Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish
electric performance car brand, reports its global deliveries for
the third quarter of 2023.
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the full release here:
https://www.businesswire.com/news/home/20231005890630/en/
Polestar complete product portfolio to
2024. From left: Polestar 2, Polestar 3, Polestar 4, Polestar 5.
(Photo: Polestar)
Polestar delivered approximately 13,900 vehicles in the third
quarter, a growth of 50% compared to last year, with sales of the
higher priced, upgraded Polestar 2 contributing to a strong margin
improvement.
With approximately 41,700 deliveries in the first nine months, a
growth of 37% year-on-year, and Polestar 4 deliveries commencing in
China during the fourth quarter, Polestar still expects to deliver
60,000-70,000 vehicles in 2023.
Thomas Ingenlath, Polestar CEO, comments: “We have delivered a
strong quarter and expect higher margins for the rest of the year,
as we continue to prioritize value over volume in our business.
“We will soon have a compelling range of three distinctive cars,
including two luxury SUVs, each addressing an exclusive luxury EV
segment. With this, Polestar enters an exciting new period.”
Polestar expects to post its unaudited financial and operational
results for the third quarter of 2023 on Wednesday, 8 November
2023, after market closing in the USA. In conjunction with the
results, Polestar’s CEO and CFO will provide an update regarding
actions to manage costs and improve margins to reach profitability
in 2025.
A live audio webcast from Los Angeles, USA is scheduled to start
at 14:00 PT (17:00 ET or 23:00 CET).
Relevant documents and a link to the live audio webcast will be
available on the Polestar Investor Relations website at
https://investors.polestar.com/. From Wednesday, 25 October 2023,
verified shareholders will be able to ask questions through the Say
Technologies platform, accessible via
https://app.saytechnologies.com/polestar-2023-q3.
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.
Polestar plans to have a line-up of five performance EVs by
2026. Polestar 2, the electric performance fastback, launched in
2019. Polestar 3, the SUV for the electric age, launched in late
2022. Polestar 4, the SUV coupé transformed, is launching in phases
through 2023 and into 2024. Polestar 5, an electric four-door GT
and Polestar 6, an electric roadster, are coming soon.
The Polestar 0 project is the company’s ambitious goal of
creating a truly climate-neutral production car by 2030. The
research initiative also aims to create a sense of urgency to act
on the climate crisis, by challenging employees, suppliers and the
wider automotive industry, to drive towards zero.
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/20231005890630/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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