Polestar secures USD 1 billion external funding; business outlook confirmed - Seite 2

Finally, in addition to the secured USD 950 million in external funding, the recently announced new shareholder structure in Polestar provides a solid basis for the brand’s further business development. Under the new structure, Geely Sweden Holdings will become the second largest shareholder and Volvo Cars intends to retain an 18% stake.

“This marks a new phase in Polestar’s business,” says Thomas Ingenlath. “The efforts of recent years are paying off: We improved our cost basis, secured financing and are ramping up our product offensive. Both SUVs now sharpen the brand, target one of the fastest growing segments in the industry and position us for strong volume growth and profit margin progression from the second half of 2024,” he adds.

Outlook

At the end of this year, Polestar expects volume growth that supports the 2025 volume target and a double-digit gross profit margin. Volume and margin progression are expected to be weighted towards the second half of 2024, as the two SUVs reach full production and global distribution.

Publication of full-year 2023 results and conference call

Polestar is adjusting the release date for the preliminary unaudited financial and operational results for the full year 2023 to a later date. This will allow the Company time to complete the first year of compliance required by the Sarbanes-Oxley Act of 2002.

Polestar management will hold a live audio webcast tomorrow, February 29, 2024 at 08:00 ET (14:00 CET) to discuss the Company’s business and outlook update. The live webcast will be available at https://edge.media-server.com/mmc/p/6p89czud/.

Following the completion of the call, a replay will be available shortly at https://investors.polestar.com.

Ends

Notes to editors

Polestar’s three-year loan facility involves 12 banks, with BNP Paribas, Natixis and Standard Chartered leading the transaction and BBVA, HSBC, and SPDB acting as Mandated Lead Arrangers and Bookrunners.

Statement Regarding Preliminary Unaudited Financial and Operational Results

The unaudited financial and operational information published in this press release is preliminary and subject to potential adjustments. Potential adjustments to operational and consolidated financial information may be identified from work performed during Polestar’s year-end audit. This could result in differences from the unaudited operational and financial information published herein. 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 Polestar’s Annual Report on Form 20-F for the year ended December 31, 2023.