![]() Polestar has added eight new markets since the start of 2022: United Arab Emirates, Kuwait, Hong Kong, Ireland, Israel, Italy, Spain and Portugal. Global volumes increased 22,814 to 51,491 cars in 2022, an increase of 80% year on year. Represents Volvo Cars service centres which provide customers access to service points worldwide in support of Polestar’s international expansion. Represents Polestar retail and handover locations, including Polestar Spaces, Polestar Destinations and Polestar Test Drive Centers. Represents the markets in which Polestar operates. Transferred vehicles for demonstration and commercial purposes are owned by Polestar and included in Inventory. 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. Operating loss increased USD 291.5 million, or 29%, impacted by a Q2 2022 one-time share-based listing charge of USD 372.3 million.Īdjusted operating loss decreased USD 80.8 million, or 8%, benefiting from higher gross profit and active cost management. This decrease was partially offset by continued investments in future vehicles and technologies. Research and development expenses decreased USD 62.0 million, or 27% due to the absence of Polestar 1 amortisation. This increase primarily reflects Polestar’s international business expansion partially offset by active cost management. Selling, general and administrative expenses increased USD 149.9 million, or 21%. This growth was partially offset by foreign exchange rates which led to higher cost of sales, and product and market mix. Gross profit increased USD 118.5 million, as the result of higher Polestar 2 sales and lower fixed manufacturing costs. ![]() Revenue increased USD 1,124.7 million, or 84%, mainly driven by higher Polestar 2 vehicle sales with continued commercial expansion across markets. See Appendix B for details and a reconciliation of adjusted metrics to the nearest GAAP measure. The listing expense represents a non-recurring, non-cash, share-based listing charge, incurred in connection with the business combination with Gores Guggenheim, Inc (GGI).
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