Polestar Automotive Holding UK PLC, the esteemed Swedish electric performance car brand, is pleased to announce the potential addition of Geely Sweden Holding as a new direct shareholder. This development arises as Volvo Cars deliberates adjustments to its shareholding in Polestar, including a potential distribution of shares to its own shareholders, with Geely Sweden Holding emerging as the primary beneficiary. Nevertheless, Volvo Cars will continue to serve as a strategic partner across various key areas such as R&D, manufacturing, after sales, and commercial.
Polestar has made significant headway in the advancement of an all-electric model line-up, alongside the establishment of a global sales and service network and a diverse manufacturing footprint. The company’s robust business plan, unveiled in November 2023, has charted a clear path to profitability. Through diligent efforts to manage costs, drive higher margins and cash flow, Polestar has succeeded in reducing its projected external funding requirement to approximately $1.3 billion until it achieves targeted cash flow break-even in 2025. The company is also well-positioned to secure the additional external funding necessary for its operations.
As stated by Thomas Ingenlath, CEO of Polestar, “With our expanding range of exclusive, performance cars, Polestar is entering one of the most promising phases of its development. We have successfully ramped up production and commenced sales in China, Europe, and Australia of Polestar 4, and Polestar 3 is poised to commence first customer deliveries this summer. We eagerly anticipate ongoing collaboration with Volvo Cars and the enhanced synergies with Geely on future-oriented technologies.”
Polestar, listed on Nasdaq as PSNY, is the Swedish electric performance car brand dedicated to advancing society through design and technology to expedite the transition to sustainable mobility. The company is headquartered in Gothenburg, Sweden, and its cars are available online in 27 markets globally across North America, Europe, and Asia Pacific.
Polestar has ambitious plans to introduce five performance EVs by 2026, including the already launched Polestar 2 and Polestar 3, and the forthcoming Polestar 4, Polestar 5, and Polestar 6. Furthermore, the company’s Polestar 0 project aims to develop a genuinely climate-neutral production car by 2030, as part of its commitment to addressing the pressing need to confront the climate crisis.
It is important to note that the information contained in this press release comprises forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While the company expresses its expectations and assumptions in good faith, there are inherent risks and uncertainties that may cause actual future results to differ materially from the expectations.
In conclusion, Polestar’s strategic development and potential new shareholder herald an exciting phase of growth and innovation for the company. With its dedication to sustainable mobility and pioneering technologies, Polestar is poised to lead the electric performance car industry for years to come.
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