GOTHENBURG, Sweden, Oct. 7, 2022
/PRNewswire/ -- Polestar Automotive Holding UK PLC ("Polestar" or
the "Company," Nasdaq: PSNY), the Swedish electric performance car
brand, delivered approximately 9,215 vehicles in the third quarter
of 2022, bringing the total year-to-date to approximately 30,400
cars for the first nine months of 2022, up 100% year-on-year.
A recent ramp up in production following Covid-19 disruptions in
China earlier in the year has
resulted in significantly higher production rates and the company
expects to meet its 50,000 global volume target for 2022 by
delivering the remaining vehicles in the fourth quarter.
"We needed to catch up on production after Covid-19 related
setbacks in China and we have. The
majority of Polestar 2 cars set for delivery in Q4 are ready and
making their way to our customers in 27 markets around the world,
with the fourth quarter set to be our strongest on record yet. I am
confident we will meet our target of 50,000 cars for this year."
said Polestar CEO, Thomas
Ingenlath.
Polestar expects to post its financial and operational results
for the third quarter of 2022 on Friday,
November 11, 2022, before market opening in the USA. Polestar's CEO and CFO will hold a live
audio webcast that day at 08:00 EDT
(14:00 CET) to discuss the Company's
financial and operational results and outlook. Relevant documents
and a link to the live audio webcast will be available on the
Polestar Investor Relations website at
https://investors.polestar.com/.
About Polestar
Polestar Automotive Holding UK PLC (Nasdaq: PSNY)
("Polestar") is a Swedish premium electric vehicle
manufacturer. Founded by Volvo Car AB (publ.) (together
with its subsidiaries, "Volvo Cars") and Zhejiang Geely Holding
Group Co., Ltd ("Geely"), in 2017, Polestar enjoys
specific technological and engineering synergies with Volvo Cars
and benefits from significant economies of scale as a
result.
Polestar is headquartered in Gothenburg, Sweden, and its vehicles
are currently available and on the road in
markets across Europe,
North America,
China and Asia
Pacific. By 2023, the company plans that its cars
will be available in an aggregate of 30
markets. Polestar cars are currently manufactured in
two facilities in China, with
additional future manufacturing planned in the USA.
Polestar has produced two
electric performance cars. The Polestar 1 was built between
2019 and 2021 as a low-volume electric performance
hybrid GT with a carbon fiber body, 609 hp, 1,000 Nm and an
electric-only range of 124 km (WLTP) – the longest of any hybrid
car in the world at the time.
The Polestar 2 electric performance fastback is the company's
first fully electric, high volume car. The Polestar 2 model range
includes three variants with a combination of long- and standard
range batteries as large as 78 kWh, and dual- and
single-motor powertrains with as much as 350 kW / 476
hp and 680 Nm.
From 2022, Polestar plans to launch one new electric
vehicle per year, starting with Polestar 3 – the company's first
electric performance SUV which is expected to debut on
October 12, 2022. Polestar 4
is expected to follow in 2023, a smaller electric performance SUV
coupe.
In 2024, the Polestar 5 electric performance 4-door GT is
planned to be launched as the production evolution of
the Polestar Precept – the manifesto concept car Polestar
released in 2020 that showcases the brand's future vision in terms
of design, technology, and sustainability. As the company seeks to
reduce its climate impact with every new model,
Polestar aims to produce a truly climate-neutral car by
2030.
In March 2022, Polestar
revealed its second concept car, an electric performance roadster
which builds on the design, technology and
sustainability ambitions laid out by Precept and showcases the
brand's vision for future sports cars. The hard-top convertible
presents an evolution of the unique design language first shown by
Precept and emphasises a dynamic driving experience. The concept
further develops the focus on sustainability and technology, aiming
towards greater circularity. Polestar confirmed in August 2022 that a version of the concept will be
produced as the Polestar 6 electric performance roadster, with
launch expected in 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. 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, Volvo Cars and Geely, and to develop new agreements or
partnerships; (2) Polestar's ability to maintain relationships with
its existing suppliers, and source new suppliers for its critical
components, and to 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 to
manufacture vehicles at a high volume, some of which have limited
experience in producing electric vehicles, and on the allocation of
sufficient production capacity to Polestar by its partners in order
for Polestar to be able to increase its vehicle production
capacities; (5) competition, the ability of Polestar to grow and
manage growth profitably, maintain relationships with customers and
suppliers 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; (12) the ability to meet stock exchange
listing standards; (13) risks associated with changes in applicable
laws or regulations and with Polestar's international operations;
(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,
manufacture, launch and financing of Polestar's vehicles 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 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.
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SOURCE Polestar