Shares of Polestar Automotive (NASDAQ: PSNY) dropped 12.5% on Thursday, following the Swedish premium electric vehicle (EV) maker's release of its first-quarter 2023 report. 

The stock's decline is attributable to the company cutting its 2023 vehicle delivery guidance, citing the pushback of the start of production of its Polestar 3 due to software issues. The EV maker now expects this all-electric performance SUV to begin rolling off the production line in the first quarter of 2024 rather than in mid-2023.

As background, Polestar stock began trading in June 2022 following its merger with a special purpose acquisition company (SPAC). The company was formerly the performance-car unit of Sweden's Volvo Cars, which is owned by China's Geely Automobile. Volvo still owns a large stake in Polestar.

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Source Fool.com