed its losses for the second quarter.
At $242.3 million, the second-quarter operating loss improved from last year’s $273.6 million loss.
Revenue for the quarter was down, however, at $574.9 million from $693.3 million a year ago.
Meanwhile, deliveries during quarter increased significantly, up 82% to 13,150 EVs.
Polestar noted that it recently benefitted from $300 million of additional funding, received this month. At the end of June, it had $669 million in cash and cash equivalents.
Also this month, Polestar changed CEOs with Michael Lohscheller replacing Thomas Ingenlath.
“Sales momentum seen in the second quarter had a positive impact on inventory levels and cash flow,” the company said in a statement.
“Polestar remains confident of a stronger second half of the year, particularly in the fourth quarter as sales of the two premium SUVs build.”