Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish
electric performance car brand, reports its global deliveries for
the fourth quarter of 2023.
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the full release here:
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Polestar delivered approximately 12,800 cars in the fourth
quarter, including 880 Polestar 4 in China, taking its global
deliveries for the year to approximately 54,600 cars, a growth of
6% compared to 2022.
Polestar continues to protect its exclusive brand position in
what remains a challenging market, resulting in fewer deliveries in
the fourth quarter and now expects a gross profit margin for the
full year of around break-even.
Thomas Ingenlath, Polestar CEO, comments: “Polestar 4 has been
very well received in China and ramping up production was an
important milestone for us. Sales of our SUV coupé will start in
Europe and Australia in the coming weeks. With the first deliveries
of Polestar 3 expected in the summer, our shift from being a one to
three-car company positions us for a transformative and exciting
2024.”
Polestar expects to post its preliminary unaudited financial and
operational results for the full year 2023 on Thursday, 29 February
2024, before market open in New York. A live audio webcast is
scheduled to start at 08:00 US Eastern Time (14:00 Central European
Time).
From Thursday, 15 February 2024, verified shareholders will be
able to ask questions through the Say Technologies platform,
accessible via the Polestar Investor Relations website.
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 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, margins, cash flow
break-even and other financial or operating metrics and statements
regarding expectations of future needs for funding and plans
related thereto 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 enter into longer term
supply contracts 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 including expectations of growth and financial
performance by generating expected revenues at expected selling
prices, maintain relationships with customers and retain its
management and key employees; (6) Polestar’s estimates of expenses,
profitability, gross margin, cash flow, and cash reserves; (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, (15) the
risks associated with negative press or reputational harm,
including from lithium-ion battery cells catching fire or venting
smoke; (65) 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 and in Israel and the
Gaza Strip, 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; (20)
Polestar’s ability to forecast demand for its vehicles; (21)
Polestar’s ability to raise additional funding; (22) Polestar’s
ability to successfully execute cost-cutting activities and
strategic efficiency initiatives; (and (23) 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/20240111757710/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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