- 11,900 cars delivered in Q3 2024 and 32,300 year-to-end
September
- First markets to implement active sales model showing solid
order intake
- Business and strategy update, including select Q3 financial and
operational highlights, to take place on 16 January 2025
Polestar (Nasdaq: PSNY) delivered approximately 11,900 cars in
the third quarter, taking total deliveries for the first nine
months of the year to 32,300 (2023: 41,844).
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Polestar 4 (Photo: Business Wire)
Michael Lohscheller, Polestar CEO, says: “Polestar has a great
foundation to build upon, with access to the best EV technology, a
global manufacturing capability and strong support from Geely.
Together with the management team, we are conducting a review of
our strategy and operations, to set out a clear path for Polestar’s
development.
“A key to our future success will be the development of our
commercial capabilities: going from showing to actively selling
cars. Adopting a more active sales model is already supporting our
ambitions, as the first markets to implement it are showing solid
order intake.”
Outlook
With current market conditions and announced import duties
impacting the automotive industry, the Company expects revenue in
2024 to be similar to 2023 and to achieve a positive gross profit
margin in the fourth quarter. The Company reaffirms its target of
achieving cash flow break-even towards the end of 2025 – at lower
volume than previously targeted.
Given market conditions and the Company’s anticipated
performance in 2024, the Company, alongside Geely, is engaged in
constructive dialogue with its club loan lenders, who remain
supportive, regarding its loan covenants.
Upcoming events
On 16 January 2025, Polestar management will host a live webcast
to provide a business and strategy update, including the
publication of select Q3 financial and operational highlights.
Reducing Q3 reporting disclosures will help focus company resources
on the ongoing business and strategy review and on fulfilling 2024
annual reporting requirements.
Webcast access details will be made available on the Polestar
Investor Relations website: https://investors.polestar.com/
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 in 27 markets globally
across North America, Europe and Asia Pacific. Polestar is
scheduled to expand into additional markets in 2025.
Polestar has three models in its line-up: Polestar 2, an
electric performance fastback; Polestar 3, the SUV for the electric
age; and Polestar 4, the SUV coupé transformed. With plans to have
a line-up of five performance EVs by 2026, 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; (16) 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; (17) Polestar’s ability to continuously and
rapidly innovate, develop and market new products; (18) risks
related to future market adoption of Polestar’s offerings; (19)
risks related to Polestar’s distribution model; (20) 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; (21)
Polestar’s ability to forecast demand for its vehicles; (22)
Polestar’s ability to raise additional funding; (23) Polestar’s
ability to successfully execute cost-cutting activities and
strategic efficiency initiatives; (24) the identification of
additional accounting errors and/or a final assessment of errors
already identified that differs significantly from Polestar’s
preliminary view of such errors; and (25) 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/20241011068214/en/
Bojana Flint, Head of IR Bojana.flint@polestar.com
Theo Kjellberg, Head of Corporate Communication
Theo.kjellberg@polestar.com
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