Our digital first, direct to consumer approach favours strong customer relations. Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. According to a recent revenue report, EV automaker Polestar brought in over $1 billion in revenue in the first half of 2022. Thomas Ingenlath, Polestar CEO, comments: We made important progress in the first half of 2022 as we doubled revenues and volume, and successfully listed on the Nasdaq stock exchange in New York. As the company seeks to reduce its climate impact with every new model, Polestar aims to produce a truly climate-neutral car by 2030. 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. This increase is primarily due to rapid commercial expansion, with Polestar increasing its global presence significantly during the period. The data and prices on the website are notnecessarilyprovided by any market or exchange, but may be provided bymarket makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Foreign exchange effect on cash and cash equivalents. 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. "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. That's nearly 100% growth compared to the first half of 2021,. The automaker still expects to deliver 50,000 vehicles in 2022, a key milestone. On Invalid Date, . 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. In late January, Polestar announced a major update to Polestar 2. . Hertz initially offered Tesla and Polestar EVs, ordering 100,000 units from Tesla at the end of 2021 and 65,000 from Polestar. repurchase obligations. Selling, general and administrative expenses increased USD 167.9 million, or 60%. Revenue: $435.4. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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 management will hold a live audio webcast today, March 2, 2023 at 08:00 ET (14:00 CET) to discuss the Companys results and outlook. 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. Hertz made plans to buy 175,000 EVs from GM in September 2022. The below table summarises key operational results as of June 30, 2022 and June 30, 2021. Thomas Ingenlath, Polestar CEO, comments: We left 2022 having exceeded our 50,000 delivery target, grown revenue over 80 percent and with strengthened liquidity. The live webcast will be available athttps://edge.media-server.com/mmc/p/dyei2864. 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. Selling, general and administrative expenses were kept flat due to active cost management. The Actual EPS was $0.14, which beat the estimate of $0.00. Polestar's Earnings Stand Out Versus EV Rivals 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. Type a symbol or company name. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Polestar (Nasdaq: PSNY) will reveal its next car, Polestar 4, at the Shanghai auto show on 18 April 2023. Polestar reports global volumes for the third quarter of 2022 and PSNY Analysts Price Targets Currently no data available. Cantor Fitzgerald Initiates Coverage of Polestar Automotive Holding UK Polestar has 125 locations and 934 service points across its markets, up 22 and 123 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 global volumes for the first quarter of 2023. Online accessibility with expanding retail presences across existing and new markets. 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. Get this delivered to your inbox, and more info about our products and services. . Polestar Automotive Holding UK PLC (Polestar or the Company, Nasdaq: PSNY), the Swedish electric performance car brand, today reports its results for the nine months ended September 30, 2022. Global Head of Communications & PR[emailprotected]. Visit the Earnings Calendar to see dates for upcoming earnings announcements. This measure is reviewed by management and is a relevant measure for understanding the underlying performance of Polestar's recurring core business operations. Polestar has produced two electric performance cars. Polestar expects the effects from product and market mix to continue alongside foreign exchange and input cost inflation. Polestar 4 transforms the aerodynamics of a coup and the space of an SUV into a new breed of SUV coup. (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. Do Not Sell My Personal Data/Privacy Policy. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. 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. Polestar Automotive Holding UK PLC (Nasdaq: PSNY) (Polestar) is a Swedish premium electric vehicle manufacturer. These quarterly earnings reports give investors a glimpse into financial results from a company for a 3 month period. These quarterly earnings reports give. Please. All Rights Reserved. Please disable your ad-blocker and refresh. Polestar Automotive Holding UK PLC Stock Earnings Report Current P/E ratio: 3.13 | Price (Apr 26, 2023, EOD): $3.40 (Find current average P/E ratios for all sectors below ) PSNY Upcoming Earnings Currently no data available. Statement Regarding Preliminary Unaudited Financial and Operational Results. The company plans to create a truly climate-neutral production car, without offsetting, by 2030. Read more 1 2 3 4 Polestar increased its global presence from 10 to 19 markets in . Our business will continue to gain momentum through the year as we start producing Polestar 3 - and with Polestar 4 in the starting blocks.. reserve, Other non-current provisions and liabilities, Other non-current interest-bearing liabilities, Trade payables external and trade payables and Represents total volumes of new vehicles delivered, including external sales with recognition of revenue at time of delivery, external sales with repurchase commitments and internal sales of vehicles transferred for demonstration and commercial purposes as well as vehicles transferred to Polestar employees at time of registration. But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into 2023. expense, Preliminary Unaudited Condensed Consolidated Statement of Financial Position, Trade receivables external and trade receivables and Fusion Mediaandany provider of the data contained in this websitewill not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Expected to Post Polestar Automotive Stock (NASDAQ:PSNY), Earnings Estimates, EPS, and Revenue Polestar Automotive reports earnings on a quarterly basis. Polestar's CEO and CFO will hold a. 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.". Polestar Automotive Holding UK (PSNY) Earnings Dates & Reports The concept further develops the focus on sustainability and technology, aiming towards greater circularity. 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. Polestar went public via a merger with a special purpose acquisition company in June. Polestar reports revenue of USD 1.0 billion, up 95%, for first half of Polestar Automotive Holding UK PLC Class A ADS (PSNY) Earnings Report Polestar expects to post its financial and operational results for the third quarter of 2022 on Friday, November 11, 2022, before market opening in the USA. The live webcast will be available at https://edge.media-server.com/mmc/p/gp4rk9mk. CEO Thomas Ingenlath described the company's 2022 performance as the groundwork for a "different phase" in the automaker's growth as it aims to increase deliveries by nearly 60% to approximately 80,000 cars. accrued expenses - related parties, Preliminary Unaudited Condensed Consolidated Statement of Cash Flows, Adjustments to reconcile Net loss to net cash flows, Change in operating assets and 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 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. Polestar Automotive reports earnings on a quarterly basis. Global market for premium luxury BEV/PHEV vehicles in which we operate is expected to grow +29% CAGR 2020-2025E. Polestar Automotive Holding A (PSNY) Earnings Dates & Reports Shares of NASDAQ PSNY opened at $3.83 on Monday. The company exceeded a 50,000-vehicle delivery target and expects to increase deliveries by nearly 60% to approximately 80,000 cars in 2023. All Rights Reserved. Polestar Reports Strong Start to 2022 With Record Sales, Continued Polestar Automotive Holding UK PLC (PSNY) - Yahoo Finance These non-GAAP measures are presented for supplemental information purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. Polestar 4, a smaller electric performance SUV coupe,is expected to follow in 2023. Our pure, minimalist design guides everything we do. Gross profit increased USD 118.5 million, as. Polestar (PSNY) stock debuts on Nasdaq after SPAC merger - CNBC 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. Polestar stock jumps as earnings, production forecast delight investors
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