GOTHENBURG, Sweden, October 7, 2022 /PRNewswire/ — Polestar Automotive Holding UK PLC (“Polestar” or the “Company”, Nasdaq: PSNY), the Swedish electric performance car brand, delivered approximately 9,215 vehicles in the third quarter of 2022, bringing the total year-to-date to approximately 30,400 cars during the first nine months of 2022, up 100% year over year.
A recent increase in production following Covid-19 disruptions in Porcelain earlier in the year has resulted in significantly higher production rates and the company expects to reach its global volume target of 50,000 by 2022 by delivering the remaining vehicles in the fourth quarter.
“We needed to catch up with production after the Covid-19 related setbacks in Porcelain and we have. Most of the Polestar 2 cars to be delivered in the fourth quarter are ready and reaching our customers in 27 markets around the world, and the fourth quarter will be the strongest on record so far. I am confident that we will reach our goal of 50,000 cars for this year,” said Polestar CEO, Thomas Ingenlath.
Polestar expects to publish its financial and operating results for the third quarter of 2022 in Friday, November 11, 2022before the opening of the market in the USA. Polestar’s CEO and CFO will host a live audio webcast that day at 08:00 EDT (14:00 CEST) to discuss the financial and operating results and prospects of the Company. Relevant documents and a link to the live audio webcast will be available on Polestar’s investor relations website at https://investors.polestar.com/.
about polar star
Polar Star Automotive Holding UK PLC (Nasdaq: PSNY) (“Polestar”) is a Swedish manufacturer of premium electric vehicles. Founded by Volvo Car AB (publ.) (together with its subsidiaries, “Volvo Cars”) and Zhejiang Geely Holding Group Co., Ltd (“Geely”), In 2017, Polestar enjoys specific engineering and technological synergies with Volvo Cars and benefits from significant economies of scale as a result.
polar star iis based in Gothenburg, Swedenand their vehicles are currently available and in circulation in the markets of all Europe, North America, Porcelain and Asia PacificC. By 2023, the company plans that their cars will be available in an aggregate of 30 markets. Polestar cars are currently manufactured at two facilities in Porcelainwith additional future manufacturing planned in the USA.
Polar Star has produced two high-performance electric cars. pole star 1 was built between 2019 and 2021 as a low-volume electric high-performance hybrid GT with carbon fiber bodywork, 609 PS, 1,000 Nm and an electric range of 124 km (WLTP), the longest of any hybrid car in the world at the time.
The Polestar 2 Electric Performance Fastback is the company’s first all-electric high-volume car. The Polestar 2 model range includes three variants with a mix of standard and long range batteries up to 78 kWh, and single and dual batteries.–motors up to 350 kW / 476 hp and 680 Nm.
As of 2022Polestar plans to launch one new electric vehicle per year, starting with the Polestar 3, the company’s first electric performance SUV. which is expected to debut October 12, 2022. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe.
In 2024, the Polestar 5 electric performance 4-door GT is planned to launch as the production evolution of the Polestar Precept – The manifest concept car that Polestar launched in 2020 that showcases the future vision of the brand in terms of design, technology and sustainability. As the company seeks to reduce its climate impact with each new model, Polestar aims to produce a truly climate-neutral car by 2030.
In March 2022Polestar revealed its second concept car, an electric performance roadster that builds on the design, technology and sustainability ambitions set forth by Precept and showcases the brand’s vision for future sports cars. The hardtop convertible features an evolution of the unique design language first showcased by Precept and emphasizes a dynamic driving experience. The concept further develops the focus on sustainability and technology, with the aim of achieving greater circularity. Polar star confirmed in August 2022 that a version of the concept will be produced as the Polestar 6 electric high-performance roadster, expected to launch in 2026.
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 financial performance or future operation of Estrella Polar. For example, projections of revenues, volumes, and other financial or operating metrics 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 thereof or similar terminology. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based on 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, Volvo Cars and Geely, and to develop new agreements or partnerships; (2) Polestar’s ability to maintain relationships with its existing suppliers and seek new suppliers for its critical components, and to complete the construction of 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 to service its vehicles and its embedded software; (4) Polestar’s reliance on its partners to manufacture vehicles on a large scale, some of which have limited experience in producing electric vehicles, and the allocation of sufficient production capacity to Polestar by its partners so that it Polestar can increase its vehicle production capabilities; (5) competence, Polestar’s ability to grow and manage growth profitably, maintain customer and supplier relationships, and retain its management and key employees; (6) Polestar expense and profitability estimates; (7) cost increases, supply disruptions or material shortages, particularly for lithium-ion cells or semiconductors; (8) the possibility that Polestar will be negatively affected by other economic, commercial and/or competitive factors; (9) the effects of competition and high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption in general on Polestar’s future business; (10) changes in regulatory requirements, government incentives, and fuel and energy prices; (11) the outcome of any legal proceedings that may be brought against Polestar or others; (12) the ability to comply with public listing standards; (13) risks associated with changes in applicable laws or regulations and with Polestar’s international operations; (14) Polestar’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational damage, including when lithium-ion battery cells catch fire or emit smoke ; (15) delays in the design, manufacturing, launch and financing of Polestar’s vehicles and Polestar’s reliance on a limited number of vehicle models to generate revenue; (16) Polestar’s ability to continuously and rapidly innovate, develop and commercialize new products; (17) risks related to future market adoption of Polestar’s offerings; (18) risks related to Polestar’s distribution model; (19) the impact of the global COVID-19 pandemic, inflation, changes in interest rates, the ongoing conflict between Ukraine Y Russia, supply chain disruptions and logistics constraints at Polestar, Polestar’s projected results of operations, financial performance or other financial and operating metrics, or 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 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 does not currently know about or that Polestar believes are immaterial and which could also cause actual results to differ from those contained in forward-looking statements.
Nothing in this press release should be construed as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the results contemplated by 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 undertakes no obligation to update these forward-looking statements, even if new information becomes available in the future.
SOURCE North Star