Polestar Automotive Holding UK PLC · NASDAQ:PSNY
Polestar Automotive Holding UK — 9M 2023 Earnings Presentation
30 slides from Polestar Automotive Holding UK's earnings presentation, Nov 8, 2023
Slide 1: Investor update for the nine months ended September 30, 2023
November 8, 2023 Investor update for the nine months ended September 30, 2023 Polestar Automotive Holding UK PLC
Slide 2: Disclaimer
Polestar 2 Disclaimer Forward-Looking Statements governmental investigations or audits, or tax-related proceedings or audits; (12) the ability to Certain statements in this presentation (“Presentation”) of Polestar Automotive Holding UK meet stock exchange listing standards; (13) changes in applicab
Slide 3: Polestar
Polestar
Slide 4: Recent developments
Polestar 4 — Recent developments Delivered 13,9761 vehicles in Q323; up 51% year on year Achieved $613mn in revenues, driven by volume growth, as well as price increases implemented last year and MY24 ramp up Polestar 2 MY24 ramp up continues; receiving great independent reviews Top Gear: ‘One of th
Slide 5: Our past, our present and our future
Polestar 5 — Our past, our present and our future History in performance Growth and established global reach Expansion and profitability 1996–2017 2017–2023 2024 onwards – Founded in 1996 as a racing team – Launched Polestar 1 in 2017 and Polestar 2 in 2019 – Strengthened business plan with expected
Slide 6: Rapidly expanding premium product portfolio
Polestar 6 — Rapidly expanding premium product portfolio Polestar 1 Polestar 2 Polestar 3 Polestar 4 Polestar 5 Polestar 6 Type Hybrid Grand Tourer Fastback Luxury Aero SUV Premium Sport SUV Luxury Sport GT 4-Door Luxury 2+2 roadster Segment Sports Premium C/D premium SUV E premium SUV D premium F c
Slide 7: Our asset-light model
Polestar 7 — Our asset-light model Flexible and scalable set-up – Agility of a start-up – Innovation and high-performancetechnologies – Avant-garde design – Leading sustainability goals – Full vehicle attributes – Digital first DTC customer approach Stability of established players – Over 100 years
Slide 8: Our core pillars
Polestar 8 — Our core pillars 01 02 03 Design Innovation Sustainability – Avant-garde, pure Scandinavian design – Bonded aluminiumplatform – Climate-neutral car by 2030 with ongoing sustainability upgrades – High tech minimalism – High-performanceelectric motors – Circular battery and material strat
Slide 9: Our well-defined growth strategy
Polestar 9 — Our well-defined growth strategy Product launches Global presence Global network – Q32022 vs Q32023 2019 Polestar 2 Locations1 2022 Polestar 3 128 157 2023 Polestar 4 2024E Polestar 5 Service points2 2026E Polestar 6 1,033 1,135 27 01 02 03 Rapidly expanding product portfolio Growth in
Slide 10: Unaudited financial highlights for the nine months ended September 30, 2023
Unaudited financial highlights for the nine months ended September 30, 2023
Slide 11: Financial and operational highlights: nine months 2023
Financial and operational highlights 11 — Key preliminary financial highlights for the nine months ended Sep 30, 2023 (unaudited) Global volumes Revenue Cash and cash equivalents (vehicles, k) ($ mn) ($ mn) 41.8 1,844 1,477 974 951 30.4 . 9M2022 9M2023 9M2022 9M2023 FY2022 Q3 2023 Delivered 41,817 v
Slide 12: Financial and operational highlights: three months ended Sep 30, 2023
Financial and operational highlights 12 — Key preliminary financial highlights for the three months ended Sep 30, 2023 (unaudited) Revenue up 41% With higher deliveries and price increases implemented last year and MY24 ramp up, US$million Q32023 Q3 2022 %Change offset by channel and product mix, an
Slide 13: Financial and operational highlights: nine months ended Sep 30, 2023
Financial and operational highlights 13 — Key preliminary financial highlights for the nine months ended Sep 30, 2023 (unaudited) Variances for 9M 2023 versus 9M 2022 largely followed the trends outlined for US$million 9M2023 9M2022 %Change Q3 2023 versus Q3 2022, with the following notable exceptio
Slide 14: Preliminary cash flow for the nine months ended Sep 30, 2023
Financial and operational highlights 14 — Preliminary cash flow for the nine months ended Sep 30, 2023 (unaudited) Cash flow ($ mn) Operating Mainly attribute to operating loss and working capital changes with higher levels of inventory and trade payables payments 974 1,545 951 (44) Investing Primar
Slide 15: 2023 outlook
Financial and operational highlights 15 — 2023 outlook Global deliveries Gross profit margin Liquidity ~60k ~2% Strengthened Expect to deliver c60k vehicles, as we Expect a FY23 gross profit margin of around With $951mn cash on the balance sheet, maintain a disciplined approach to our 2%, with lower
Slide 16: Strengthened business plan – business drivers and key financials
Strengthened business plan – business drivers and key financials
Slide 17: 2025 targets
Strengthened business plan 17 — 2025 targets Global volume Gross profit margin Additional external funding need 155-165k High teens ~$1.3bn With four models expected to be in Anticipating an improved product mix and Based on the expected cumulative negative production in 2025, Polestar 2, Polestar a
Slide 18: Key business actions
Strengthened business plan 18 — Key business actions Gross margin improvement measures Cost management measures Richer product mix - a main driver of accelerated margin progression Already announced headcount reductions With model line-up expected to expand from 1 to 4 in 2025, to include more Measu
Slide 19: Imagery
Imagery
Slide 20: Polestar 2 Model Year 24
Polestar 2 20 — Model Year 24
Slide 21: Polestar 3 Hot weather testing in UAE
Polestar 3 21 — Hot weather testing in UAE
Slide 22: Polestar 4 The electric SUV coupé
Polestar 4 22 — The electric SUV coupé
Slide 23: Polestar 5 Dynamic debut at Goodwood Festival of Speed
Polestar 5 23 — Dynamic debut at Goodwood Festival of Speed
Slide 24: Polestar 6 The electric roadster
Polestar 6 24 — The electric roadster
Slide 25: Appendix
Appendix
Slide 26: Preliminary unaudited condensed consolidated statement of income (loss)
Financial statements 26 — Preliminary unaudited condensed consolidated statement of income (loss) in thousands of U.S. dollars except per share data and unless otherwise stated For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Revenue 613,182 435,44
Slide 27: Preliminary unaudited condensed consolidated statement of financial position
Financial statements 27 — Preliminary unaudited condensed consolidated statement of financial position in thousands of U.S. dollars September 30, 2023 December 31, 2022 in thousands of U.S. dollars September 30, 2023 December 31, 2022 Assets Liabilities Non-current assets Non-current liabilities Int
Slide 28: Preliminary unaudited condensed consolidated statement of cash flows
Financial statements 28 — Preliminary unaudited condensed consolidated statement of cash flows For the nine months ended For the nine months ended in thousands of U.S. dollars September 30, in thousands of U.S. dollars September 30, 2023 2022 2023 2022 Cash flows from operating activities Cash flows
Slide 29: Preliminary unaudited reconciliation of GAAP and Non-GAAP results
Financial statements 29 — Preliminary unaudited reconciliation of GAAP and Non-GAAP results Non-GAAP financial measures Polestar uses both generally accepted accounting principles (i.e., IFRS known as “GAAP”) and non-GAAP (i.e., non-IFRS) financial measures to evaluate operating performance, interna
Slide 30: Contact information
Investor update for preliminary unaudited results for the nine months ended Sep 30, 2023 — Contact information For questions, please contact: Bojana Flint Head of Investor Relations ir@polestar.com Polestar Assar Gabrielssons Väg 9 SE-418 78 Göteborg Sweden polestar.com All ideas contained within th
Polestar Automotive Holding UK — 9M 2023 Earnings Presentation on 6ix