Polestar Plans Cuts as EV Tariffs, Price Pressure Deepen Loss

Polestar Automotive Holding UK Plc is making more cost cuts after losses deepened in the first quarter as tariff barriers grow and price pressures increase for electric-vehicle makers.

The Swedish manufacturer posted a $232 million operating loss for the three months through March, 5% wider than the comparable period last year.

The Gothenburg-based company, once in the vanguard of the electric-car movement, has lost nearly 95% of its value since spinning out of Volvo Car AB two years ago. Polestar has struggled with cash burn amid slower-than-expected sales.

After two rounds of job cuts — reducing staff by 10% in ...