Polestar Reports Results for the Second Quarter, Expects Continued Strong Momentum for the Rest of the Year

Polestar Automotive Holding UK PLC (“Polestar”, 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: “We 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.”

The investor update presentation is available on the Polestar investor relations website. 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, 31 August 2023 at 08:00 EDT (14:00 CEST) to discuss the Company’s results and outlook. The live webcast will be available at https://edge.media-server.com/mmc/p/r8r8u37k.

Following the completion of the call, a replay will be available shortly at https://investors.polestar.com/.

Ends.

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. The company plans to create a truly climate-neutral production car, without offsetting, by 2030.

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 – 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.