Polestar Welcomes Geely’s Long-Term Commitment to Its Development and Growth as an Independent Exclusive Performance Brand
February 01 2024 - 1:34AM
Business Wire
Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish
electric performance car brand, welcomes Geely Sweden Holding as a
potential direct new shareholder. Volvo Cars is evaluating a
potential adjustment to its shareholding in Polestar including a
distribution of shares to its shareholders, with Geely Sweden
Holding being the primary recipient. Volvo Cars will remain a
strategic partner in areas across R&D, manufacturing, after
sales and commercial.
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Polestar all-electric line-up (Photo:
Business Wire)
Polestar has made significant progress in developing an
all-electric model line-up, a global sales and service network and
a diversified manufacturing footprint. Polestar announced a
strengthened business plan in November 2023 that set a clear path
to profitability. With business actions to manage costs, drive
higher margins and cashflow, Polestar reduced its expected external
funding need to approximately $1.3 billion until targeted cash flow
break-even in 2025 and is well advanced on securing the additional
external funding required.
Thomas Ingenlath, Polestar CEO, says: “With our growing line-up
of exclusive, performance cars, Polestar is in one of the most
promising phases of its development. We have successfully ramped up
production and started sales in China, Europe and Australia of
Polestar 4 and Polestar 3 is expected to start first customer
deliveries this summer. We look forward to continued cooperation
with Volvo Cars as well as benefiting from even greater synergies
with Geely on future orientated technologies.”
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 supports 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
This press release contains statements that are not historical
facts, but rather forward-looking statements within the meaning of
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include those that address activities,
events or developments that Polestar or its management believes or
anticipates may occur in the future. All forward-looking statements
are based upon, as applicable, our current expectations, various
assumptions and data available from third parties. Our expectations
and assumptions are expressed in good faith and we believe there is
a reasonable basis for them. However, there can be no assurance
that such forward-looking statements will materialise or prove to
be correct as forward-looking statements are inherently subject to
known and unknown risks, uncertainties and other factors which may
cause actual future results, performance or achievements to differ
materially from the future results, performance or achievements
expressed in or implied by such forward-looking statements.
Numerous risks, uncertainties and other factors may cause actual
results to differ materially from those set out in the
forward-looking statements, including those 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 U.S. Securities
and Exchange Commission by Polestar. For any forward-looking
statements contained in this or any other document, we claim the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995,
and we assume no obligation to update publicly or revise any such
statements in light of new information or future events, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240131152601/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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