Polestar Automotive Holding UK PLC (“Polestar”, Nasdaq: PSNY),
the Swedish electric performance car brand, today reports its
results for the second quarter of 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230831633518/en/
Polestar 3 at Goodwood Festival of Speed
2023 (Photo: Polestar)
Polestar delivered 15,765 vehicles during the second quarter, a
growth of 36% compared to last year. With record global deliveries
of 27,841 for the first six months, Polestar still expects to
deliver 60,000-70,000 vehicles and a gross margin of 4% in
2023.
Thomas Ingenlath, Polestar CEO, comments: “We achieved record
volume growth during the second quarter. Deliveries of our
significantly upgraded Polestar 2 are now ramping up. With Polestar
4 expected to start production in November and Polestar 3 in the
first quarter of next year, we are entering an exciting phase of
higher volumes and value from our expanded model range.”
The investor update presentation is available on the Polestar
investor relations website. Management’s Discussion and Analysis of
Financial Conditions and Results of Operations and Unaudited
Condensed Consolidated Financial Statements, are available on the
Polestar investor relations website and will be filed with the
SEC.
Polestar management will hold a live audio webcast today, 31
August 2023 at 08:00 EDT (14:00 CEST) to discuss the Company’s
results and outlook. The live webcast will be available at
https://edge.media-server.com/mmc/p/r8r8u37k.
Following the completion of the call, a replay will be available
shortly at https://investors.polestar.com/.
Ends.
About Polestar
Polestar (Nasdaq: PSNY) is the Swedish electric performance car
brand determined to improve society by using design and technology
to accelerate the shift to sustainable mobility. Headquartered in
Gothenburg, Sweden, its cars are available online in 27 markets
globally across North America, Europe and Asia Pacific. The company
plans to create a truly climate-neutral production car, without
offsetting, by 2030.
Polestar 2 launched in 2019 as the electric performance fastback
with avant-garde Scandinavian design and up to 350 kW. Polestar 3
launched in late 2022 as the SUV for the electric age – a large
high-performance SUV that delivers sports car dynamics with a low
stance and spacious interior. Polestar plans to release three more
electric performance vehicles through to 2026.
Forward-Looking Statements
Certain statements in this press release (“Press Release”) may
be considered “forward-looking statements” as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or the future
financial or operating performance of Polestar including the number
of vehicle deliveries and gross margin. For example, projections of
revenue, volumes and other financial or operating metrics are
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as “may”, “should”,
“expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”,
“predict”, “potential”, “forecast”, “plan”, “seek”, “future”,
“propose” or “continue”, or the negatives of these terms or
variations of them or similar terminology. Such forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Polestar and its
management, as the case may be, are inherently uncertain. Factors
that may cause actual results to differ materially from current
expectations include, but are not limited to: (1) Polestar’s
ability to maintain agreements or partnerships with its strategic
partners, such as Volvo Cars, Geely or Xingji Meizu Group, and to
develop new agreements or partnerships; (2) Polestar’s ability to
maintain relationships with its existing suppliers, source new
suppliers for its critical components, and complete building out
its supply chain, while effectively managing the risks due to such
relationships; (3) Polestar’s reliance on its partnerships with
vehicle charging networks to provide charging solutions for its
vehicles and its reliance on strategic partners for servicing its
vehicles and their integrated software; (4) Polestar’s reliance on
its partners, some of which may have limited experience with
electric vehicles, to manufacture vehicles at a high volume or
develop devices, products, apps or operating systems for Polestar,
and to allocate sufficient production capacity or resources to
Polestar in order for Polestar to be able to increase its vehicle
production capacities and product offerings; (5) the ability of
Polestar to grow and manage growth profitably, maintain
relationships with customers and retain its management and key
employees; (6) Polestar’s estimates of expenses and profitability;
(7) increases in costs, disruption of supply or shortage of
materials, in particular for lithium-ion cells or semiconductors;
(8) the possibility that Polestar may be adversely affected by
other economic, business, and/or competitive factors; (9) the
effects of competition and the high barriers to entry in the
automotive industry, and the pace and depth of electric vehicle
adoption generally on Polestar’s future business; (10) changes in
regulatory requirements, governmental incentives and fuel and
energy prices; (11) the outcome of any legal proceedings that may
be instituted against Polestar or others, adverse results from
litigation, governmental investigations or audits, or tax-related
proceedings or audits; (12) the ability to meet stock exchange
listing standards; (13) changes in applicable laws or regulations
or governmental incentive programs; (14) Polestar’s ability to
establish its brand and capture additional market share, and the
risks associated with negative press or reputational harm,
including from lithium-ion battery cells catching fire or venting
smoke; (15) delays in the design, development, manufacture, launch
and financing of Polestar’s vehicles and other product offerings,
and Polestar’s reliance on a limited number of vehicle models to
generate revenues; (16) Polestar’s ability to continuously and
rapidly innovate, develop and market new products; (17) risks
related to future market adoption of Polestar’s offerings; (18)
risks related to Polestar’s distribution model; (19) the impact of
the global COVID-19 pandemic, inflation, interest rate changes, the
ongoing conflict between Ukraine and Russia, supply chain
disruptions, fuel and energy prices and logistical constraints on
Polestar, Polestar’s projected results of operations, financial
performance or other financial and operational metrics, or on any
of the foregoing risks; and (20) other risks and uncertainties set
forth in the sections entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and
other documents filed, or to be filed, with the SEC by Polestar.
There may be additional risks that Polestar presently does not know
or that Polestar currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements.
Nothing in this Press Release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Polestar assumes no
obligation to update these forward-looking statements, even if new
information becomes available in the future, except as may be
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230831633518/en/
Bojana Flint Head of Investor Relations
bojana.flint@polestar.com
Theo Kjellberg Head of Corporate PR
theo.kjellberg@polestar.com
Tanya Ridd Global Head of Communications & PR
tanya.ridd@polestar.com
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