Polestar (PSNY) stock slid 8.7% on Thursday after the luxury electric vehicle maker cut its near and long-term production forecasts, and is raising new funding from its backers, Volvo Cars and China’s Geely.

Polestar said it now sees 2023 deliveries of approximately 60,000 vehicles for the year and a gross margin of approximately 2%.

Polestar stock slides on production forecast cut, new funding announcement comes via ChinaTechNews.com.