Polestar's new CEO said on Thursday it would take longer for the Swedish electric-vehicle maker to be profitable and delayed its expansion of sales to more countries. The company's U.S.-listed shares fell nearly 14%.

Polestar (Nasdaq: PSNY) today presents an updated strategy, as the Company starts its next chapter, with significant changes being made to improve operational, commercial and financial performance.

(Reuters) -Polestar CEO said it would take longer for the Swedish EV maker to be profitable after the company reported it sold fewer cars in 2024 than it had projected, sending the company's U.S.-listed shares down about 8% in premarket trading.

It'll be the brand’s first vehicle built on the Old Continent, as governments put pressure on Chinese auto production.

The automaker didn't provide any updates this time around, but in 2022 it confirmed the Polestar 6 roadster for production in 2026. The timing was still in effect last July, when Polestar showed the Concept BST, which hinted at a spicier version of the convertible sports car.

Swedish electric performance brand Polestar made several major announcements on Thursday, including confirmation that its next model, the Polestar 5 sedan, will arrive in 2025 and that its previously announced Polestar 7 model will be a small SUV.

Polestar may be facing a possible ban in the US, but the Sweden-by-way-of-China manufacturer isn’t going to let that stop it from releasing new products. The company provided a business update on Thursday,

Polestar will add an electric four-door grand tourer to its lineup later this year, before expanding with another compact SUV later this decade.