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. Polestar's relatively positive results come after other EV startups like Lucid, Nikola and Rivian reported ongoing problems with supply chains and production, causing them to miss production or sales targets. Polestar will release Q123 financial results on May 11, 2023. (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. The Actual Revenue was $435.4M, which beat the estimate of $0K. Polestar's proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), is expected to close in the first half of 2022. 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. Polestar expects to deliver on its full-year target of 50,000 cars. Design cues first seen on Polestars concept cars are brought to production in the fastest Polestar production car to date. 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. We want to hear from you. The revised post corrects the revenue figures from thousand to millions. other contributed capital, Effect of foreign exchange rate changes on cash and Got a confidential news tip? GOTHENBURG, SWEDEN 1 SEPTEMBER 2022. Selling, general and administrative expenses increased USD 167.9 million, or 60%. Global market for premium luxury BEV/PHEV vehicles in which we operate is expected to grow +29% CAGR 2020-2025E. 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 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. "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. Transferred vehicles for demonstration and commercial purposes are owned by Polestar and included in Inventory. Polestar expects the effects from product and market mix to continue alongside foreign exchange and input cost inflation. Polestar confirmed in August 2022 that a version of the concept will be produced as the Polestar 6 electric performance roadster, with launch expected in 2026. Volvo Cars today reports a 7 per cent increase in operating profits, excluding joint ventures and associates, to SEK 6.3 bn and an EBIT margin of 6.6 per cent for the first quarter of 2023. The below table summarises key operational results as of June 30, 2022 and June 30, 2021. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. As of September 30, 2022, Polestar had cash and cash equivalents of $988.26Mas compared to $756.68M as of December 31, 2021. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. For the avoidance of doubt, the preliminary unaudited operational and financial information published in this press release should not be considered a substitute for the financial information to be filed with the SEC in Polestars Annual Report on Form 20-F for the year ended December 31, 2022. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. Data Provider:Zacks Investment Research. Since going public, shares of Polestar are off about 49%. The company expects to deliver 50,000 vehicles this year. Research and development expenses decreased USD 8.1 million, or 8%, due to lower amortisation related to Polestar 1, partially offset by increased spend on future vehicles and battery electric technologies, including the Polestar Precept and the P10 powertrain. Polestar reports revenue of USD 1.0 billion, up 95%, for first half of 2022 Total revenue of USD 1,041.3 million in the first six months of 2022, up 95% year-over-year 21,185 cars delivered in the first six months of 2022, compared to 9,510 for the same period in 2021 The company on Thursday reported an 84% increase in revenue for 2022 to roughly $2.5 billion as it exceeded a 50,000-vehicle delivery target. The Polestar 2 model range includes three variants with a combination of long- and standard range batteries as large as 78 kWh, and dual- and single-motor powertrains with as much as 350 kW / 476 hp and 680 Nm. As the company seeks to reduce its climate impact with everynewmodel, Polestar aims to produce a truly climate-neutral car by 2030. We have a well defined rapid growth strategy. Polestar's (NASDAQ: PSNY) position as one of two global, pure electric vehicle makers was solidified with a strong Q3 earnings report that featured skyrocketing revenue and gross profit figures . Represents Polestar retail and handover locations, including Polestar Spaces, Polestar Destinations and Polestar Test Drive Centers. Polestar Automotive Holding UK PLC (Nasdaq: PSNY) (Polestar) is a Swedish premium electric vehicle manufacturer. And in a surprise for a pure-play EV-maker, the company. Create your Watchlist to save your favorite quotes on Nasdaq.com. Polestar CEO Thomas Ingenlath said the company will use the $890 million raised from the deal to fund its three-year plan to build new vehicles and eventually become profitable. All Rights Reserved. These quarterly earnings reports give. Represents Volvo Cars service centres which provide customers access to service points worldwide in support of Polestars international expansion. The company specializes in luxury vehicles. 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. Polestar Automotive Holding UK PLC (Polestar or the Company, Nasdaq: PSNY), the Swedish electric performance car brand, reports its financial results for the first six months of 2022. With no legacy, our focus is solely on the technologies of the future. Open this in the Investing.com app to get the full experience. 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. Polestar 4 is positioned between Polestar 2 and Polestar 3 in terms of size and price. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. 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. Potential adjustments to operational and consolidated financial information may be identified from work performed during Polestars year-end audit. Data is a real-time snapshot *Data is delayed at least 15 minutes. Swedish electric vehicle maker Polestar cut its annual losses in half last year, while revenue surged. But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into 2023. From 2022, Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 the companys first electric performance SUV which is expected to debut in October 2022. On the other hand, foreign exchange headwinds exacerbated the loss, and those are expected to continue into next year. Items that may be subsequently reclassified to the Unaudited Condensed Consolidated Statement of Loss: Exchange rate differences from translation of foreign operations, Other non-current interest-bearing liabilities, Interest-bearing current liabilities - related parties, Adjustments to reconcile Net loss to net cash flows, Change in operating assets and liabilities, Trade receivables, prepaid expenses and other assets, Trade payables, accrued expenses and other liabilities, Additions to property, plant and equipment, Principal repayments of short-term borrowings, Principal repayments of lease liabilities, Proceeds from the issuance of share capital and other contributed capital, Effect of foreign exchange rate changes on cash and cash equivalents, Total revenue of USD 1,041.3 million in the first six months of 2022, up 95% year-over-year, 21,185 cars delivered in the first six months of 2022, compared to 9,510 for the same period in 2021, Cash and cash equivalents of USD 1,381.6 million as of June 30, 2022, up more than 80% since the end of 2021, following successful listing on Nasdaq stock exchange in New York. We collaborate with kindred spirits on cool projects. Hertz initially offered Tesla and Polestar EVs, ordering 100,000 units from Tesla at the end of 2021 and 65,000 from Polestar. The company improved its cash position to $973.9 million to end last year, up about 29% from a year earlier. Here are the key numbers from Polestar's third-quarter earnings report, its first as a public company following its merger with a special-purpose acquisition company in June. 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. Polestar (Nasdaq: PSNY) introduces Polestar 4, an electric performance SUV coup and the second SUV in the brands line-up. 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. Our business will continue to gain momentum through the year as we start producing Polestar 3 - and with Polestar 4 in the starting blocks.. . 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. Polestar increased its global presence from 10 to 19 markets in . When autocomplete results are available use up and down arrows to review and enter to select. Polestar Automotive Holding Uk Limited - Class A Ads Earnings Dates, Upcoming and Historical PSNY last earnings on March 02, 2023 before the market opened (BMO). The measures may not be the same as similarly titled measures used by other companies due to possible differences in calculation methods and items or events being adjusted. Adjusted net loss is calculated as net loss, adjusted to exclude listing expense, fair value change of earn-out rights, and fair value change of Class C Shares. This measure is reviewed by management and is a relevant measure for understanding the underlying performance of Polestar's recurring core business operations. Here are the key numbers from Polestar's third-quarter earnings report, its first as a public company following its merger with a special-purpose acquisition company in June. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. Polestar Automotive (PSNY) is scheduled to report earnings on May 30, 2023. Sign up for free newsletters and get more CNBC delivered to your inbox. Our radical approach to transparency is crucial to accelerate the shift to sustainable mobility. Earnings reports almost always include EPS and Revenue results. Morgan Stanley upgrades GM, says stock is oversold. The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. In addition, we maintained strong momentum in our global order take and expect to deliver 50,000 cars to our customers this year, meeting our 2022 sales guidance. We plan to launch three new models, one per year to 2024. The company held a conference call for investors at 8:00 AM eastern on the same day. 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. Total Polestar Automotive Holding Uk earnings for the quarter were -$262.44 million.In the same quarter last year, Polestar Automotive Holding Uk's earnings per share (EPS) was $2.41. Polestar Automotive Holding UK PLC (Polestar or the Company, Nasdaq: PSNY), the Swedish electric performance car brand, reports its preliminary unaudited financial and operational results for the year ended December 31, 2022. Polestar Automotive Holding UK PLC's market cap currently stands at around $7.47 billion. Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. Polestar went public via a merger with a special purpose acquisition company in June.