Polestar Automotive Holding UK Limited is estimated to report earnings on 02/24/2023. Press releases | Polestar The company plans to create a truly climate-neutral production car, without offsetting, by 2030. Recent developments design, innovation, sustainability. Head of Investor Relations[emailprotected], Tanya Ridd Polestar expects to deliver on its full-year target of 50,000 cars. Our cars have been widely recognised for outstanding design and performance. 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. Polestar's Earnings Stand Out Versus EV Rivals Why Polestar Dropped Double Digits Today | The Motley Fool Here's a quick guide forhow to read an earnings report. Cantor Fitzgerald Initiates Coverage of Polestar Automotive Holding UK Financing cash inflow mainly comprised of equity proceeds of. (in millions of U.S. dollars) (unaudited), Selling, general and administrative expenses. "It's an exciting year for us in terms of changing the company to not only having one product but three at the end of the time," Ingenlath told CNBC during a video interview. Data Provider:Zacks Investment Research. In August 2022, Polestar confirmed plans to put its electric roadster concept into production as Polestar 6, expected to launch in 2026. (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. If you have an ad-blocker enabled you may be blocked from proceeding. While liquidity has strengthened, including a cash balance of approximately, In early January, Polestar announced that its vehicles will benefit from the latest enhancements and developments by. Polestar reports global volumes for the third quarter of 2022 and Polestar went public via a merger with a special purpose acquisition company in June. . Polestar Automotive Holding A 3.40 -0.10 -2.86% General Chart News & Analysis Financials Technical Forum Financial Summary Income Statement Balance Sheet Cash Flow Ratios Dividends Earnings. Sales of vehicles increased by $220.43M, or 108%, from $204.87M for the three months ended September 30, 2021 to $425.3M for the three months ended September 30, 2022. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. Polestar Reports Strong Start to 2022 With Record Sales, Continued As of September 30, 2022, Polestar had cash and cash equivalents of $988.26Mas compared to $756.68M as of December 31, 2021. We are focused on business execution and have had a busy start to this year with a major update to Polestar 2, excellent reception for Polestar 3, and welcomed additional sustainability partners for our ambitious Polestar 0 project. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. Polestar management will hold a live audio webcast today, November 11, 2022 at 08:00 EDT (14:00 CET) to discuss the Companys results and outlook. Non-GAAP measure. Find out with Premium for only $4.95 PSNY Polestar Automotive Holding UK PLC Earnings Date &. In some cases, you can identify forward-looking statements by terminology such as may, should, expect, intend, will, estimate, anticipate, believe, predict, potential, forecast, "outlook," "guidance", plan, seek, future, propose or continue, or the negatives of these terms or variations of them or similar terminology. Sales of vehicles increased by $220.43M, or 108%, from $204.87M for the. Polestar Automotive Holding UK (PSNY) Earnings Dates & Reports (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 (PSNY) stock debuts on Nasdaq after SPAC merger - CNBC But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into 2023. 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. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. The company specializes in luxury vehicles. Polestar Automotive reported Q3 revenue of $435.4 million, up 104% year-over-year. Earnings report for Polestar Automotive Holding UK PLC [PSNY] Its adjusted operating loss narrowed by 8% to $914 million, while its adjusted earnings before interest and taxes, depreciation and amortizationincreased 4.8% to $759 million. The upcoming earnings date is derived from an algorithm based on a company's historical reporting. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. And in a surprise for a pure-play EV-maker, the company. The majority of that increase will come from an updated Polestar 2 EV, according to Ingenlath. Since going public, shares of Polestar are off about 49%. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. CFO Johan Malmqvist said the company continues to explore potential equity or debt offerings to raise additional capital to fund operations and business growth. From 2022, Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 the companys first electric performance SUVdebuted in October 2022. The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. Design cues first seen on Polestars concept cars are brought to production in the fastest Polestar production car to date. Revenue: $435.4. The measures are not presented under a comprehensive set of accounting rules and, therefore, should only be read in conjunction with financial information reported under GAAP when understanding Polestar's operating performance. Swedish electric-vehicle maker Polestar said Friday that its third-quarter operating loss narrowed from a year ago as revenue more than doubled, and it confirmed that it still expects to deliver 50,000 vehicles in 2022. For 2023, Polestar expects gross margin be "broadly in line" with the 4.9% it reported for 2022, "with volume and product mix supporting margin progression later in the year.". other contributed capital, Effect of foreign exchange rate changes on cash and Gross profit increased USD 17.6 million, or 49%, as the result of higher sales of Polestar 2, partially offset by product and market mix. Polestar Automotive Holding UK PLC (Polestar or the Company, Nasdaq: PSNY), the Swedish electric performance car brand, reports its global volumes for the first quarter of 2023. The below table summarises key financial results for the year ended December 31, 2022. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Polestar meets global sales target of approximately 29,000 cars, Polestar dedicates team to Polestar 0 project, Polestar releases downloadable performance software upgrade for Polestar 2, Polestar calls for transparency and accelerating the shift to electric mobility at COP26, Polestar signs agreement to be publicly listed through combination with Gores Guggenheim, Polestar strengthens management team and expands engineering capabilities, Polestar receives prestigious design awards, Polestar raises USD 550 million from new investors, Polestar 2 wins Best of Best at 2021 Red Dot awards, Polestar reduced the greenhouse gas emissions per sold car by 6%. Polestar will release Q123 financial results on May 11, 2023. Selling, general and administrative expenses increased USD 167.9 million, or 60%. Malmqvist declined to comment on when the company expects to breakeven or turn a profit, saying "We remain confident in the fundamentals of our business, so we have the levers and the building blocks to get to breakeven.". To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Polestar began delivering Polestar 2 electric cars to Hertz in June 2022 as part of a purchase agreement for 65,000 cars, and Hertz has subsequently added the Polestar 1 electric performance hybrid to its Dream fleet as well. In 2024, the Polestar 5 electric performance 4-door GT is planned to be launched as the production evolution ofthePolestar Precept the manifesto concept car Polestar released in 2020 that showcases the brands future vision in terms of design, technology, and sustainability. Type a symbol or company name. Represents Polestar retail and handover locations, including Polestar Spaces, Polestar Destinations and Polestar Test Drive Centers. The forecasts range from a . Copy and paste multiple symbols separated by spaces. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestars ability to maintain agreements or partnerships with its strategic partners, Volvo Cars and Geely, and to develop new agreements or partnerships; (2) Polestars 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) Polestars 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) Polestars 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) Polestars 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 Polestars 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 Polestars international operations; (14) Polestars 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 Polestars vehicles and Polestars reliance on a limited number of vehicle models to generate revenues; (16) Polestars ability to continuously and rapidly innovate, develop and market new products; (17) risks related to future market adoption of Polestars offerings; (18) risks related to Polestars 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, Polestars 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 Polestars Form 20-F, and other documents filed, or to be filed, with the SEC by Polestar.

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