GOTHENBURG, Sweden--(BUSINESS WIRE)--Apr 11, 2024--
Polestar (Nasdaq: PSNY) delivered approximately 7,200 cars in the first quarter, including 1,200 Polestar 4 in China.
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Thomas Ingenlath, Polestar CEO, comments: “2024 is a transitional year, as we move from being a one-car brand during the first half of the year, to ramping up deliveries of our two luxury SUVs during the second half. The very positive reviews resulting from the global media test drives of Polestar 3 and Polestar 4 show the progress that our brand is making and confirm our dynamic, global strategy. These two cars will provide the basis for a strong revenue and margin progression during the second half of the year, supporting our 2025 targets.”
The first quarter saw three future-oriented strategic developments.
Polestar successfully secured USD 950 million in new, external funding from a consortium of international banks in February, providing the funds needed to complete the next phase of its development.
Polestar’s ownership structure has been clarified, with Geely Holdings becoming a major new shareholder, with approximately 24% and Volvo Cars retaining a strategic 18% stake. Furthermore, the Company will welcome new shareholders and see its free float increase to approximately 18%.
Polestar 3 has started production in China, with additional production starting in the USA in the summer of 2024. With Polestar 4 production expanding to South Korea during the second half of 2025, Polestar is making significant progress in diversifying its manufacturing footprint, in order to improve profitability of its key markets, including the US.
Polestar expects to post its preliminary unaudited financial and operational results for the first quarter 2024 on Thursday, 23 May 2024, before market open in New York. A live audio webcast is scheduled to start at 08:00 US Eastern Time (14:00 Central European Time). From Thursday, 9 May 2024, verified shareholders will be able to ask questions through the Say Technologies platform, accessible via the Polestar Investor Relations website.
About Polestar
Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific.
Polestar plans to have a line-up of five performance EVs by 2026. Polestar 2, the electric performance fastback, launched in 2019. Polestar 3, the SUV for the electric age, launched in late 2022. Polestar 4, the SUV coupé transformed, is launching in phases through 2023 and into 2024. Polestar 5, an electric four-door GT and Polestar 6, an electric roadster, are coming soon.
The Polestar 0 project supports the company’s ambitious goal of creating a truly climate-neutral production car by 2030. The research initiative also aims to create a sense of urgency to act on the climate crisis, by challenging employees, suppliers and the wider automotive industry, to drive towards zero.
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 maintain agreements or partnerships with its strategic partners, such as Volvo Cars, Geely or Xingji Meizu Group, and to develop new agreements or partnerships; (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, while effectively managing the risks due to such relationships; (3) Polestar’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its reliance on strategic partners for servicing its vehicles and their integrated software; (4) Polestar’s reliance on its partners, some of which may have limited experience with electric vehicles, to manufacture vehicles at a high volume or develop devices, products, apps or operating systems for Polestar, and to allocate sufficient production capacity or resources to Polestar in order for Polestar to be able to increase its vehicle production capacities and product offerings; (5) the ability of Polestar to grow and manage growth profitably including expectations of growth and financial performance by generating expected revenues at expected selling prices, maintain relationships with customers and retain its management and key employees; (6) Polestar’s estimates of expenses, profitability, gross margin, cash flow, and cash reserves; (7) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (8) the possibility that Polestar may be adversely affected by other economic, business, and/or competitive factors; (9) 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; (10) changes in regulatory requirements, governmental incentives and fuel and energy prices; (11) the outcome of any legal proceedings that may be instituted against Polestar or others, adverse results from litigation, governmental investigations or audits, or tax-related proceedings or audits; (12) the ability to meet stock exchange listing standards; (13) changes in applicable laws or regulations or governmental incentive programs; (14) Polestar’s ability to establish its brand and capture additional market share, (15) the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (65) delays in the design, development, manufacture, launch and financing of Polestar’s vehicles and other product offerings, and Polestar’s reliance on a limited number of vehicle models to generate revenues; (16) Polestar’s ability to continuously and rapidly innovate, develop and market new products; (17) risks related to future market adoption of Polestar’s offerings; (18) risks related to Polestar’s distribution model; (19) the impact of the global COVID-19 pandemic, inflation, interest rate changes, the ongoing conflict between Ukraine and Russia and in Israel and the Gaza Strip, supply chain disruptions, fuel and energy prices and logistical constraints on Polestar, Polestar’s projected results of operations, financial performance or other financial and operational metrics, or on any of the foregoing risks; (20) Polestar’s ability to forecast demand for its vehicles; (21) Polestar’s ability to raise additional funding; (22) Polestar’s ability to successfully execute cost-cutting activities and strategic efficiency initiatives; (and (23) 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.
TORONTO (AP) — William Nylander scored twice, Joseph Woll made 22 saves and the Toronto Maple Leafs beat the Boston Bruins 2-1 on Thursday night to force a seventh game in the first-round Eastern Conference series.
Toronto has overcame a 3-1 series deficit, also staving off elimination with a 2-1 victory in overtime in Boston on Tuesday night, to send the series back to Boston for a winner-take-all finale Saturday night. The series winner will face the Florida Panthers.
Morgan Rielly assisted on both goals.
Jeremy Swayman stopped 24 shots for the Bruins, who also blew a 3-1 lead against the Florida Panthers last year in the first round before losing in Game 7 following a record-setting regular season. Morgan Geekie spoiled Woll’s shutout bid with 0.1 seconds left.
Bruins coach Jim Montgomery wants to see more from his team in the decider and called out forward David Pastrnak by name.
“Your best players need to be your best players this time of year,” Montgomery said. “I think the effort is tremendous and they need to come through with some big-time plays in big-time moments. “I think (captain Brad) Marchand has done that in the series. Pasta needs to step up.”
Said Pastrnak: “I maybe didn’t get enough shots. I should maybe have a little bit more of a shooting mentality. Usually, that always helps me.”
Toronto was without Auston Matthews for the second straight game after the star center was pulled from Game 4 because of an illness.
Nylander opened the scoring with 54.8 seconds left in the second period. The Swedish winger took a pass from Timothy Liljegren in the offensive zone before weaving away from his check and firing a shot that glanced off Bruins defenseman Charlie McAvoy in front and beat Swayman on the short-side.
The goal set off wild celebrations inside an electric Scotiabank Arena — and outside the rink as Maple Leaf Square turned into a mosh pit of blue and white.
Toronto made it 2-0 with 2:13 left in the game when Nylander moved in alone after taking a pass from Matthew Knies and slid a backhander between Swayman’s pads.
“They’re obviously very desperate, fighting for their lives,” Marchand said. “So that’s always the toughest game to get. We know that. But I thought tonight was better than last game. ... If someone told us at the start of the season that we’d be Game 7 at home against Toronto, we’d take that all day.”
Woll is the first goalie in NHL history to have each of his first four career playoff starts come in elimination games. Thatcher Demko (2020), Michael Hutchinson (2020) and Manny Fernandez (2003) are the only other netminders to have their first three starts come in win-or-go home contests.
AP NHL playoffs: https://apnews.com/hub/stanley-cup and https://www.apnews.com/hub/NHL
Toronto Maple Leafs' William Nylander (88) celebrates after his goal against the Boston Bruins during third-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Toronto Maple Leafs goaltender Joseph Woll (60) makes a save as Boston Bruins' Brad Marchand (63) and Charlie Coyle (13) look for a rebound during third-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Toronto Maple Leafs' goaltender Joseph Woll (60) makes a save against Boston Bruins' Charlie Coyle (13) as Maple Leafs' Max Domi (11) defends and Bruins' Brad Marchand (63) and Maple Leafs' Morgan Rielly (44) look on during the third-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Boston Bruins' Morgan Geekie (39) falls as he battles for the puck with Toronto Maple Leafs' John Tavares (91) as Maple Leafs' Jake McCabe (22) and Bruins' Brad Marchand (63) look on during the third period in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto on Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Toronto Maple Leafs' William Nylander (88) scores against Boston Bruins goaltender Jeremy Swayman (1) during third-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Frank Gunn/The Canadian Press via AP)
Toronto Maple Leafs' Jake McCabe (22) checks Boston Bruins' Jesper Boqvist (70) during the first period in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto on Thursday, May 2, 2024. (Frank Gunn/The Canadian Press via AP)
The puck sails wide of the net as Boston Bruins' Pavel Zacha (18) screens Toronto Maple Leafs goaltender Joseph Woll (60) during first-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Toronto Maple Leafs' Jake McCabe, left, is stopped by Boston Bruins goaltender Jeremy Swayman (1) during second-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Toronto Maple Leafs goaltender Joseph Woll (60) trips Boston Bruins' John Beecher, left, as Maple Leafs' Ilya Lyubushkin (46) defends during second-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Frank Gunn/The Canadian Press via AP)
Toronto Maple Leafs goaltender Joseph Woll (60) makes a save as Boston Bruins' Jake DeBrusk (74) and Maple Leafs' Matthew Knies (23) battle during second-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Toronto Maple Leafs' Matthew Knies, left, celebrates after a goal as Boston Bruins' Jesper Boqvist (70) skates by during second-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Toronto Maple Leafs goaltender Joseph Woll (60) stops Boston Bruins' Brad Marchand (63) during the first period in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto on Thursday, May 2, 2024. (Frank Gunn/The Canadian Press via AP)
Toronto Maple Leafs players, back left, celebrate after William Nylander's goal as Boston Bruins goaltender Jeremy Swayman, right, looks on during second-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Toronto Maple Leafs' William Nylander (88) celebrates after his goal against the Boston Bruins with John Tavares (91) and Timothy Liljegren (37) during second-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Frank Gunn/The Canadian Press via AP)
Toronto Maple Leafs' John Tavares (91) celebrates after a goal against Boston Bruins goaltender Jeremy Swayman (1) during second-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Frank Gunn/The Canadian Press via AP)
Toronto Maple Leafs' William Nylander (88) celebrates after his goal against the Boston Bruins with Joel Edmundson (20) during third-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Toronto Maple Leafs' goaltender Joseph Woll (60) makes as save as Boston Bruins' Brad Marchand (63) and Charlie Coyle (13) look for a rebound during third-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Frank Gunn/The Canadian Press via AP)
Toronto Maple Leafs' William Nylander (88) celebrates after his goal against the Boston Bruins with Joel Edmundson (20) during third-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
Toronto Maple Leafs' John Tavares (91) and Matthew Knies (23) celebrate after a goal against Boston Bruins goaltender Jeremy Swayman, top right, as Bruins' Jesper Boqvist (70) looks on during second-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Frank Gunn/The Canadian Press via AP)
Toronto Maple Leafs' William Nylander (88) scores against Boston Bruins goaltender Jeremy Swayman (1) during third-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Frank Gunn/The Canadian Press via AP)
Toronto Maple Leafs' William Nylander (88) celebrates after his goal against the Boston Bruins with Morgan Rielly (44), Matthew Knies (23) and Joel Edmundson (20) during third-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Frank Gunn/The Canadian Press via AP)
Toronto Maple Leafs' William Nylander (88) celebrates after his goal against the Boston Bruins during third-period action in Game 6 of an NHL hockey Stanley Cup first-round playoff series in Toronto, Thursday, May 2, 2024. (Nathan Denette/The Canadian Press via AP)
