{"id":781239,"date":"2023-08-31T07:05:49","date_gmt":"2023-08-31T11:05:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/polestar-reports-results-for-the-second-quarter-expects-continued-strong-momentum-for-the-rest-of-the-year\/"},"modified":"2023-08-31T07:05:49","modified_gmt":"2023-08-31T11:05:49","slug":"polestar-reports-results-for-the-second-quarter-expects-continued-strong-momentum-for-the-rest-of-the-year","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/polestar-reports-results-for-the-second-quarter-expects-continued-strong-momentum-for-the-rest-of-the-year\/","title":{"rendered":"Polestar Reports Results for the Second Quarter, Expects Continued Strong Momentum for the Rest of the Year"},"content":{"rendered":"

<\/p>\n

Polestar Reports Results for the Second Quarter, Expects Continued Strong Momentum for the Rest of the Year<\/b><\/p>\n

GOTHENBURG, Sweden–(BUSINESS WIRE<\/a>)–
\nPolestar Automotive Holding UK PLC (\u201cPolestar\u201d, Nasdaq: PSNY), the Swedish electric performance car brand, today reports its results for the second quarter of 2023.<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230831633518\/en\/<\/a><\/p>\n

\"Polestar<\/p>\n

Polestar 3 at Goodwood Festival of Speed 2023 (Photo: Polestar)<\/p>\n<\/div>\n

\nPolestar delivered 15,765 vehicles during the second quarter, a growth of 36% compared to last year. With record global deliveries of 27,841 for the first six months, Polestar still expects to deliver 60,000-70,000 vehicles and a gross margin of 4% in 2023.<\/p>\n

\nThomas Ingenlath, Polestar CEO, comments: \u201cWe achieved record volume growth during the second quarter. Deliveries of our significantly upgraded Polestar 2 are now ramping up. With Polestar 4 expected to start production in November and Polestar 3 in the first quarter of next year, we are entering an exciting phase of higher volumes and value from our expanded model range.\u201d<\/p>\n

\nThe investor update presentation is available on the Polestar investor relations website. Management\u2019s 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.<\/p>\n

\nPolestar management will hold a live audio webcast today, 31 August 2023 at 08:00 EDT (14:00 CEST) to discuss the Company\u2019s results and outlook. The live webcast will be available at https:\/\/edge.media-server.com\/mmc\/p\/r8r8u37k<\/a>.<\/p>\n

\nFollowing the completion of the call, a replay will be available shortly at https:\/\/investors.polestar.com\/<\/a>.<\/p>\n

\nEnds.<\/p>\n

About Polestar<\/i><\/b><\/p>\n

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. The company plans to create a truly climate-neutral production car,<\/i> without offsetting, by 2030.<\/i><\/p>\n

Polestar 2 launched in 2019 as the electric performance fastback with avant-garde Scandinavian design and up to 350 kW. Polestar 3 launched in late 2022 as the SUV for the electric age \u2013 a large high-performance SUV that delivers sports car dynamics with a low stance and spacious interior. Polestar plans to release three more electric performance vehicles through to 2026.<\/i><\/p>\n

Forward-Looking Statements<\/i><\/b><\/p>\n

Certain statements in this press release (\u201cPress Release\u201d) may be considered \u201cforward-looking statements\u201d 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 and other financial or operating metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as \u201cmay\u201d, \u201cshould\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cwill\u201d, \u201cestimate\u201d, \u201canticipate\u201d, \u201cbelieve\u201d, \u201cpredict\u201d, \u201cpotential\u201d, \u201cforecast\u201d, \u201cplan\u201d, \u201cseek\u201d, \u201cfuture\u201d, \u201cpropose\u201d or \u201ccontinue\u201d, 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.<\/i><\/p>\n

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\u2019s 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\u2019s ability to maintain relationships with its existing suppliers, source new suppliers for its critical components, and complete building out its supply chain, while effectively managing the risks due to such relationships; (3) Polestar\u2019s 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\u2019s 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, maintain relationships with customers and retain its management and key employees; (6) Polestar\u2019s 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\u2019s 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\u2019s 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, development, manufacture, launch and financing of Polestar\u2019s vehicles and other product offerings, and Polestar\u2019s reliance on a limited number of vehicle models to generate revenues; (16) Polestar\u2019s ability to continuously and rapidly innovate, develop and market new products; (17) risks related to future market adoption of Polestar\u2019s offerings; (18) risks related to Polestar\u2019s 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, fuel and energy prices and logistical constraints on Polestar, Polestar\u2019s 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 \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d in Polestar\u2019s 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.<\/i><\/p>\n

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.<\/i><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230831633518\/en\/<\/a><\/span><\/p>\n

\nBojana Flint
\n
Head of Investor Relations
\n
bojana.flint@polestar.com<\/a><\/p>\n

\nTheo Kjellberg
\n
Head of Corporate PR
\n
theo.kjellberg@polestar.com<\/a><\/p>\n

\nTanya Ridd
\n
Global Head of Communications & PR
\n
tanya.ridd@polestar.com<\/a><\/p>\n

KEYWORDS:<\/b> Sweden Europe<\/p>\n

INDUSTRY KEYWORDS:<\/b> General Automotive EV\/Electric Vehicles Automotive<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n
Photo<\/b><\/font><\/td>\n<\/tr>\n
\"Photo\"<\/td>\n<\/tr>\n
Polestar 3 at Goodwood Festival of Speed 2023 (Photo: Polestar)<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Polestar Reports Results for the Second Quarter, Expects Continued Strong Momentum for the Rest of the Year GOTHENBURG, Sweden–(BUSINESS WIRE)– Polestar Automotive Holding UK PLC (\u201cPolestar\u201d, Nasdaq: PSNY), the Swedish electric performance car brand, today reports its results for the second quarter of 2023. This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230831633518\/en\/ Polestar 3 at Goodwood Festival of Speed 2023 (Photo: Polestar) Polestar delivered 15,765 vehicles during the second quarter, a growth of 36% compared to last year. With record global deliveries of 27,841 for the first six months, Polestar still expects to deliver 60,000-70,000 vehicles and a gross margin of 4% in 2023. Thomas Ingenlath, Polestar CEO, comments: \u201cWe achieved record volume growth during the second … <\/p>\n

Continue reading “Polestar Reports Results for the Second Quarter, Expects Continued Strong Momentum for the Rest of the Year”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-781239","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPolestar Reports Results for the Second Quarter, Expects Continued Strong Momentum for the Rest of the Year - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/polestar-reports-results-for-the-second-quarter-expects-continued-strong-momentum-for-the-rest-of-the-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Polestar Reports Results for the Second Quarter, Expects Continued Strong Momentum for the Rest of the Year - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Polestar Reports Results for the Second Quarter, Expects Continued Strong Momentum for the Rest of the Year GOTHENBURG, Sweden–(BUSINESS WIRE)– Polestar Automotive Holding UK PLC (\u201cPolestar\u201d, Nasdaq: PSNY), the Swedish electric performance car brand, today reports its results for the second quarter of 2023. This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230831633518\/en\/ Polestar 3 at Goodwood Festival of Speed 2023 (Photo: Polestar) Polestar delivered 15,765 vehicles during the second quarter, a growth of 36% compared to last year. With record global deliveries of 27,841 for the first six months, Polestar still expects to deliver 60,000-70,000 vehicles and a gross margin of 4% in 2023. 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This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230831633518\/en\/ Polestar 3 at Goodwood Festival of Speed 2023 (Photo: Polestar) Polestar delivered 15,765 vehicles during the second quarter, a growth of 36% compared to last year. With record global deliveries of 27,841 for the first six months, Polestar still expects to deliver 60,000-70,000 vehicles and a gross margin of 4% in 2023. 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