GOTHENBURG, Sweden, Nov. 11,
2022 /PRNewswire/ -- Polestar Automotive Holding UK
PLC ("Polestar" or the "Company," Nasdaq: PSNY), the Swedish
electric performance car brand, today reports its results for the
nine months ended September 30,
2022.
Investor Update, 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,
November 11, 2022 at 08:00 EDT (14:00
CET) to discuss the Company's results and outlook. The live
webcast will be available at
https://edge.mediaserver.com/mmc/p/dyei2864.
Following the completion of the call, a replay will be available
shortly 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. 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 fibre 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 debuted in October
2022. Polestar 4, a smaller electric performance SUV coupe,
is expected to follow in 2023.
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 "forwardlooking 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