Swedish electric-vehicle maker Polestar said Friday that its third-quarter operating loss narrowed from a year ago as revenue more than doubled, and it confirmed that it still expects to deliver 50,000 vehicles in 2022.

But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into 2023.

Here are the key numbers from Polestar's third-quarter earnings report, its first as a public company following its merger with a special-purpose acquisition company in June.

  • Revenue: $435.4 million, versus $212.9 million in the third quarter of 2021
  • Operating loss: $196.4 million, down from $292.9 million a year ago

Despite the operating loss, Polestar was able to report a net profit of $299.4 million, or 14 cents per share, thanks to an accounting credit related to the revaluation of future share payouts. (Because Polestar's share price has fallen since it went public, it will have to pay out less than it had previously expected, hence the credit.)

Shares rose sharply after the report and ended Friday's session up over 20%.

"I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. "We are putting cars on the road today and we are delivering on our ambitious growth plan."

CFO Johan Malmqvist said that Polestar's lower operating loss was helped by its efforts to reduce costs, specifically short-term reductions in advertising and marketing spending.

Biden's nomination comes at a critical time for the agency. After another difficult filing season, the IRS is still wrestling with a backlog. As of Nov. 4, there were 4.2 million unprocessed individual returns received this year, according to the agency.  

"I look at the numbers and see millions of taxpayers that are still waiting for their returns to be processed," wrote National Taxpayer Advocate Erin Collins in a blog post Thursday. "Tax refunds are a lifeline for some taxpayers and important for almost all."

Mark Everson, a former IRS commissioner and current vice chairman at Alliantgroup, said it's a "challenging assignment," and hopes for a swift confirmation from Congress.

"They need to get somebody in place promptly because the services are still inadequate, there are major questions on data security and the filing season is fast approaching," said Everson, who served the agency under President George W. Bush.  

Chinese electric vehicle maker Nio on Thursday reported a loss of $577.9 million for the third quarter, significantly wider than a year ago, despite strong revenue following a 29% increase in vehicle sales.

Here are the key numbers from Nio's third-quarter earnings report.

  • Revenue: $1.83 billion, up 32.6% from the third quarter of 2021.
  • Adjusted loss per share: 30 cents, versus 6 cents per share in the year-ago period.
  • Cash at quarter end: $7.2 billion, down from $8.1 billion as of June 30.

Shares of the company closed up over 11% on Thursday.

Nio said on Oct. 1 that it delivered 31,607 vehicles in the third quarter, up 29% from the third quarter of 2021 and a record for the company.

Nio's gross margin was 13.3%, slightly improved versus the 13% margin it reported in the second quarter, but down from 20.3% a year ago. Nio said the year-over-year margin decline was due to lower sales of regulatory credits, higher costs that have squeezed margins on its vehicles, and higher spending on its charging and service networks.

CEO William Bin Li said in a statement that the company has seen strong interest in its new ET5 sedan, which he expects "will support a substantial acceleration of our overall revenue growth in the fourth quarter of 2022." The ET5, the company's second sedan, began shipping in September.

If you make more than $1 million a year in Massachusetts, you may soon be subject to a "millionaire tax" approved by voters this week through a ballot initiative.

The new law creates a 4% tax on annual income above $1 million, on top of the state's current 5% flat income tax, aiming to fund public education, roads, bridges and public transportation.

It's expected the levy will affect roughly 0.6% of Massachusetts households, according to an analysis from the Center for State Policy Analysis at Tufts University. 

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"Democrats have been working for a long time to add some tax brackets and progressivity to this system," said Richard Auxier, senior policy associate at the Urban-Brookings Tax Policy Center, pointing to the current 5% flat income tax in Massachusetts regardless of earnings.

However, California voters rejected a similar tax, aiming to pay for zero-emissions vehicle programs and wildfire response and prevention. The measure would have added a 1.75% levy on annual income of more than $2 million, in addition to the state's top income tax rate of 13.3%.

"It's very state-specific," Auxier said, explaining how the tax ballot initiatives may hinge on funding priorities, current state tax structure and other factors.

Christie's sold 150 works from the Paul G. Allen Collection for over $1.6 billion Wednesday and Thursday, as wealthy collectors around the world shrugged off economic and crypto worries to invest in trophy artworks.

Five paintings broke the $100 million mark Wednesday, including the night's top seller — Georges Seurat's "Les Poseuses, Ensemble," which sold for $149.2 million. Several works sold for three or four times their estimates, with several artists setting records at auction, including Vincent van Gogh, Edward Steichen and Gustav Klimt.

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The sales total of $1.62 billion shattered the previous record for the most expensive collection ever auctioned, set by the Harry and Linda Macklowe collection auctioned at Sotheby's for $922 million. The sales total included $1.5 billion from Wednesday night and just over $100 million from Thursday's sale.

The parade of eight- and nine-figure sales suggested that the global rich still view masterpiece art as a hedge against inflation and perhaps a safer store of value than increasingly volatile stocks and crypto currencies.

"This shows that for objects of this quality and rarity, people will spend whatever it takes to obtain them," said Andrew Fabricant, chief operating officer of Gagosian, the mega-gallery.

The Valuable 500, a business coalition, released its list of the top 10 most accessible cities in the world. 

The report cited a survey conducted among 3,500 individuals with disabilities, who rated cities based on "transport links, proximity of accommodation to attractions, shops, and restaurants, and the availability of information about accessibility."

The survey was conducted in August and September, and involved participants from five countries — the U.K., United States, Japan, China and Australia. 

"Our research shows that across both the public and private sectors in the travel and tourism industry, these cities consistently score well in the accessibility rankings," said Caroline Casey, the founder of the Valuable 500.