The 2024 model year will feature a new high-tech front end that reflects the design language premiered by Polestar 3, substantial performance increases with all-new electric motors, even more powerful batteries, longer range, sustainability improvements and, for the first time in a Polestar, rear-wheel drive. Read more 1 2 3 4 On Invalid Date, . Why Polestar Dropped Double Digits Today | The Motley Fool Polestar 4 to debut at Shanghai auto show, Polestar reports global volumes for first quarter of 2023, Stay up to date on the latest investor news. Morgan Stanley upgrades GM, says stock is oversold. The firm's 50-day moving average is $4.08 and its 200-day . The below table summarises key financial results for the year ended December 31, 2022. expense, Preliminary Unaudited Condensed Consolidated Statement of Financial Position, Trade receivables external and trade receivables and Polestars Annual Report on Form 20-F is expected to be filed with the, Polestars 2022 Sustainability Report is expected to be published in, Polestar expects to post its unaudited financial results for the quarter ended. But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into 2023. 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. 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. Barclays started coverage on Polestar Automotive Holding UK in a research report on Tuesday, February 14th. This measure is reviewed by management and is a relevant measure for understanding the underlying performance of Polestar's recurring core business operations. Swedish electric vehicle maker Polestar cut its annual net losses in half last year, while revenue surged and it attempted to set itself apart from other EV startups. Aiming to be operational in 30 markets by the end of 2023, from 19 at the end of 2021. Polestar has added eight new markets since the start of 2022: Polestar has 158 retail locations and 1,116 service points across its markets, up 55 and 305 respectively, since the end of 2021. Visit the Earnings Calendar to see dates for upcoming earnings announcements. 2023, Nasdaq, Inc. All Rights Reserved. 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 assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. These quarterly earnings reports give investors a glimpse into financial results from a company for a 3 month period. Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Expected to Post Polestar believes non-GAAP financial measures are helpful to investors as they provide useful perspective on underlying business trends and assist in period on period comparisons. Operating loss increased USD 520.5 million, or 143%, reflecting continued investment in the commercial expansion of the business and a one-time share-based listing charge of USD 372.3 million incurred upon the merger with Gores Guggenheim, Inc. Since going public, shares of Polestar are off about 49%. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. Cantor Fitzgerald Initiates Coverage of Polestar Automotive Holding UK The company is releasing two new EVs this year Polestar 3 and Polestar 4 that are expected to hit their production strides in 2024. Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. Polestar Automotive (PSNY) is scheduled to report earnings on May 30, 2023. repurchase obligations. Polestar went public via a merger with a special purpose acquisition company in June. Non-GAAP measure. Investor Relations[emailprotected], Jonathan Goodman Swedish electric vehicle maker Polestar cut its annual losses in half last year, while revenue surged. Our business will continue to gain momentum through the year as we start producing Polestar 3 - and with Polestar 4 in the starting blocks.. "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. 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 concept further develops the focus on sustainability and technology, aiming towards greater circularity. These symbols will be available throughout the site during your session. Polestar releases fourth quarter and full year 2022 financial results Total revenue of USD 2.5 billionin 2022, an increase of 84% year on year 51,491 cars delivered in 2022, compared to 28,677 in 2021, an increase of 80% Cash and cash equivalents of USD 974 millionas of December 31, 2022 GOTHENBURG, SWEDEN - 2 March 2023. Press releases | 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. Revenue increased USD 506.5 million, or 95%, mainly driven by an increase in Polestar 2 vehicle sales with continued commercial expansion across markets. The Polestar 1was built between 2019 and 2021 asa low-volume electric performance hybrid GT with a carbon fibre body, 609 hp, 1,000 Nm and an electric-only range of 124 km (WLTP) the longest of any hybrid car in the world at the time. 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. . Polestar (PSNY) Stock Revs Up 20% After Doubling Revenue In 2024, the Polestar 5 electric performance 4-door GT is planned to be launched as the production evolution of the Polestar Precept the manifesto concept car Polestar released in 2020 that showcases the brands future vision in terms of design, technology, and sustainability. Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. As previously announced, Polestar anticipates global volumes to increase by nearly 60% to approximately 80,000 cars, predominantly driven by Polestar 2 sales. While delivering improved earnings for the quarter, despite raw material prices remaining at elevated levels and continued turbulence around the world, Volvo Cars' execution engine remains focused on its . 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. The forecasts range from a . Polestar reports results for the nine months ended September 30, 2022, Stay up to date on the latest investor news, https://edge.media-server.com/mmc/p/dyei2864. A Division of NBCUniversal. 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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. Online accessibility with expanding retail presences across existing and new markets. This measure is reviewed by management and provides a relevant measure for understanding the ongoing operating performance of the business prior to the impact of the non-recurring adjusting item. 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. Polestar (PSNY) - Earnings - CompaniesMarketCap.com In February, Polestar signed up eight additional sustainability partners to the ambitious Polestar 0 project to create a truly climate-neutral car by 2030 bringing the total to 24, as well as initiated a collaboration with Rivian on the Pathway Report in response to the climate crisis. Investor Update, Managements 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 defines adjusted operating loss as operating loss, adjusted to exclude listing expense. The Polestar 3 electric performance SUV is scheduled for its world premiere in October 2022 in Copenhagen. All Rights Reserved. Type a symbol or company name. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers. The upcoming earnings date is derived from an algorithm based on a company's historical reporting. And in a surprise for a pure-play EV-maker, the company. The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. Accelerating the shift to sustainable mobility, This is not the time for incremental change, but radical innovation and we are not afraid to set ambitious goals., Our model line up will address the fastest growing segments of the premium market. Unaudited Reconciliation of GAAP and Non-GAAP Results, Investing cash flows used for tangible assets, Investing cash flows used for intangible assets, Polestar releases fourth quarter and full year 2022 financial results, Stay up to date on the latest investor news, https://edge.media-server.com/mmc/p/gp4rk9mk, 51,491 cars delivered in 2022, compared to 28,677 in 2021, an increase of 80%, Selling, general and administrative expenses increased, Research and development expenses decreased. Statement Regarding Preliminary Unaudited Financial and Operational Results. period, Cash and cash equivalents at end of period. Polestar Automotive Holding Uk Plc A (PSNY). Polestar Automotive reports earnings on a quarterly basis. Earnings report for Polestar Automotive Holding UK PLC [PSNY] The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. GOTHENBURG, SWEDEN NOVEMBER 11, 2022. We collaborate with kindred spirits on cool projects. 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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