Polestar Automotive Holding UK PLC (“Polestar” or the “Company,”
Nasdaq: PSNY), the Swedish electric performance car brand delivered
approximately 21,000 vehicles in the fourth quarter of 2022,
bringing the preliminary estimate for full year global volumes to
51,500 cars, up 80% year-on-year.
In 2023, Polestar anticipates global volumes to increase by
nearly 60% to approximately 80,000 cars, led by strong Polestar 2
sales, and later in the year the first deliveries of Polestar
3.
"I’m proud of the many milestones we achieved in 2022 and in
particular the massive team effort that went into delivering our
strongest quarter to date – surpassing our 50,000 global volumes
target for the year. We are now fully focused on 2023. There will
be the usual quarterly variations, but I’m confident that we will
continue to actively manage our supply chain to meet the growing
demand for Polestar 2, commence first deliveries of Polestar 3 and
launch Polestar 4," says Polestar CEO, Thomas Ingenlath.
Polestar expects to post its unaudited preliminary estimates(1)
of its financial results for the year ended December 31, 2022 on
Thursday, March 2, 2023, before market opening in the USA.
Polestar's CEO and CFO will hold a live audio webcast in connection
with the publication of these unaudited preliminary estimated
results on March 2, 2023 at 08:00 ET (14:00 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/.
- These unaudited preliminary estimates are based on Polestar
management’s current best estimates and are subject to risks and
uncertainties. Polestar's independent registered public accounting
firm, Deloitte AB ("Deloitte"), has not audited, reviewed, compiled
or performed any procedures with respect to any of the unaudited
preliminary estimated information. Accordingly, Deloitte does not
express an opinion or any other form of assurance with respect
thereto. Polestar's audited financial statements for the year ended
December 31, 2022 will be included in the Annual Report on Form
20-F that Polestar expects to file end of April 2023.
Ends.
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.
Polestar plans to launch one new electric vehicle per year,
starting with Polestar 3 – the Company’s first electric performance
SUV which debuted in October 2022. The launch of Polestar 4, a
smaller electric performance SUV coupe, is expected 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 “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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230109005439/en/
Bojana Flint Head of Investor Relations
bojana.flint@polestar.com
Tanya Ridd Global Head of Communications & PR
tanya.ridd@polestar.com
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