Unaudited Condensed Consolidated Financial Statements as of June 30, 2024 and for the Six months ended June 30, 2024 and 2023 F-1 INDEX TO FINANCIAL STATEMENTS Unaudited Condensed Consolidated Financial Statements — For the Six months ended June 30, 2024 and 2023 Unaudited Condensed Consolidated Statement of Loss and Comprehensive Loss for the Six months ended June 30, 2024 and 2023 F-3 Unaudited Condensed Consolidated Statement of Financial Position as of June 30, 2024 and December 31, 2023 F-4 Unaudited C ...

Polestar delivered 82% more cars in the second quarter of 2024 than it did in the first quarter. But that number should probably worry you. Polestar Automotive (PSNY 4.57%), like all companies, wants to put its best foot forward when it reports earnings, which is why the lead headline in the second quarter of 2024 was an 82% sequential increase in deliveries. That sounds great, but if deliveries jumped 82% in just one quarter there's got to be a bigger story going on. The bigger story isn't great. Here's so ...

The high-performance EV maker could deliver low-performance gains. Polestar Automotive (PSNY 3.16%) has disappointed a lot of investors since its market debut. The electric vehicle (EV) maker, which was spun off from Volvo, went public by merging with a special purpose acquisition company (SPAC) in June 2022. Its stock opened at $12.98 on its first day, but it now trades at about $1.60. Polestar lost nearly 90% of its value as software issues and supply chain constraints throttled production. The macro and ...

No one likes a drastic price target reduction. Although electric vehicle (EV) company Polestar (PSNY -11.68%) has seen notable improvements in its operations lately, Wednesday saw its stock hit with a big sell-off. On the back of a fresh analyst price target cut, the company's shares took a nearly 12% hit to their price, a more precipitous decline than the 0.2% drop of the benchmark S&P 500 index. A 25% chop to the price target The party behind the reduction was Piper Sandler's Alex Potter. Before market op ...

The electric vehicle stock has doubled in just one month. What's brewing? There's no stopping Polestar Automotive (PSNY 11.56%). After going ballistic last month, shares of the Swedish electric vehicle (EV) maker are off to a flying start in September, surging 19.7% at their highest point in trading as of 12:10 p.m. ET Tuesday. Polestar has appointed a new chief financial officer as it gears up to launch new models and expand its footprint, and investors believe this could just be the beginning of better da ...

Investors are cheering the electric vehicle maker's earnings report and its leadership change. Polestar Automotive (PSNY 12.15%) seems to be gaining momentum as electric vehicle (EV) deliveries accelerated in the second quarter, and management foresees even stronger sales as the year progresses. That momentum is lifting shares of the EV maker, which is majority-owned by Geely Holding and Volvo. As of 1 p.m. ET Friday, Polestar stock was up by 12.2%. That followed its 13% gain on Thursday as investors absorb ...

Swedish electric vehicle (EV) maker Polestar Automotive (PSNY) released its second-quarter 2024 results yesterday. The company delivered 13,150 vehicles in the quarter, indicating an 82% jump on a sequential basis. Revenues came in at $575 million, down 17% year over year, owing to generous discounts amid the competitive EV landscape. PSNY incurred an operating loss of $242.3 million for the three months ended June 30, narrower than $273.6 million incurred in the year-ago quarter. Nonetheless, the loss unde ...

Polestar Automotive NASDAQ: PSNY is an electric vehicle company that has seen a shock to its share price over the past 52 weeks. Prior to its recent earnings release, shares were down 70%. Since going public in June 2022, shares have gone straight down, losing 91% of their value. The NASDAQ issued a warning that it may delist the shares if they don't turn things around soon. It needs to hold its stock price above $1 for at least 10 business days before Jan. 2, 2025, to prevent this possibility. Get PSNY ale ...

Can a new CEO and new cars change Polestar's fortunes? Polestar Automotive (PSNY 13.76%) stock zoomed today and was up 17% as of 12:20 p.m. ET after clocking 21.1% gains in the early hours of trading today. The Swedish electric vehicle (EV) maker reported a sharp sequential jump in its deliveries for the second quarter, a day after CEO Thomas Ingenlath abruptly resigned. The two updates were enough to trigger a buying frenzy in the EV stock that's lost more than 70% value in one year alone. Polestar gets a ...

Financial Data and Key Metrics - Global vehicle sales in Q2 2024 reached 13,150 cars, up more than 80% compared to Q1 2024 [6] - Revenue increased by nearly 70% to $575 million in Q2 2024, with a gross result of a small negative at $4 million [6] - Operating loss increased by $18 million to $242 million in Q2 2024 [6] - Cash and cash equivalents stood at $669 million at the end of Q2 2024, with $300 million of new external funding secured in mid-August [8] - Operating cash outflow was $166 million since December, with a positive inflow in Q2 2024 [8] Business Line Performance - Polestar 2 volume growth and initial deliveries of Polestar 3 contributed to the improvement in gross results [6] - Polestar 4 deliveries began in Europe, with growing demand for test drives and new capacity being added [10] - Polestar 3 production started in South Carolina, marking the first Polestar model manufactured on two continents [11] Market Performance - Revenue decreased by $118 million or 70% year-over-year in Q2 2024 due to lower global volumes and higher discounts [7] - SG&A expenses decreased by $33 million or 13% year-over-year, driven by cost management actions [7] - Research and development expenses decreased by $36 million or around 75% year-over-year, mainly due to Polestar 2 IP amortization being capitalized in inventory [7] Strategic Direction and Industry Competition - The company is focusing on scaling up Polestar 3 and Polestar 4 deliveries, with a strong emphasis on test drives and regional media activities [10][11] - Polestar is expanding its geographic footprint and optimizing its distribution network, particularly in Europe and the U.S. [12] - The company is working closely with Geely and Volvo to reduce costs and improve efficiency, particularly in the production of Polestar 4 in China and South Korea [33][34] Management Commentary on Operating Environment and Future Outlook - Management expects stronger volumes in the second half of 2024, particularly in the fourth quarter, driven by the ramp-up of Polestar 3 and Polestar 4 deliveries [9][12] - The company aims to achieve double-digit gross margins by the end of 2024, supported by the launch of premium SUVs and cost reduction initiatives [24][31] - Management is focused on improving cash flow and working capital, with significant inventory reductions and efficient use of trade financing facilities [8][16] Other Important Information - The company has addressed its NASDAQ reporting deficiency by filing its audited 2023 results on Form 20-F [5] - Polestar is working to mitigate the impact of potential tariff increases in the U.S. and Europe, particularly through local production and cost optimization [42][44] Q&A Session Summary Question: Sequential improvement in COGS per external unit - The reduction in COGS was driven by lower raw material costs for batteries and cost reduction efforts with Volvo and Geely [15] Question: Disconnect between operating income and free cash flow - The improvement in free cash flow was primarily due to a $300 million reduction in inventory [16] Question: Polestar 3 and Polestar 4 order status - Polestar 4 is not yet launched in the U.S., while Polestar 3 has a large order book in Europe and the U.S., with expectations for more orders as test drives ramp up [17][18] Question: Delivery expectations for the second half of 2024 - Deliveries are expected to grow gradually, with a strong fourth quarter driven by Polestar 3 and Polestar 4 [23] Question: Capital needs and funding - The company has secured $950 million in club loan financing and an additional $300 million in debt financing, with no immediate need for further capital [26][27] Question: Tariff impact and gross margin outlook - The company is mitigating tariff risks through local production in the U.S. and South Korea, with a goal of achieving double-digit gross margins by the end of 2024 [42][46] Question: Working capital sustainability - The company is working to maintain lean working capital levels, particularly through faster sales and delivery processes in Europe and the U.S. [36][38] Question: Share price and brand exposure - Management is focused on improving the share price through increased deliveries, market expansion, and targeted marketing efforts [50][53][54]