- Targeting compound annual retail sales volume growth of 30-35%
for 2025 to 2027 and positive adjusted EBITDA in 2025
- Positive free cash flow after investments expected in 2027
- Strong product momentum: Polestar 3 and Polestar 4 represent
56% of order intake in Q4 2024; Polestar 5 launch this year
- Polestar 7, a premium compact SUV, planned to be produced in
Europe, strengthening global manufacturing network
- Dealership expansion: 75% increase in retail spaces until 2026,
with start of sales in France this year
- Continue to work with Geely on securing new equity and debt
funding to finance Polestar’s development and strategy
implementation
Polestar (Nasdaq: PSNY) today presents an updated strategy, as
the Company starts its next chapter, with significant changes being
made to improve operational, commercial and financial
performance.
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The updated business plan targets a compound annual retail sales
volume growth of 30-35% for 2025 to 2027 and a positive adjusted
EBITDA in 2025. Gaining commercial and operational momentum,
further margin, fixed costs and working capital improvements are
expected from 2026 onwards, with a positive free cash flow after
investments expected in 2027.
“We expect 2025 to be the strongest year in Polestar’s
history”
Michael Lohscheller, Polestar CEO, says: “With
Scandinavian design, performance and a premium brand, Polestar has
successfully positioned itself in the global automotive market. We
have three outstanding cars on the road and a growing, passionate
customer base.”
“We are building on the strong Polestar brand with design and
performance at its core. But significant changes are needed to make
this well-respected progressive brand a successful and viable
business. We are speeding up our retail expansion and commercial
transformation, whilst adjusting our future model line-up and
significantly reducing our cost base. Both in terms of volumes and
financials, we expect 2025 to be the strongest year in Polestar’s
history.”
Daniel Donghui Li, Geely Holding Group CEO and Polestar Board
Member, says: “Geely will continue to support Polestar’s
development and strategy implementation, including working with
Polestar to secure additional equity and debt funding. Polestar
remains an important global asset for Geely and the new leadership
team is taking the right actions to transform it from an iconic
brand into a successful global business.”
Product portfolio: Polestar 5 to come this year, Polestar 7
planned to be produced in Europe
After the global success of Polestar 2 and ramp-up of deliveries
of Polestar 3 and Polestar 4, the second half of 2025 will see the
planned start of sales of Polestar 5, the performance 4-seat
grand-tourer based on Polestar’s in-house developed
bonded-aluminium platform. It will also be the first Polestar to
use 800-Volt technology.
Polestar today announces Polestar 7 will be a premium compact
SUV, targeting the world’s fastest growing and most profitable
premium segment. With its growing portfolio, Polestar reaffirms its
position as a truly global, premium EV brand.
Reinforcing the value of Polestar’s asset-light business model,
Polestar 7 is planned to be manufactured in Europe. With production
already in place in the USA, South Korea and China, Polestar
continues to strengthen its global position with a well-balanced
international manufacturing network. Over time, from Polestar 7
onwards, the Company will gradually move from a multi-platform
approach to one single architecture, reducing complexity, costs,
and investments.
Philipp R�mers, Polestar Head of Design, says: “Polestar
is known for its progressive design, with each car standing out and
creating its own buzz – so too will Polestar 7. It is incredibly
exciting to bring Polestar’s design ethos to a new segment.
Polestar 7 will be everything our customers expect from us, both in
terms of design and performance.”
Active sales model and commercial expansion
Polestar is accelerating its shift to an active selling model,
with new retail partners and more retail spaces. Together with its
partners, Polestar plans to expand from 70 to 130 and from 36 to 57
retail spaces in Europe and North America. The established
direct-to-consumer online sales channel will remain, giving
customers a choice in how they want to buy their Polestar.
The changes being made to Polestar’s commercial operations are
already having a positive impact with a 5.3% increase in retail
sales in Q4 2024 and a 37.2% increase in order intake in Q4 2024
compared to the same quarter last year. Polestar 3 and Polestar 4
represent 56% of order intake in Q4 2024, creating a strong
momentum as we enter 2025.
Polestar’s new market expansion will now focus on France, with
sales starting in 2025. France is one of the largest and fastest
growing EV markets in Europe and a natural fit for a premium brand
like Polestar. Additional expansion, across Eastern Europe, Asia
and Latin America, is planned from 2026 onwards.
Additional revenue streams: Increasing sales of CO2
credits
Moving forward, Polestar expects significantly increased revenue
contribution from the sales of CO2 credits. With traditional OEMs
struggling to transition to EVs, the demand for these credits is
expected to increase in the coming years, to a three-digit
million-dollar amount per year, from 2025. Polestar has already
created an EU CO2 pool with four OEMs for 2025.
New customer offer: Launch of innovative energy
business
Polestar is launching Polestar Energy in several key markets in
Europe. This new customer offer makes home charging smarter, more
efficient, and cheaper. Through the service, customers can reduce
their home charging costs by up to 30%, using the Polestar Energy
app. The more Polestar customers charge and support the grid
through Polestar Energy, the more benefits they get. The service is
to be launched in several additional markets during the second half
of the year, with the launch of bidirectional charging capabilities
in Polestar’s line-up making the offer even more attractive.
Global access to high-performing charging services
Owning a Polestar continues to be made more convenient not just
through better home charging, but also on the road. With Polestar
Charge, customers in Europe have access to over 850,000 charging
points, including Tesla Superchargers. In North America, customers
have access to over 17,800 Tesla Superchargers with a NACS
adaptor.
Webcast
Polestar management will host a live webcast and Q&A today,
16 January 2025, at 14:00 CET (08:00 US Eastern Time), available on
the Polestar Investor Relations website:
https://investors.polestar.com. Verified shareholders are able to
ask questions through the Say Technologies platform, accessible
via:
https://app.saytechnologies.com/polestar-strategy-business-update
Appendix
Non-GAAP financial measures
Polestar uses both generally accepted accounting principles
(‘GAAP,’ i.e., IFRS) and non-GAAP (i.e., non-IFRS) financial
measures to evaluate operating performance, for internal
comparisons to historical performance, and for financial
decision-making purposes. Polestar believes certain non-GAAP
financial measures are helpful to investors as they provide useful
perspective on underlying business trends and assist in
period-on-period comparisons.
These non-GAAP measures are presented for supplemental
information purposes only and should not be considered a substitute
for alternative financial information presented in accordance with
GAAP. 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.
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. A reconciliation
between non-GAAP financial measures and the most comparable GAAP
performance measures is provided below.
The non-GAAP financial measure used in this press release is
Adjusted EBITDA:
Adjusted EBITDA is calculated as net loss, adjusted to exclude
listing expense, fair value change - Earn-out rights, fair value
change - Class C Shares, finance expense, finance income, income
tax benefit (expense), depreciation and amortization, and
impairment of property, plant and equipment, vehicles under
operating leases, and intangibles assets, restructuring costs,
disposals of investments, and unusual operating income and expenses
that are considered rare or discrete events and are infrequent in
nature. Depreciation and amortization includes (1) depreciation and
amortization capitalized into the carrying value of inventory sold
(i.e., part of inventory costs) and (2) depreciation and
amortization expense. Restructuring costs include expenses
associated with programs that were planned and controlled by
management, and materially changed either (1) the scope of a
business undertaken by the Group or (2) the manner in which
business is conducted. Disposals of investments include disposals
of, by sales or otherwise, (1) debt or equity financial instruments
issued by another entity that are held as investments, (2)
intangible assets, (3) property, plant, and equipment, and (4)
groups of assets and liabilities representing disposal groups that
were transferred together as part of individual transactions. This
measure is reviewed by management and is a relevant measure for
understanding the underlying operating results and trends of the
core business prior to the impact of any adjusting items.
Prior to December 2024, adjusted EBITDA was calculated as net
loss, adjusted for listing expense, fair value change - Earn-out
rights, fair value change - Class C Shares, interest income,
interest expense, income tax benefit (expense), depreciation and
amortization, and the impairment of property, plant and equipment,
vehicles under operating leases, and intangibles assets. The
calculation was refined in December 2024 to change interest income
and interest expense to finance income and finance expense,
respectively, in order to exclude the effects of all items
associated with financing activities of the Group instead of only
interest related items. Additionally, exclusions for restructuring
costs, disposals of investments, and unusual operating income and
expenses that are considered rare or discrete events and are
infrequent in nature were added to the calculation to further
refine management's view of earnings from core operations. The
definition of depreciation and amortization was also changed to
include depreciation and amortization capitalized into the carrying
value of inventory sold (i.e., part of inventory costs) to account
for the Group's change in the pattern of consumption of the future
economic benefits embodied in internally developed and acquired
intellectual property for the Polestar 2 from the straight-line
method to units of production method in the fourth quarter of the
year ended December 31, 2023. This method is also applicable to
internally developed and acquired intellectual property for the
Polestar 3 which entered production in the fourth quarter of the
year ended December 31, 2023 and the Polestar 4 which entered
production in the first quarter of the year ended December 31,
2024. The change to the definition of depreciation and amortization
clarifies that the impact of all depreciation and amortization,
irrespective of methodology and expense nature, is excluded from
net loss for this measure. These changes provide a clearer view of
earnings from core operations from management's perspective and
improve comparability of earnings from core operations across
reporting periods.
About Polestar
Polestar (Nasdaq: PSNY) is the Swedish electric performance car
brand with a focus on uncompromised design and innovation, and the
ambition to accelerate the change towards a sustainable future.
Headquartered in Gothenburg, Sweden, its cars are available in 27
markets globally across North America, Europe and Asia Pacific.
Polestar has three models in its line-up: Polestar 2, Polestar
3, and Polestar 4. Planned models include the Polestar 5 four-door
GT (to be introduced in 2025), the Polestar 6 roadster and the
Polestar 7 compact SUV. With its vehicles currently manufactured on
two continents, North America and Asia, Polestar plans to diversify
its manufacturing footprint further, with production of Polestar 7
planned in Europe.
Polestar has an unwavering commitment to sustainability and has
set an ambitious roadmap to reach its climate targets: halve
greenhouse gas emissions by 2030 per-vehicle-sold and become
climate-neutral across its value chain by 2040. Polestar’s
comprehensive sustainability strategy covers the four areas of
Climate, Transparency, Circularity, and Inclusion.
Forward-Looking Statements
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 future
financial or operating performance of Polestar including the number
of vehicle deliveries and gross margin. For example, projections of
revenue, volumes, margins, cash flow break-even and other financial
or operating metrics and statements regarding expectations of
future needs for funding and plans related thereto 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 of them or similar terminology. 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.
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. Factors
that may cause actual results to differ materially from current
expectations include, but are not limited to: ( (1) Polestar’s
ability to enter into or maintain agreements or partnerships with
its strategic partners, including Volvo Cars, Geely and Xingji Mezu
Group, original equipment manufacturers, vendors and technology
providers; (2) Polestar’s ability to maintain relationships with
its existing suppliers, source new suppliers for its critical
components and enter into longer term supply contracts and complete
building out its supply chain; (3) Polestar’s ability to raise
additional funding; (4) Polestar’s ability to successfully execute
cost-cutting activities and strategic efficiency initiatives; (5)
Polestar’s estimates of expenses, profitability, gross margin, cash
flow, and cash reserves; (6) the identification and remediation of
accounting errors and/or a final assessment of errors already
identified that differs significantly from Polestar’s preliminary
view of such errors and the successful filing of restatements of
any SEC reports; (7) Polestar’s ability to continue to meet stock
exchange listing standards; (8) changes in domestic and foreign
business, market, financial, political and legal conditions; (9)
demand for Polestar’s vehicles or car sale volumes, revenue and
margin development based on pricing, variant and market mix, cost
reduction efficiencies, logistics and growing aftersales; (10)
delays in the expected timelines for the development, design,
manufacture, launch and financing of Polestar’s vehicles and
Polestar’s reliance on a limited number of vehicle models to
generate revenues; (11) increases in costs, disruption of supply or
shortage of materials, in particular for lithium-ion cells or
semiconductors; (12) risks related to product recalls, regulatory
fines and/or an unexpectedly high volume of warranty claims; (13)
Polestar’s 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 volumes; (14) the ability
of Polestar to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (15) risks related to future market
adoption of Polestar’s offerings; (16) risks related to Polestar’s
current distribution model and the evolution of its distribution
model in the future; (17) 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 Polestar’s future
business; (18) changes in regulatory requirements (including
environmental laws and regulations and regulations related to
connected vehicles), governmental incentives, tariffs and fuel and
energy prices; (19) Polestar’s reliance on the development of
vehicle charging networks to provide charging solutions for its
vehicles and its strategic partners for servicing its vehicles and
their integrated software; (20) Polestar’s ability to establish its
brand and capture additional market share, and the risks associated
with negative press or reputational harm, including from electric
vehicle fires; (21) the outcome of any potential litigation,
including litigation involving Polestar and Gores Guggenheim, Inc.,
government and regulatory proceedings, tax audits, investigations
and inquiries; (22) Polestar’s ability to continuously and rapidly
innovate, develop and market new products; (23) the impact of the
ongoing conflict between Ukraine and Russia and in Israel, the Gaza
Strip and the Red Sea; and (24) 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 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.
Nothing in this Press Release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of 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 assumes no
obligation to update these forward-looking statements, even if new
information becomes available in the future, except as may be
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250116307636/en/
Investor Relations IR@polestar.com Theo Kjellberg Head of
Corporate Communication Theo.kjellberg@polestar.com
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