Polestar posts loss, plans steps to offset tariffs on China-made EVs

STOCKHOLM - Electric vehicle maker Polestar said it will have to take steps to offset hefty EU and U.S. import tariffs on its Chinese-made electric cars as it posted a first-quarter operating loss on Tuesday.Its new model, the Polestar 3, will be made in the United States from the end of this summer and the Polestar 4 will be produced in South Korea starting in the second half of 2025.

Like others it faces a worsening demand outlook for EV makers, where a price war started last year by rival Tesla has left many automakers struggling to sell cars they have already produced. On Tuesday it posted a first-quarter operating loss of $231.7 million while revenue plunged to $345.3 million from $543.4 million a year earlier.

Rising tensions in the Middle East are adding a premium to oil prices as traders weigh the potential of an interruption to Iran's oil supply.A Delaware judge rebuffed a request by GSK and other drugmakers to appeal a ruling allowing more than 70,000 lawsuits claiming that the heartburn drug Zantac caused cancer to go forward.

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