Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-41431 |
Entity Registrant Name | Polestar Automotive Holding UK PLC |
Entity Address, Address Line One | Assar Gabrielssons Väg 9 |
Entity Address, Postal Zip Code | 405 31 |
Entity Address, City or Town | Gothenburg |
Entity Address, Country | SE |
Contact Personnel Name | Thomas Ingenlath |
Country Region | +1 |
Local Phone Number | 735 1834 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001884082 |
Amendment Flag | false |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Entity Filer Category | Non-accelerated Filer |
Class A American Depositary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A American Depositary Shares |
Trading Symbol | PSNY |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 467,677,673 |
Class A Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A Ordinary Shares, par value $0.01 each* |
Security Exchange Name | NASDAQ |
Class C-1 American Depositary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class C-1 American Depositary Shares |
Trading Symbol | PSNYW |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 15,999,965 |
Class C-1 Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class C-1 Ordinary Shares, par value $0.10 each** |
Security Exchange Name | NASDAQ |
Class C-2 American Depositary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 9,000,000 |
Class B Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 1,642,233,575 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte AB |
Auditor Location | Rehnsgatan 11, SE-113 79 Stockholm, Sweden |
Auditor Firm ID | 1126 |
Consolidated Statement of Loss
Consolidated Statement of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Revenue | $ 2,461,896 | $ 1,337,181 | $ 610,245 |
Cost of sales | (2,342,453) | (1,336,321) | (553,724) |
Gross profit | 119,443 | 860 | 56,521 |
Selling, general and administrative expense | (864,598) | (714,724) | (314,926) |
Research and development expense | (167,242) | (232,922) | (183,849) |
Other operating income and expense | (1,565) | (48,053) | 1,766 |
Listing expense | (372,318) | 0 | 0 |
Operating loss | (1,286,280) | (994,839) | (440,488) |
Finance income | 8,552 | 32,970 | 3,199 |
Finance expense | (108,435) | (45,249) | (34,034) |
Fair value change - Earn-out rights | 902,068 | 0 | 0 |
Fair value change - Class C Shares | 35,090 | 0 | 0 |
Loss before income taxes | (449,005) | (1,007,118) | (471,323) |
Income tax expense | (16,784) | (336) | (13,535) |
Net loss | $ (465,789) | $ (1,007,454) | $ (484,858) |
Net loss per share (in U.S. dollars) | |||
Net loss per share - basic (in dollars per share) | $ (0.23) | $ (0.53) | $ (0.29) |
Net loss per share - diluted (in dollars per share) | $ (0.23) | $ (0.53) | $ (0.29) |
Items that may be subsequently reclassified to the Consolidated Statement of Loss: | |||
Exchange rate differences from translation of foreign operations | $ 4,519 | $ (33,149) | $ 30,266 |
Other comprehensive income | 4,519 | (33,149) | 30,266 |
Total comprehensive loss | $ (461,270) | $ (1,040,603) | $ (454,592) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from (used in) operating activities [abstract] | |||
Net loss | $ (465,789) | $ (1,007,454) | $ (484,858) |
Adjustments to reconcile net loss to net cash flows: | |||
Depreciation and amortization | 158,392 | 239,164 | 216,077 |
Warranties | 84,992 | 63,114 | 58,651 |
Inventory impairment | 27,877 | 31,984 | 35,984 |
Finance income | (8,552) | (32,969) | (3,199) |
Finance expense | 108,435 | 45,249 | 34,034 |
Fair value change - Earn-out rights | (902,068) | 0 | 0 |
Fair value change - Class C Shares | (35,090) | 0 | 0 |
Listing expense | 372,318 | 0 | 0 |
Income tax expense | 16,784 | 336 | 13,535 |
Losses on disposals of assets | 0 | 0 | 16 |
Other non-cash expense and income | 18,997 | 11,560 | 14,048 |
Change in operating assets and liabilities: | |||
Inventories | (226,638) | (290,442) | (428,067) |
Contract liabilities | 13,373 | 70,220 | 17,071 |
Trade receivables, prepaid expenses and other assets | (220,118) | 48,574 | (268,004) |
Trade payables, accrued expenses and other liabilities | 52,801 | 519,676 | 764,661 |
Interest received | 8,552 | 1,396 | 3,199 |
Interest paid | (68,130) | (12,564) | (30,198) |
Taxes paid | (19,559) | 0 | 0 |
Cash used for operating activities | (1,083,423) | (312,156) | (57,050) |
Cash flows from investing activities | |||
Additions to property, plant and equipment | (32,269) | (24,701) | (49,599) |
Additions to intangible assets | (681,204) | (104,971) | (194,108) |
Additions to other investments | (2,500) | 0 | 0 |
Cash used for investing activities | (715,973) | (129,672) | (243,707) |
Cash flows from financing activities | |||
Change in restricted deposits | 0 | 48,830 | 134,681 |
Proceeds from short-term borrowings | 2,149,799 | 698,882 | 569,087 |
Principal repayments of short-term borrowings | (1,426,935) | (411,950) | (780,167) |
Principal repayments of lease liabilities | (18,905) | (8,578) | (2,298) |
Proceeds from issuing shares | 1,417,973 | 582,388 | 438,340 |
Transaction costs | (38,903) | 0 | 0 |
Cash provided by financing activities | 2,083,029 | 909,572 | 359,643 |
Effect of foreign exchange rate changes on cash and cash equivalents | (66,433) | (27,491) | 21,340 |
Net increase (decrease) in cash and cash equivalents | 217,200 | 440,253 | 80,226 |
Cash and cash equivalents at the beginning of the period | 756,677 | 316,424 | 236,198 |
Cash and cash equivalents at the end of the period | $ 973,877 | $ 756,677 | $ 316,424 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | PIPE Investors | Gores Guggenheim, Inc. | Share capital | Share capital PIPE Investors | Share capital Gores Guggenheim, Inc. | Other contributed capital | Other contributed capital PIPE Investors | Other contributed capital Gores Guggenheim, Inc. | Currency translation reserve | Accumulated deficit |
Beginning balance at Dec. 31, 2019 | $ 591,162 | $ 0 | $ 879,232 | $ (13,901) | $ (274,169) | ||||||
Net loss | (484,858) | (484,858) | |||||||||
Other comprehensive income (loss) | 30,266 | 30,266 | |||||||||
Total comprehensive loss | (454,592) | 0 | 0 | 30,266 | (484,858) | ||||||
Changes in the consolidated group | 5,801 | 880,412 | (879,232) | 4,621 | |||||||
Issuance of new shares | 438,340 | 438,340 | 0 | ||||||||
Ending balance at Dec. 31, 2020 | 580,711 | 1,318,752 | 0 | 16,365 | (754,406) | ||||||
Net loss | (1,007,454) | (1,007,454) | |||||||||
Other comprehensive income (loss) | (33,149) | (33,149) | |||||||||
Total comprehensive loss | (1,040,603) | 0 | 0 | (33,149) | (1,007,454) | ||||||
Issuance of new shares | 547,157 | 547,157 | 0 | ||||||||
Issuance of Convertible Notes | 35,231 | 35,231 | |||||||||
Ending balance at Dec. 31, 2021 | 122,496 | 1,865,909 | 35,231 | (16,784) | (1,761,860) | ||||||
Issuance of new shares | 0 | 0 | |||||||||
Ending balance at Jun. 23, 2022 | 1,865,909 | 35,231 | |||||||||
Beginning balance at Dec. 31, 2021 | 122,496 | 1,865,909 | 35,231 | (16,784) | (1,761,860) | ||||||
Net loss | (465,789) | (465,789) | |||||||||
Other comprehensive income (loss) | 4,519 | 4,519 | |||||||||
Total comprehensive loss | (461,270) | 0 | 0 | 4,519 | (465,789) | ||||||
Changes in the consolidated group | 1,512 | (1,846,472) | 1,846,472 | 1,512 | |||||||
Issuance of new shares | $ 250,000 | $ 522,107 | $ 265 | $ 822 | $ 249,735 | $ 521,285 | |||||
Issuance of Convertible Notes | 0 | 43 | (43) | ||||||||
Merger with Gores Guggenheim Inc. | 0 | ||||||||||
Issuance of Volvo Cars Preference Shares | 588,826 | 589 | 588,237 | ||||||||
Listing expense | 372,318 | 372,318 | |||||||||
Transaction costs | (38,903) | (38,903) | |||||||||
Earn-out rights | (1,500,638) | (1,500,638) | |||||||||
Equity-settled share-based payment | 9,909 | 9 | 9,900 | ||||||||
Ending balance at Dec. 31, 2022 | (133,643) | 21,165 | 3,584,232 | (12,265) | (3,726,775) | ||||||
Beginning balance at Jun. 23, 2022 | 1,865,909 | 35,231 | |||||||||
Issuance of new shares | $ 265 | $ 822 | $ 249,735 | $ 521,285 | |||||||
Issuance of Volvo Cars Preference Shares | 589 | 588,237 | |||||||||
Equity-settled share-based payment | 9 | 9,900 | |||||||||
Ending balance at Dec. 31, 2022 | $ (133,643) | $ 21,165 | $ 3,584,232 | $ (12,265) | $ (3,726,775) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Intangible assets and goodwill | $ 1,396,477 | $ 1,368,356 |
Property, plant and equipment | 258,048 | 208,193 |
Vehicles under operating leases | 92,198 | 120,626 |
Other non-current assets | 5,306 | 1,682 |
Deferred tax asset | 7,755 | 3,850 |
Other investments | 2,333 | 0 |
Total non-current assets | 1,762,117 | 1,702,707 |
Current assets | ||
Cash and cash equivalents | 973,877 | 756,677 |
Marketable securities | 0 | 1,258 |
Trade receivables | 246,107 | 157,753 |
Trade receivables - related parties | 74,996 | 14,688 |
Accrued income - related parties | 49,060 | 5,103 |
Inventories | 658,559 | 545,743 |
Current tax assets | 7,184 | 5,562 |
Assets held for sale | 63,224 | 0 |
Other current assets | 107,327 | 120,202 |
Total current assets | 2,180,334 | 1,606,986 |
Total assets | 3,942,451 | 3,309,693 |
Equity | ||
Share capital | (21,165) | (1,865,909) |
Other contributed capital | (3,584,232) | (35,231) |
Foreign currency translation reserve | 12,265 | 16,784 |
Accumulated deficit | 3,726,775 | 1,761,860 |
Total equity | 133,643 | (122,496) |
Non-current liabilities | ||
Non-current contract liabilities | (50,252) | (28,922) |
Deferred tax liabilities | (476) | (509) |
Other non-current provisions | (73,985) | (38,711) |
Other non-current liabilities | (14,753) | (11,764) |
Earn-out liability | (598,570) | 0 |
Other non-current interest-bearing liabilities | (85,556) | (66,575) |
Total non-current liabilities | (823,592) | (146,481) |
Current liabilities | ||
Trade payables | (98,458) | (114,296) |
Trade payables - related parties | (957,497) | (1,427,678) |
Accrued expenses - related parties | (164,902) | (315,756) |
Advance payments from customers | (40,869) | (36,415) |
Current provisions | (74,907) | (44,042) |
Liabilities to credit institutions | (1,328,752) | (642,338) |
Current tax liabilities | (10,617) | (13,089) |
Interest-bearing current liabilities | (21,545) | (10,283) |
Interest-bearing current liabilities - related parties | (16,690) | (13,789) |
Current contract liabilities | (46,217) | (58,368) |
Class C Shares liability | (28,000) | 0 |
Other current liabilities | (393,790) | (364,662) |
Other current liabilities - related parties | (70,258) | 0 |
Total current liabilities | (3,252,502) | (3,040,716) |
Total liabilities | (4,076,094) | (3,187,197) |
Total equity and liabilities | $ (3,942,451) | $ (3,309,693) |
Significant accounting policies
Significant accounting policies and judgements | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of List Of Accounting Policies [Abstract] | |
Significant accounting policies and judgements | Significant accounting policies and judgements General information Polestar Automotive Holding UK PLC (formerly known as Polestar Automotive Holding UK Limited) (the “Parent”), together with its subsidiaries, hereafter referred to as “Polestar,” “Polestar Group” and the “Group,” is a limited company incorporated in the United Kingdom. Polestar Group operates principally in the automotive industry, engaging in research and development, manufacturing, branding and marketing, and the commercialization and selling of vehicles, technology solutions and services related to battery electric vehicles. Polestar Group has a presence in 27 markets across Europe, North America, and Asia. Polestar Group has its management headquarters located at Assar Gabrielssons väg 9, 405 31 Göteborg, Sweden. Merger with Gores Guggenheim, Inc. Gores Guggenheim, Inc. (“GGI”) was a special purpose acquisition company (“SPAC”) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or a similar business combination. GGI was incorporated in Delaware on December 21, 2021 and completed its initial public offering (“IPO”) on March 25, 2021. On September 27, 2021, GGI entered into a Business Combination Agreement (“BCA”) with Polestar Automotive Holding Limited, a Hong Kong incorporated company (“Former Parent”), Polestar Automotive (Singapore) Pte. Ltd., a private company limited by shares in Singapore (“Polestar Singapore”), Polestar Holding AB, a private limited liability company incorporated under the laws of Sweden (“Polestar Sweden”), Polestar Automotive Holding UK Limited, a limited company incorporated under the laws of England and Wales and a direct wholly owned subsidiary of the Former Parent, and PAH UK Merger Sub Inc., a Delaware corporate and a direct wholly owned subsidiary of the Parent (“US Merger Sub”). On June 23, 2022 (“Closing”), the Former Parent consummated a reverse recapitalization pursuant to the terms and conditions of the BCA. At the Closing, Polestar Holding AB and its subsidiaries became wholly owned subsidiaries of Parent. US Merger Sub merged with GGI, pursuant to which the separate corporate existence of US Merger Sub ceased and GGI became a wholly owned subsidiary of the Parent. Simultaneously, the following events occurred: • the Convertible Notes of the Former Parent outstanding immediately prior to the Closing were automatically converted into 4,306,466 Class A Shares in the Parent in the form of American depositary shares; • the Former Parent was separated from Polestar Group and issued 294,877,349 Class A Shares in the Parent in the form of American depositary shares, 1,642,233,575 Class B Shares in the Parent in the form of American depositary shares, and the right to receive an earn out of a variable number of additional Class A Shares and Class B Shares, depending on the daily volume weighted average price of Class A Shares in the future; • all GGI units outstanding immediately prior to the Closing held by GGI Stockholders were automatically separated and the holder was deemed to hold one share of GGI Class A Common Stock and one-fifth of a GGI Public Warrant; • all GGI Class A Common Stock issued and outstanding, other than those held in treasury, were exchanged for 63,734,797 Class A Shares in the Parent in the form of American depositary shares; • all GGI Class F Common Stock issued and outstanding, other than those held in treasury, were exchanged for 18,459,165 Class A Shares in the Parent in the form of American depositary shares; • all GGI Common Stock held in treasury were canceled and extinguished without consideration; • all GGI Public Warrants issued and outstanding immediately prior to the Closing were exchanged for 15,999,965 Class C-1 Shares in the Parent in the form of American depositary shares with effectively the same terms as the GGI Public Warrants and are exercisable for Class A Shares in the Parent; • all GGI Private Warrants issued and outstanding immediately prior to the Closing were exchanged for 9,000,000 Class C-2 Shares in the Parent in the form of American depositary shares with effectively the same terms as the GGI Private Warrants and are exercisable for Class A Shares in the Parent; • pursuant to the PIPE Subscription Agreements, third-party investors purchased 25,423,445 Class A Shares in Parent in the form of American depositary shares and Volvo Cars purchased 1,117,390 Class A Shares in Parent in the form of American depositary shares, for a total of 26,540,835 Class A Shares in Parent in the form of American depositary shares for an aggregate total of $250,000; and • pursuant to the Volvo Cars Preference Subscription Agreement, Volvo Cars purchased 58,882,610 Preference Shares in the Parent for an aggregate total of $588,826 which automatically converted to Class A Shares in the Parent in the form of American depositary shares thereafter. The merger with GGI, including all related arrangements, raised net cash proceeds of $1,417,973. Gross proceeds of $638,197 was assumed from GGI, $250,000 was sourced from the PIPE Subscription Agreements, and $588,826 was sourced from the Volvo Cars Preference Subscription Agreement. Polestar incurred total transaction costs of $97,953 in connection with the merger, of which $59,050 had been recognized by GGI and deducted from the gross proceeds raised. The merger was accounted for as a reverse recapitalization, in accordance with the relevant International Financial Reporting Standards (“IFRS”). Refer to Note 16 - Reverse recapitalization for additional information on the reverse recapitalization. Immediately following the closing of the transaction, Parent changed its name to Polestar Automotive Holding UK PLC and began trading on the National Association of Securities Dealers Automated Quotations (“Nasdaq”) under the ticker symbol PSNY. Net loss per share has been recast to retroactively reflect the shares issued by the parent to the former parent for December 31, 2021 and December 31, 2020. Refer to Note 12 - Net loss per share and Note 20 - Equity for additional information. As of December 31, 2022, the Former Parent owns 89.2% of the Group. The remaining 10.8% is owned by external investors. Basis of preparation The Consolidated Financial Statements in this annual report of Polestar Group are prepared in accordance with the IFRS issued by the International Accounting Standards Board (“IASB”). The Consolidated Financial Statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. For group financial reporting purposes, Polestar Group companies apply the same accounting principles, irrespective of national legislation, as defined in the Group accounting directives. Such accounting principals have been applied consistently for all periods, unless otherwise stated. This annual report is prepared in the presentation currency, U.S. Dollar (“USD”). All amounts are stated in thousands of USD (“TUSD”), unless otherwise stated. Periods discussed prior to June 23, 2022 represent the operations of Polestar Automotive Holding Limited and its consolidated subsidiaries. Going Concern Polestar Group’s financial statements have been prepared on a basis that assumes Polestar Group will continue as a going concern and the ordinary course of business will continue in alignment with Management’s 2023-2027 business plan. Management assessed Polestar Group’s ability to continue as a going concern and evaluated whether there are certain events or conditions, considered in the aggregate, that may cast substantial doubt about Polestar Group’s ability to continue as a going concern. All information available to Management pertaining to the twelve-month period after the issuance date of these Consolidated Financial Statements was used in performing this assessment. Historically, Polestar Group has financed its operations primarily through short-term working capital loan arrangements with credit institutions (i.e., 12 months or less), contributions from shareholders, and extended trade credit from related parties. Since inception, Polestar Group has generated recurring net losses and negative operating and investing cash flows. Net losses for the years ended December 31, 2022, 2021 and 2020, amounted to $465,789, $1,007,454, and $484,858, respectively. Negative operating and investing cash flows for the years ended December 31, 2022, 2021 and 2020, amounted to $1,799,396, $441,828, and $300,757, respectively. Management forecasts that Polestar Group will continue to generate negative operating and investing cash flows in the near future, until sustainable commercial operations are achieved. Securing financing to support operating and development activities represents an ongoing challenge for Polestar Group. Management’s 2023-2027 business plan indicates that Polestar Group depends on additional financing that is expected to be funded via a combination of new short-term working capital loan arrangements, long-term loan arrangements, shareholder loans with related parties, and executing capital market transactions through offerings of debt and/or equity. The timely realization of these financing endeavors is crucial for Polestar Group’s ability to continue as a going concern. If Polestar is unable to obtain financing from these sources or if such financing is not sufficient to cover forecasted operating and investing cash flow needs, Polestar Group will need to seek additional funding through other means (e.g., issuing new shares of equity or issuing bonds). Management has no certainty that Polestar Group will be successful in securing the funds necessary to continue operating and development activities as planned. Based on these circumstances, Management has determined there is substantial doubt about Polestar Group’s ability to continue as a going concern. There are ongoing efforts in place to mitigate the uncertainty. The Consolidated Financial Statements do not include any adjustments to factor for the going concern uncertainty. Adoption of new and revised standards Effects of new and amended IFRS Management has concluded the adoption of any of the below accounting pronouncements has not or will not have a material impact on the Group’s financial statements. In May 2020, the IASB issued amendments to IAS 16 - Property, Plant and Equipment. The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. This became effective annual reporting period beginning on January 1, 2022 and does not have a material effect on the Groups financial statements. In May 2020, the IASB issued amendments to IAS 37 related to onerous contracts - cost to fulfilling a contract. The amendments specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract.' Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labor, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). This became effective annual reporting period beginning on January 1, 2022 and does not have a material effect on the Groups financial statements. In May 2020, the IASB issued Annual Improvements to IFRSs 2018 – 2020 Cycle. The improvements have amended four standards with effective date January 1, 2022: i) IFRS 1 – First-time Adoption of International Financial Reporting Standards (“IFRS 1”) in relation to allowing a subsidiary to measure cumulative translation differences using amounts reported by its parent, ii) IFRS 9 in relation to which fees an entity includes when applying the ‘10 percent’ test for derecognition of financial liabilities, iii) IAS 41 – Agriculture in relation to the exclusion of taxation cash flows when measuring the fair value of a biological asset, and iv) IFRS 16 in relation to an illustrative example of reimbursement for leasehold improvements. New and amended IFRS issued but not yet effective Management has concluded the adoption of any of the below accounting pronouncements, that were issued but not effective for the period ended December 31, 2022, will not have a material impact on the Group’s financial statements. In January 2020, the IASB published amendments to IAS 1 which clarify the presentation of liabilities as current or non-current based off the rights that are in existence at the end of the reporting period, not the expectations about an entity’s exercise of certain rights to defer the settlement of a liability or other subsequent events. The amendments are applied retrospectively for annual periods beginning on or after January 1, 2024. In June 2020, the IASB published amendments to IFRS 4 which deferred the expiry date of the temporary exemption from applying IFRS 9 to annual periods beginning on or after January 1, 2023. In June 2020, the IASB published amendments to IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 was published. The amendment revised the effective date to January 1, 2023 but may be applied earlier provided the entity applies IFRS 9 and IFRS 15 – Revenue from Contracts with Customers (“IFRS 15”) at or before the date of initial application of the Standard. Further, among other changes, the amendment (1) includes additional scope exceptions, (2) includes additional guidance for recognition of insurance acquisition cash flows, (3) clarifies the application of IFRS 17 in interim financial statements, and (4) simplifies the presentation of insurance contracts in the statement of financial position. The improvements are applicable for annual periods beginning on or after January 1, 2023. In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies which require companies to disclose their material accounting policy information rather than their significant accounting policies and provide guidance on how to apply the concept of materiality to accounting policy disclosures. These amendments are effective on or after January 1, 2024. In February 2021, the IASB issued amendments to IAS 8: Definition of Accounting Estimates which clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. These amendments are effective on or after January 1, 2023. In May 2021, the IASB issued amendments to IAS 12 – Income Taxes (“IAS 12”): Deferred Tax related to Assets and Liabilities Arising From a Single Transaction that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. These amendments are effective on or after January 1, 2023. In December 2021, the IASB issued an amendment to IFRS 17: Initial Application of IFRS 17 and IFRS 9 – Comparative Information, which provides a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract comparative information for users of financial statements. The amendment is effective on or after January 1, 2023. In September 2022, the IASB issued an amendment to IFRS 16 which clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. This amendment is effective on or after January 1, 2024. In October 2022, the IASB issued an amendment to IAS 1 which clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendment is effective on or after January 1, 2024. Presentation In the Consolidated Statement of Financial Position, an asset is classified as a current asset when it is held primarily for the purpose of trading, is expected to be realized within twelve months of the date of the Consolidated Statement of Financial Position or consists of cash or cash equivalents, provided it is not subject to any restrictions. All other assets are classified as non-current. A liability is classified as a current liability when it is held primarily for the purpose of trading or is expected to be settled within twelve months of the date of the Consolidated Statement of Financial Position. All other liabilities are classified as non-current. Presentation reclassifications The following presentation reclassifications have been made for the comparative information for the year ended December 31, 2021: • Consolidated Statement of Cash Flows ◦ Cash used for Vehicles under operating leases of $120,626 is now presented together with Inventories. Vehicles are reclassified from Inventories to Assets under operating leases when sold with a repurchase commitment and subsequently reclassified to Inventories when they are repurchased. Since the Group presents the non-cash impact on cash from depreciation of Assets under operating leases within Depreciation and amortization in the Consolidated Statement of Cash Flows, this presentation better reflects the nature of cash movements related to vehicles as all vehicles purchased and sold by Polestar are initially recognized and subsequently derecognized via Inventories. • Note 1 - Significant accounting policies and judgements ◦ Under Segment reporting, the Group's revenue from external customers by geographical location for Belgium, Canada, Denmark, Finland, and Switzerland of $53,339, $17,493, $38,538, $10,048, and $41,115, respectively, have been separated from Other regions. The Group's non-current assets by geographical location for Norway and Netherlands of $1,660 and $2,541, respectively, have been collapsed into Other regions. These changes have been made to align with the presentation with that of the year ended December 31, 2022. • Note 4 - Revenue ◦ Total contract liabilities Utilized during the year of $54,146 is now separated into the two lines: (1) Settled during the year of $43,469 and (2) Released during the year of $10,677. Settled during the year corresponds to contract liabilities that initially resulted in a reduction of revenue at contract inception and have subsequently been paid out in cash during the year. Utilized during the year corresponds to contract liabilities that initially resulted in a constraint on revenue at contract inception that has been subsequently released (i.e., non-cash) and recognized as revenue during the year. This presentation better reflects the nature of the each category of contract liability and the related impact in the Consolidated Financial Statements. The following presentation reclassifications have been made for the comparative information for the year ended December 31, 2020: • Note 1 - Significant accounting policies and judgements ◦ Under Segment reporting, the Group's revenue from external customers by geographical location for Belgium, Canada, and Switzerland of $22,974, $3,007, and $580, respectively, have been separated from Other regions. These changes have been made to align with the presentation with that of the year ended December 31, 2022. Basis of consolidation The consolidated accounts include the Parent company and all subsidiaries over which the Parent, either directly or indirectly, exercises control. The Parent controls an entity when the Parent is exposed to, or has rights to, variable returns from its involvement with the entity, has the ability to affect those returns through its power over the entity, and if it has power over decisions which affect investor returns (i.e., voting or other rights). All subsidiaries are fully consolidated from the date on which control is transferred to the Parent. They are deconsolidated from the date that control ceases. All inter-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated upon consolidation. As of December 31, 2022, 2021 and 2020, the Parent had thirty-three, thirty-three, and eighteen fully consolidated subsidiaries, respectively. Segment reporting Polestar Group determined it has one reportable segment as the chief operating decision maker (“CODM”) assesses financial information and the performance of the business on a consolidated basis. The Group manages its business as a single operating segment, which is the business of manufacturing and selling electric vehicles. All substantial decisions regarding allocation of resources as well as the assessment of performance is based on the Group as a whole. Polestar Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s CODM to allocate resources and assess performance as the source for determining the Group’s reportable segments. Polestar Group’s CODM has been identified as the Chief Executive Officer (“CEO”) as he assesses the performance of the Group and has the function and sole ability to make overall decisions related to the allocation of the Group’s resources. Polestar Group allocates resources and assesses financial performance on a consolidated basis. The following tables show the breakdown of Polestar Group’s revenue from external customers and non-current assets (PPE, vehicles under operating leases, and intangibles and goodwill) by geographical location where Polestar company recognizing the revenue is located: For the year ended December 31, 2022 2021 2020 Revenue USA 523,537 248,168 25,077 Sweden 368,277 189,656 162,062 UK 338,182 206,866 41,605 Germany 289,213 117,549 34,880 Norway 232,357 231,456 156,077 Korea 119,498 — — Netherlands 108,966 135,030 150,133 Belgium 88,812 53,339 22,974 Canada 85,521 17,493 3,007 Denmark 67,235 38,538 — Australia 64,539 — — Finland 42,281 10,048 — Switzerland 39,274 41,115 580 China 38,218 40,819 13,850 Other regions 1 55,986 7,104 — Total 2,461,896 1,337,181 610,245 1 - Revenue: Other regions primarily consist of Austria and Singapore in 2022 and 2021. As of December 31, 2022 2021 Non-current assets 2 Sweden 1,151,920 954,842 China 474,301 532,492 USA 37,752 64,072 Germany 36,747 24,009 United Kingdom 22,777 2,484 Other regions 3 28,532 13,869 Total 1,752,029 1,591,768 2 - Non-current assets: excludes Financial assets,, Deferred tax asset, and Other investments. 3 - Other regions primarily consist of Belgium, Switzerland and Australia in 2022 and Canada and Netherlands in 2021. Foreign currency In preparing the financial statements of the Group, transactions in currencies other than the entity’s functional currency (i.e., foreign currencies) are recognized at the rates of exchange prevailing on the dates of the transactions. At each reporting date, assets and liabilities denominated in a foreign currency are translated to the functional currency using the closing exchange rate and items of income and expense are translated at the monthly average exchange rate. Foreign currency gains and losses arising from translation differences are recognized in the Consolidated Statement of Loss and Comprehensive Loss. For more information about currency risk, see Note 2 - Financial risk management. Accounting policies Use of estimates and judgements The preparation of these Consolidated Financial Statements, in accordance with IFRS, requires management to make judgements, estimates, and assumptions that affect the application of the Group’s accounting policies, the reported amount of assets, liabilities, revenues, expenses, and other related financial items. Management reviews its estimates and assumptions on a continuous basis; changes in accounting estimates are recognized in the period in which the estimates are revised, and prospectively thereafter. Details of critical estimates and judgements which the Group considers to have a significant impact upon the financial statements are set out below and the corresponding impacts can be seen in the following notes: • Revenue recognition – The expected cost plus margin approach is used for determining the transaction price of performance obligations included with sales of vehicles. and the residual amount of the transaction price is allocated to the performance obligation associated with the delivery of the vehicle. Polestar also offers volume related discounts to fleet customers which impacts its estimation of the consideration it will be entitled to in exchange for the delivery of vehicles. Sales of vehicles with repurchase obligations are accounted for as operating leases and the related revenue is recorded as lease income. – Note 4 - Revenue. • Intangible assets – Polestar conducts various internal development projects which are divided into the concept phase and product development phase. Once a project reaches the product development phase, internally developed intellectual property is capitalized in intangible assets. Polestar conducts an analysis to estimate the useful life for internally developed intellectual property, acquired intellectual property, and software at the point in time when they are capitalized in intangible assets. – refer to Note 13 - Intangible assets and goodwill. • Impairment – Polestar conducts routine evaluations of intangible assets and goodwill for evidence of impairment indicators. At least annually and when impairment indicators exist, Polestar conducts an impairment test at the cash generating unit level (Polestar Group constitutes a single CGU). – refer to Note 13 - Intangible assets and goodwill. • Valuation of loss carry-forwards – The recognition of deferred tax assets requires estimates to be made about the level of future taxable income and the timing of recovery of deferred tax assets, taking into account the relevant tax jurisdictions – refer to Note 11 - Income tax expense. • Valuation of the financial liability for the Class C-1 Shares and Class C-2 Shares (collectively, “Class C Shares”) – Class C-1 Shares are publicly traded on the NASDAQ (i.e., an active market). Class C-2 Shares are derivative financial instruments that are carried at fair value through profit and loss. Quoted or observable prices for these financial instruments are not available in active markets, requiring Polestar to estimate the fair value of the instruments each period utilizing certain valuation techniques – refer to Note 16 - Reverse recapitalization. • Valuation of the financial liability for the Former Parent’s contingent Earn-out rights – The contingent Earn-out rights are derivative financial instruments that are carried at fair value through profit and loss. Quoted or observable prices for these financial instruments are not available in active markets, requiring Polestar to estimate the fair value of the instruments each period utilizing certain valuation techniques – refer to Note 16 - Reverse recapitalization. Actual results could differ materially from those estimates using different assumptions or under different conditions. Cash and cash equivalents Cash consists of cash in banks with an original term of three months or less. All highly-liquid, short-term investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value are classified as cash equivalents and presented as such in the Consolidated Statement of Cash Flows. Marketable securities Marketable securities are financial instruments with maturities less than one year when acquired that can quickly be converted into cash. Polestar’s marketable securities consist of short-term money market funds (i.e., time deposits in banks). The balance in marketable securities as of December 31, 2022 and 2021 amounted to nil and $1,258, respectively . Restricted cash Restricted cash are Cash and cash equivalents held by Polestar for specified use which are unavailable to the overall Group for general, operational purposes. As of December 31, 2022 and 2021, the Group had no restricted cash. Government grants The Group’s subsidiaries based in the People’s Republic of China received government grants which were conditioned to be used for production related costs and grants for non-specified purposes. The groups subsidiary based in UK received government grants conditioned to be used for product development activities. Both these grants are not tied to the future trends or performance of the Group and are not required to be refunded under any circumstance. The Group’s subsidiary based in Singapore received government grants related to incentivizing job growth. The Job growth incentive is given by Inland Revenue Authority of Singapore (IRAS) SG government agency to support employers to expand local hiring. Receipt of such grants are either reported as a deduction to the related expense or as other operating income, depending on the nature of the grant received. The amount of government grants received as of December 31, 2022 and 2021 was $3,773 and $309, respectively. Revenue recognition Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. In determining the transaction price, the Group evaluates whether the contract includes other promises that constitute a separate performance obligation to which a portion of the transaction price needs to be allocated. When consideration in a contract includes variable amounts, the Group estimates the consideration to which Polestar will be entitled in exchange for transferring goods to the customer, using either the expected value method or the most likely amount method. The Group makes judgements related to potential returns, liabilities to customers related to performance obligations and potential sales discounts when considering revenue. For contracts that contain more than one performance obligation, Polestar Group allocates the transaction price to each performance obligation on a relative standalone selling price basis. The standalone selling price of the distinct good or service underlying each performance obligation is determined at contract inception. It represents the price at which Polestar Group would sell a promised good or service separately to a customer. If a standalone selling price is not directly observable, Polestar Group instead estimates it, using appropriate data that reflects the amount of consideration to which the Group expects to be entitled in exchange for transferring the promised goods or services to the customer. Polestar Group disaggregates revenue by major category based on what it believes are the primary economic factors that may impact the nature, amount, timing, and uncertainty of revenue and cash flows from customer contracts. Sales of vehicles Revenue from the sales of vehicles includes sales of the Group’s vehicles as well as related accessories and services. Revenue is recognized when the customer obtains control of delivered goods or services, and thus has the ability to direct the use of, and obtain the benefits from, the goods or services. Polestar Group includes various services and maintenance (i.e., extended service) offers with the sale of each vehicle for a period of time specified in the contract. Polestar Group also provides connected services, including access to the internet and over-the-air software and performance updates, which provide Polestar’s customers new features and improvements to existing vehicle functionality. Although Polestar’s connected services improve the in-vehicle experience, it is not required when driving a Polestar vehicle. These services and maintenance and connected services are considered stand-ready obligations as Polestar cannot determine (1) when a customer will access a service, or (2) the quantity of a service the customer will require (i.e., delivery is within control of the customer). Polestar uses an expected cost-plus margin approach for estimating the transaction price for these stand-ready obligations as this is determined to be the most suitable method for estimating stand-alone sellin |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial risk management | Note 2 - Financial risk management Management of financial risks As a result of its business and the global nature of its operations, Polestar Group is exposed to market risks from changes in foreign currency exchange rates, interest rate risk, credit risk and liquidity risk. Foreign currency exchange risk The global nature of Polestar Group’s business exposes the Group's cash flows to risks arising from fluctuations in currency exchange rates. Changes in currency exchange rates have a direct impact on Polestar Group’s Operating income, Finance income, Finance expense, Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows. To mitigate the impact of currency exchange rate fluctuations on business operations, the Group continually assesses its exposure to exchange rate risks. Transaction and translation exposure risk Currency transaction risk arises from future commercial transactions and settlement of recognized assets and liabilities denominated in a currency that is not the functional currency of the relevant Group entity. Primarily, the Group is exposed to currency transaction risk in Group companies with SEK as the functional currency. The primary risks in these companies are SEK/CNY, USD/SEK and EUR/SEK due to trade receivables, trade payables, a nd short-term credit facilities. For example, Polestar purchases vehicles via a SEK denominated legal entity from Volvo Cars' CNY denominated Taizhou plant in China (see Note 25 - Related party transactions for further discussion on contract manufacturing arrangements). Under this contract manufacturing arrangement with Volvo Cars, Polestar's purchasing entity bears the currency transaction risk upon purchasing and recognizing the vehicles in inventories, which are denominated in SEK. As the SEK/CNY exchange rate fluctuates, the amount of SEK required to purchase a vehicle in CNY has a corresponding fluctuation. During the year ended December 31, 2022, the SEK deteriorated against the CNY by approximately 5.7%, from 0.70 SEK/CNY on January 1, 2022 to 0.66 SEK/CNY as of December 31, 2022. During the comparative period, the SEK deteriorated against the CNY by approximately 11.4%, from 0.79 SEK/CNY on January 1, 2021 to 0.70 SEK/CNY as of December 31, 2021. In total, since January 1, 2021, the SEK foreign exchange rate deteriorated against the CNY by approximately 16%, indicating that the cost per vehicle purchased has increased over time as Polestar has been required to spend more SEK for every vehicle purchased in CNY. Currency translation risk arises from the consolidation of foreign subsidiaries that maintain net assets denominated in their respective functional currencies other than USD (i.e., the functional currency of the Parent). Translation risk also arises from the conversion of balances denominated in foreign currencies to the functional currency using monthly closing exchange rates. Such currency effects (i.e., foreign currency gains and losses) are recorded in the Consolidated Statement of Loss and Comprehensive Loss. The Group is primarily exposed to currency translation risk from subsidiaries with functional currencies in the Swedish Krona (“SEK”), the Euro (“EUR”) and the Chinese yuan (“CNY”). During the year ended December 31, 2022, the Group was primarily exposed to changes in SEK/CNY, EUR/SEK and GBP/SEK foreign exchange rates. The following table illustrates the estimated impact of a 10% change in these foreign exchange rates: Impact on loss SEK/CNY exchange rate - increase/decrease 10% -/+ 210,810 USD/SEK exchange rate - increase/decrease 10% +/- 45,359 EUR/SEK exchange rate - increase/decrease 10% +/- 35,831 GBP/SEK exchange rate - increase/decrease 10% +/- 30,201 NOK/SEK exchange rate - increase/decrease 10% +/- 16,118 During the year ended December 31, 2021, the Group was primarily exposed to changes in SEK/CNY, USD/SEK, and EUR/SEK foreign exchange rates. The following table illustrates the estimated impact of a 10% change in these foreign exchange rates: Impact on loss SEK/CNY exchange rate - increase/decrease 10% +/- 111,743 USD/SEK exchange rate - increase/decrease 10% -/+ 56,052 EUR/SEK exchange rate - increase/decrease 10% +/- 46,871 GBP/SEK exchange rate - increase/decrease 10% -/+ 41,688 NOK/SEK exchange rate - increase/decrease 10% +/- 36,493 During the year ended December 31, 2020, the Group was primarily exposed to changes in the EUR/CNY and EUR/SEK foreign exchange rate. The following table illustrates the impact of a 10% change in these foreign exchange rates: Impact on loss SEK/CNY exchange rate - increase/decrease 10% +/- 86,794 EUR/SEK exchange rate - increase/decrease 10% -/+ 34,732 The Group’s overall currency exposure is reduced by natural hedging, which consists of the currency exposures of the business operations of different entities partially offsetting each other at the Group level. These natural hedges eliminate the need for hedging to the extent of the matched exposures. Other risk The Group is exposed to market volatility risk through the financial liabilities for the Class C Shares and Earn-out rights. These instruments are carried at fair value with subsequent changes in fair value recognized in the Consolidated Statement of Loss and Comprehensive Loss at each reporting date. The Class C-1 Shares are publicly traded on the Nasdaq. The Class C-2 Shares and Earn-out rights are not publicly traded and require Level 2 and Level 3 fair value measurements, respectively. Refer to Note 1 - Significant accounting policies and judgements and Note 16 - Reverse recapitalization for further details on the Class C Shares, Earn-out rights, and related valuation methodologies. The following table illustrates the estimated impact of a 10% change in market volatility: Impact on loss Earn-out liability - increase 10% + 60,531 Earn-out liability - decrease 10% - (55,828) Impact on loss Fair value change - Class C-1 Shares Fair value change - Class C-2 Shares Class C Shares liability - increase of 10% + 800 450 Class C Shares liability - decrease of 10% - (960) (540) Interest rate risk The Polestar Group’s main interest rate risk arises from short-term liabilities to credit institutions with variable rates, which exposes the Group to cash flow interest rate risk. As of December 31, 2022 and 2021, the nominal amount of liabilities to credit institutions with floating interest rates was $819,390 and $642,338, respectively. Management closely monitors the effects of changes in the interest rates on the Group’s interest rate risk exposures, but the Group currently does not take any measures to hedge interest rate risks. Interest rate risk associated with these loans is limited given their short-term duration. The table below shows the estimated effect on profit or loss and equity of a parallel shift of the interest rate curves up or down by one percent on all loans. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The calculation considers the effect of financial instruments with variable interest rates, financial instruments at fair value through profit or loss or available for sale with fixed interest rates, and the fixed rate element of interest rate caps. The analysis is performed on the same basis for 2022 and 2021. Impact on loss before income 2022 2021 Interest rates - increase/decrease by 1% +/- 5,219 +/- 1,791 Credit risk The Polestar Group is exposed to counterparty credit risks if contractual partners, fleet customers for example, are unable or only partially able to meet their contractual obligations. Polestar Group’s credit risk can be divided into financial credit risk and operational credit risk. Credit risk encompasses both the direct risk of default and the risk of a deterioration of creditworthiness, as well as concentration risks. The Group defines default as the inability to collect receivables once all reasonable means of collection have been unsuccessful and the expectation of recovering contractual cash flows on the receivables is not probable. Financial credit risk Financial credit risk on financial transactions is the risk that Polestar Group will incur losses as a result of non-payment by counterparties related to the Group’s bank accounts, bank deposits, derivative transactions, and other liquid assets. In order to minimize financial credit risk, Polestar Group has adopted a policy of dealing with only well-established international banks or other major participants in the financial markets as counterparties. Further, Polestar Group also considers the credit risk assessment of its counterparties by the capital markets and places priority on institutions with high creditworthiness and balanced risk diversification. The credit rating of financial counterparties used during the years ended December 31, 2022 and 2021 were in the range of BBB to A+. Assets that potentially subject the Group to concentrations of credit risk primarily consist of cash and cash equivalents, marketable securities, restricted cash, and trade receivables. Cash and cash equivalents, restricted cash and marketable securities are all invested in major financial institutions with high credit ratings. Generally, these assets may be redeemed upon demand and, therefore, bear low risk. Risks associated with the Group’s trade receivables are further specified below. Operational credit risk Operational credit risk arises from trade receivables. It refers to the risk that a counterparty will default on its contractual obligations which would, in turn, result in financial loss to the Group. Trade receivables at Polestar Group mostly consist of receivables resulting from the global sales of vehicles and technology. The credit risk from trade receivables encompasses the default risk of customers. Management evaluates for concentrations of credit risk at the customer level based on the outstanding trade receivables balance of each respective customer account. As of December 31, 2022, an unrelated party accounted for $26,649 (13.1%) of the Group's total trade receivables (i.e., trade receivables plus trade receivables - related parties). As of December 31, 2021, an unrelated party accounted for $23,031 (12.5%) of the Group’s total trade receivables. Historically, the Group has not incurred any losses from these customers and does not have any contractual right to off-set its payables and receivables. Polestar has five categories of customers when considering sales of vehicles: (1) end customers who pay up-front for vehicles, (2) fleet customers, (3) dealers, (4) importers, and (5) financial service providers. All credit risk related to sales to end customers who pay up-front for vehicles is eliminated due to the nature of the payment. To reduce risk related to fleet customers, credit risk reviews are performed prior to entering into related sales agreements. Depending on the creditworthiness of its customers, Polestar Group may establish credit limits to reduce credit risks. For sales to dealers and importers, title to Polestar vehicles remains with Polestar until the invoice is paid in full, which is generally on the invoice date or the day after (i.e., payment is received before the vehicle ships and credit risk is thereby mitigated). Polestar sells vehicles to financial service providers, who then form separate contractual relationships with end customers. To reduce the risk related to such financial service providers, Polestar Group has selected a few credible financing providers in each market. Credit risk reviews, establishment of credit limits, and selection of credible financial service providers must be strictly followed and monitored, globally. The maximum amount of credit risk exposure is the carrying amount of trade receivables. See Note 15 - Financial instruments for further details. Liquidity risk Liquidity risk is the risk that Polestar Group is unable to meet ongoing financial obligations on time. The Group faces liquidity risk as all loans from financial institutions are short-term in nature, typically with a credit term of one year or less, and trade payables with related parties represent working capital arrangements under which the liquidity needs of the Group are highly dependent on the continued flexible payment terms offered to the Group by its related parties. These flexible payment terms are not a contractual right and may be called upon in the future. Refer to Note 25 - Related party transactions for additional information on these arrangements. Polestar Group needs to have adequate cash and highly liquid assets on hand to ensure the Group can meet its short-term financing obligations and other working capital needs. Polestar manages its liquidity by holding adequate volumes of liquid assets such as cash and cash equivalents and accounts receivable, by maintaining credit facilities in addition to the cash inflows generated by its business operations and through capital contributions from private equity investors. As of December 31, 2022 and 2021, the Group held cash and cash equivalents of $973,877 and $756,677, respectively, that were available for managing liquidity risk. The Group entered into short-term financing arrangements with credit institutions and other financial service providers to enhance short term liquidity and financing needs. Refer to Note 23 - Liabilities to credit institutions for further details on short-term borrowings. The Group’s short-term and mid-term liquidity management takes into account the maturities of financial assets and financial liabilities and estimates of cash flows from business operations. Management has established an appropriate liquidity risk management framework for management of the Group’s short, medium and long-term funding and liquidity management requirements and the Group prepares long-term planning in order to mitigate funding and re-financing risks. Depending on liquidity needs, Polestar Group will enter into financing and debt agreements and/or lending agreements. All draws on loans are evaluated against future liquidity needs and investment plans. Capital management |
Common control transaction
Common control transaction | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Common control transaction | Note 3 - Common control transaction On September 14, 2020, Polestar Automotive (Shanghai) Co., Ltd (incorporated in the People’s Republic of China) (“Old Parent”) along with its consolidated subsidiaries ("Former Group") was restructured so that 100% of ownership interests in the Former Group were transitioned from Old Parent to Polestar Automotive (Singapore) Pte. Ltd, which is a wholly owned entity of Polestar Automotive Holding Limited (incorporated in Hong Kong) (“New Parent”). The restructuring represented a common control transaction rather than a business combination under the guidance in IFRS 3, Business Combinations (“IFRS 3”), because (1) the New Parent was a shell company that did not meet the definition of a business at the time of the transaction, (2) ultimate control of the Former Group was the same before and after the transaction, and (3) control of the Former Group was not transitory (i.e., organized to effect a ‘grooming’ transaction). Accordingly, the restructuring was recognized using the historic value method (i.e., the assets and liabilities are measured using the existing book value) and the impact of the restructuring is reflected in the Consolidated Statement of Changes in Equity under the “Changes in the consolidated group” subheading. Additionally, the presentation of the Consolidated Statement of Changes in Equity was required to be adjusted following the restructuring. Prior to the restructuring, the concept of share capital did not exist under the Old Parent’s limited company structure in China. Ownership interests were only represented by percentages of paid-in capital, as adjusted by accumulated losses and cumulative translation adjustments. Under the New Parent’s private company limited structure in Hong Kong, share capital was introduced to the Former Group’s equity and the Consolidated Statement of Changes in Equity. Therefore, capital infusions in the Old Parent are shown as other contributed capital in the Consolidated Statement of Changes in Equity prior to the restructuring. Total equity prior to the restructuring did not change, and restructuring resulted in issued share capital in the New Parent equivalent to the ownership percentages under the Old Parent. Consideration transferred for the Former Group from the New Parent to the Old Parent under the restructuring was equal to the initial investment of the controlling owners in the Former Group. However, when the Polestar Group was separated from the Old Parent, the intercompany relationship between the Old Parent and the Former Group was severed. This resulted in the realization of accumulated gains in equity of $5,801 in the Old Parent, which were historically eliminated upon consolidation. The $5,801 adjustment to equity does not reflect cash consideration transferred, but rather, the non-cash impact of separating intercompany interests and changing parent entities under the same controlling owners. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Revenue | Note 4 - Revenue Polestar Group disaggregates revenue by major category based on the primary economic factors that may impact the nature, amount, timing, and uncertainty of revenue and cash flows from these customer contracts as seen in the table below: For the year ended December 31, 2022 2021 2020 Sales of vehicles 1 2,404,246 1,290,031 542,783 Sales of software and performance engineered kits 21,308 25,881 35,434 Sales of carbon credits 10,984 6,299 27,141 Vehicle leasing revenue 16,719 6,217 — Other revenue 8,639 8,753 4,887 Total 2,461,896 1,337,181 610,245 1 - Revenues related to sales of vehicles are inclusive of extended and connected services recognized over time. For the years ended December 31, 2022 and 2021, other revenue primarily consisted of license revenue generated from sales-based royalties received from Volvo Cars on sales of parts and accessories for Polestar vehicles, which Volvo Cars began selling to customers during 2021. For the year ended December 31, 2020, other revenue primarily consisted of revenue generated through the sale of technology to a related party. For the year ended December 31, 2022, no sole customer exceeded 10% of total revenue. The Group’s two largest customers that are third parties accounted for $135,544 (10.14%) and $129,873 (9.71%) of revenue, respectively, for the year ended December 31, 2021. For the year ended December 31, 2020, Volvo Cars accounted for $107,948 (17.7%) of the Group’s revenue and a third party customer accounted for $71,361 (11.69%) of the Group’s revenue. Refer to Note 25 - Related party transactions for further details on revenues from related parties. Contract liabilities Sales generated obligation Deferred revenue - extended service Deferred revenue - connected services Deferred revenue - operating leases & other Total Balance as of January 1, 2021 2,436 8,967 5,669 — 17,072 Provided for during the year 65,862 20,612 14,472 25,869 126,815 Settled during the year (43,469) — — — (43,469) Released during the year — (3,673) (1,450) (5,554) (10,677) Effect of foreign currency exchange rate differences (127) (2,226) (98) — (2,451) Balance as of December 31, 2021 24,702 23,680 18,593 20,315 87,290 of which current 24,702 11,178 2,521 19,967 58,368 of which non-current — 12,502 16,072 348 28,922 Provided for during the year 66,769 31,928 17,325 14,197 130,219 Settled during the year (77,667) — — — (77,667) Released during the year — (13,882) (3,859) (21,437) (39,178) Effect of foreign currency exchange rate differences (735) (934) (1,966) (560) (4,195) Balance as of December 31, 2022 13,069 40,792 30,093 12,515 96,469 of which current 13,069 18,979 4,431 9,738 46,217 of which non-current — 21,813 25,662 2,777 50,252 As of December 31, 2022, contract liabilities amounted to $96,469, of which $13,069 was related to variable consideration payable to fleet customers in the form of volume related bonuses and $83,400 was related to remaining performance obligations associated with sales of vehicles and vehicle leasing revenue. As of December 31, 2021, the aggregate amount of the transaction price related to sales of vehicles allocated to the remaining performance obligations was $87,290. Revenue recognized during the year ended December 31, 2022 related to contract liabilities outstanding as of January 1, 2022 was $33,666, and no revenue was recognized during the period related to performance obligations fully (or partially) satisfied in prior periods. Revenue recognized during the year ended December 31, 2021 related to contract liabilities outstanding as of January 1, 2021 was $4,648, and no revenue was recognized during the period related to performance obligations fully (or partially) satisfied in prior periods. Since Polestar Group did not enter the commercial space until the third quarter of 2020, there was no revenue recognized during the year ended December 31, 2020 related to contract liabilities outstanding as of January 1, 2020 or performance obligations fully (or partially) satisfied. |
Depreciation and amortization b
Depreciation and amortization by function | 12 Months Ended |
Dec. 31, 2022 | |
Depreciation and amortisation expense [abstract] | |
Depreciation and amortization by function | Note 5 - Depreciation and amortization by function Polestar utilizes acquired research and development related to PS1 and PS2 as a foundation for the development of future car models and technology. As such, amortization of these intangible assets is included in research and development expense. The following table illustrates depreciation and amortization by function: 2022 Property, plant and equipment Right-of-use assets Assets under operating leases Intangible assets Total Cost of sales 16,188 7,852 14,004 7,232 45,276 Research and development expense 23 389 — 95,624 96,036 Selling, general and administrative expense 5,154 11,926 — — 17,080 Total 21,365 20,167 14,004 102,856 158,392 2021 Cost of sales 30,557 9,822 — 13,672 54,051 Research and development expense 1,845 385 — 174,639 176,869 Selling, general and administrative expense 3,774 4,404 — 65 8,243 Total 36,176 14,611 — 188,376 239,163 2020 Cost of sales 38,671 6,947 — 14,447 60,065 Research and development expense — — — 152,395 152,395 Selling, general and administrative expense 1,402 2,170 — 44 3,616 Total 40,073 9,117 — 166,886 216,076 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Employee benefits | Note 6 - Employee benefits The following table discloses total expenses related to employee benefits: For the year ended December 31, 2022 2021 2020 Short-term employee benefits 187,202 100,461 70,555 Post-employment benefits 26,294 18,600 10,590 Share-based compensation 4,958 — — Total employee benefits 218,454 119,061 81,145 Post-employment benefits expense reflects those related to defined contribution plans for the years ended December 31, 2022, 2021 and 2020, inclusive of expenses related to the ITP 2. Expenses related to defined contribution plans amounted to $20,664, $13,916 and $7,975 for the years ended December 31, 2022, 2021 and 2020, respectively. The following table discloses total expenses related to employee benefits for the Group’s Executive Management Team (“EMT”) and managing directors at the Group’s sales units: For the year ended December 31, 2022 2021 2020 Short-term employee benefits 8,486 5,094 5,788 Post-employment benefits 996 525 351 Other long-term benefits 228 417 600 Share-based compensation 1,294 — — Total benefits to key management personnel only 11,004 6,036 6,739 The Group’s EMT has the authority and responsibility for planning, directing, and controlling the Polestar Group’s activities. As of December 31, 2022 and 2021, the EMT consisted of the following individuals: • Thomas Ingenlath (CEO); • Johan Malmqvist (Chief Financial Officer, “CFO”); and • Dennis Nobelius (Chief Operating Officer, “COO”). As of December 31, 2020, the EMT consisted of: • Thomas Ingenlath (CEO); • Ian Zhang (CFO); and • Dennis Nobelius (COO). The CEO has the ultimate authority for approval of actions proposed by each member of the EMT . |
Share-based payment
Share-based payment | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payment | Note 7 - Share-based payment As noted in Note 1 - Significant accounting policies and judgements, Polestar granted shares to employees under the Omnibus Plan as part of the Group’s employee compensation. Under the Omnibus Plan, there are three kinds of programs: At-listing Plan, Post-listing Plan, and the Free Share Plan, all of which are equity-settled. The following table illustrates share activity for the year ended December 31, 2022: Number of PSUs Number of RSUs Number of Free Shares Total Outstanding as of January 1, 2022 — — — — Granted 858,821 629,303 334,990 1,823,114 Vested — (170,683) (330,768) (501,451) Cancelled — — — — Outstanding as of December 31, 2022 858,821 458,620 4,222 1,321,663 There was no share activity under the Omnibus Plan for the years ended December 31, 2021 and 2020. The following table illustrates total share-based compensation expense for the years ended December 31, 2022, 2021 and 2020: For the year ended December 31, 2022 2021 2020 Selling, general and administrative expense 7,128 — — Research and development expense 2,781 — — Total 9,909 — — At-listing plan All executives and other key management members are eligible to receive RSUs under this plan. RSUs were granted on September 9, 2022 with the vesting commencement date of June 24, 2022; 33% of the RSUs vested on October 3, 2022 and the remaining RSUs will vest in two installments, with 33% of the awards vesting on June 24, 2023, and the remaining 34% of awards vesting on June 24, 2024. In order for the RSUs to vest, the employee must remain employed with Polestar at each vesting date. The total number of RSUs granted was 517,220, with a fair value of $3,476 as of the grant date. The total number of shares vested during the period was 170,683 with a fair value of $1,147. There were no changes to the number of shares granted during the period due to leavers or any vesting/non-vesting conditions. Post-listing plan Under this plan, the EMT (i.e., CEO, CFO, and COO), are eligible to receive PSUs and other key management members are eligible to receive RSUs and PSUs. Awards were granted on September 9, 2022. The Post-listing plan has a three-year cliff vesting period, where the first vesting date is October 3, 2022 with a final vesting date of June 24, 2025. The vesting commencement date for the Post-listing plan was June 24, 2022. In order for the participants to receive the awards, they must remain employees at Polestar throughout the three-year vesting period, and achieve certain market and non-market performance-based targets in order to receive the PSUs: Market condition • 25% Value Creation – The target is equal to positive relative market value development compared to a specified peer group. This is measured by Relative Total Shareholder Return (“rTSR”) which captures share price change (of a single share) and dividend reinvestment. Relative rTSR is a metric that will be externally measured. Non-market conditions • 25% Cash flow – The target is equal to unleveraged free cash flow accumulated from 2022 – forecasted 2024. • 20% Environmental, Social, Governance ("ESG") – The target is equal to Polestar’s total yearly greenhouse gas emissions divided by the number of cars sold for the applicable year. The greenhouse gas emissions are calculated every year according to Greenhouse gas protocol reporting standards. Polestar includes Scope 1, 2 and 3 emissions. The results and methodology are reported in the annual sustainability report. • 30% Operational milestones – The target is the fulfillment of operational milestones driving growth and stand-alone capabilities. The total number of RSUs granted was 112,083, with a fair value of $753 as of the grant date. The total number of PSUs granted was 858,821, with a fair value of $6,031 as of the grant date. There were no changes to the number of shares granted during the period due to leavers or any vesting/non-vesting conditions. Free share plan All permanent employees hired no later than December 31, 2021 who remained employed were granted free shares on September 30, 2022. The awards vested on October 3, 2022 and are subject to a one-year holding period. The total number of Free Shares granted and vested was 334,990 and 330,768, respectively, with vested shares fair value of $1,715 as of the grant date. The fair value was determined using the market value of the shares listed on the Nasdaq. Under the Free Share plan, Polestar must withhold the tax obligation related to the share-based payment and transfer that amount in cash to the tax authority on the employee's behalf. Polestar does not withhold shares in order to settle the employee's tax obligations. Marketing consulting services agreement On March 24, 2022, Polestar granted an equity-settled share-based payment in exchange for marketing services through November 1, 2023. Per the terms of the agreement, 250,000 Class A Shares vested on August 31, 2022, the date the F-1 Registration Statement became effective. The remaining 250,000 Class A Shares vest over eight equal quarterly installments with a final vesting date of November 1, 2023. The grant date fair value of the marketing consulting agreement was $5,308 which was determined using the market value of the shares listed on the Nasdaq. Of the 500,000 Class A Shares granted, 375,000 Class A Shares with a fair value of $4,946 have vested as of December 31, 2022. |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2022 | |
Statement of cash flows [abstract] | |
Supplemental cash flow information | Note 24 - Supplemental cash flow information For the year ended December 31, 2022 2021 2020 Non-cash investing and financing activities Purchases of intangible assets in trade payables - related parties and accrued expenses - related parties 74,781 357,760 143,986 Initial recognition of ROU assets and liabilities 53,870 12,376 61,529 Purchases of property, plant and equipment in trade payables 34,945 17,341 13,101 Prepaid assets and warrant liabilities assumed upon closing of the merger with GGI 57,040 — — |
Other operating income and expe
Other operating income and expense | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Other operating income and expense | Note 8 - Other operating income and expense The following table details the Group’s other operating income and expense: For the year ended December 31, 2022 2021 2020 Other operating income Net foreign exchange rate differences — — 2,478 Sold services — 847 — Other operating income 4,724 1,776 1,598 Total 4,724 2,623 4,076 For the year ended December 31, Other operating expense 2022 2021 2020 Net foreign exchange rate differences 3,595 49,298 — Non-income tax 1,502 1,064 1,347 Other operating expense 1,192 314 963 Total 6,289 50,676 2,310 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income tax expense | Note 11 - Income tax expense Income tax expense recognized in the Consolidated Statement of Loss and Comprehensive Loss is as follows: For the year ended December 31, 2022 2021 2020 Current income tax for the year (17,277) (3,336) (1,966) Deferred taxes 4,210 5,517 (4,422) Foreign taxes (3,717) (2,517) (7,147) Total (16,784) (336) (13,535) Information regarding current year income tax expense based on the applicable UK and Hong Kong tax rates are as follows: For the year ended December 31, 2022 2021 2020 Loss before tax for the year (449,005) (1,007,118) (471,323) Tax according to the applicable tax rate 1 85,311 166,174 74,449 Operating income/costs, non-taxable 2 86,504 (5,407) (2,178) Effect of different tax rates 17,142 64,384 34,700 Tax effect on deferred tax due to change of tax rate — — (575) Withholding tax (3,717) (2,517) (7,147) Non-recognition of deferred tax assets on temporary differences (13,672) (9,042) (32,223) Not recognized loss carry-forward (188,352) (213,928) (80,434) Other — — (127) Total (16,784) (336) (13,535) 1 – 2022: 19% (UK rate), 2021: 16.5% and 2020: 15.8% (Hong Kong rates). 2 – Primarily attributable to the Listing expense being non-tax deductible, corresponding tax $70,740 and Fair value changes of the Earn-out rights being non-taxable income, corresponding tax $171,393. Other non-tax items net $14,148. The 2021 and 2020 income tax expense is based on the applicable Hong Kong tax rate as a result of the change in group composition that occurred in September 2020. The 2020 restructuring represented a common control transaction and resulted in certain tax losses in Sweden of $30,418 to be forfeited. Refer to Note 3 - Common control transaction for further discussion. The 2021 Hong Kong tax rate in the table above is reflective of the Inland Revenue (Amendment (No. 7) Bill 2017 (the “Bill”), which was passed by the Hong Kong Legislative Council in 2018. The Bill introduces the two-tiered profits tax rates regime, under which, the first 2,000,000 Hong Kong Dollar (“HKD”) of profits of the qualifying group entity will be taxed at 8.25%, and profits above 2,000,000 HKD will be taxed at 16.5%. Information regarding the composition of recognized deferred tax assets is as follows: As of December 31, Specification of deferred tax assets 2022 2021 Tax loss carry-forwards 49,804 29,737 Other temporary differences 7,755 3,850 Recognized value of deferred tax assets as of December 31 57,559 33,587 Netting of asset and liability tax positions (49,804) (29,737) Deferred tax asset as of December 31 7,755 3,850 Information regarding the composition of recognized deferred tax liabilities is as follows: As of December 31, Specification of deferred tax liabilities 2022 2021 Intangible assets 41,452 28,753 Inventory 7,890 408 Warranty 938 1,085 Recognized value of deferred tax liabilities as of December 31 50,280 30,246 Netting of asset and liability tax position (49,804) (29,737) Deferred tax liability as of December 31 476 509 All changes in deferred tax assets and liabilities have been reported in the Consolidated Statement of Loss and Comprehensive Loss for the years ended December 31, 2022, 2021 and 2020, respectively. Deferred taxes have been calculated by applying the tax rate per jurisdiction. Information regarding unrecognized deferred tax assets: The Group recognizes deferred tax assets to the extent that the Group believes that the likelihood of recognition is probable. In making such a determination, the Group considers reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and the results of recent operations. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. Significant management judgements and assumptions are required in determining the recognition of deferred tax assets related to tax losses and other temporary deductible differences. A change in judgement or assumption could have a material impact on the recognition of deferred tax assets. As of December 31, 2022 and 2021, the Group made the judgement that there is not sufficient, objectively verifiable evidence available which would demonstrate that it is more likely than not that the Group would be able to realize all deferred tax assets in the future. This resulted in deferred tax assets on tax loss carryforwards not being recognized for a tax effected amount of $479,926 and $339,389 as of December 31, 2022 and 2021, respectively. Tax loss carryforwards through the year of expiration are as follows: As of December 31, 2022 2021 Year of expiration 2023 — — 2024 67,221 74,736 2025 174,128 193,596 2026 142,496 158,427 2027 201,454 12,672 2028 onwards 1,616,709 1,113,882 Tax loss carryforwards as of December 31 2,202,008 1,553,313 The increase in tax losses available for carryforward are mainly attributable to losses incurred as a consequence of the Group scaling headcount and research and development expense to meet the demands of the growing business. Further, for the year ended December 31, 2022, tax loss carryforwards and other temporary differences of $117,229 were attributable to the Chengdu facility |
Net loss per share
Net loss per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Net loss per share | Note 12 - Net loss per share For the year ended December 31, 2022, potentially dilutive instruments issued were the Class C Shares and the earn out to the Former Parent related to the Closing of the BCA discussed in Note 16 - Reverse recapitalization, and unvested equity-settled payments discussed in Note 7 - Share-based payment. The Convertible Notes of the Former Parent were the only dilutive instrument outstanding prior to the reverse recapitalization and were converted to Class A Shares in the Group upon the Closing of the BCA. These financial instruments were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive. For the year ended December 31, 2021, 4,306,466 shares issuable upon conversion of the Convertible Notes were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive. No dilutive event occurred for the year ended December 31, 2020. Dilutive Net loss per share was the same as basic Net loss per share for all periods presented. Loss per share for the periods prior to the reverse recapitalization are retrospectively adjusted to reflect the number of equivalent shares issued by the parent to the former parent, based on the number of shares outstanding on the reporting dates multiplied by the exchange ratio of 8.335. Refer to Note 20 - Equity for further details. The following table presents the computation of basic and diluted Net loss per share for the years ended December 31, 2022, 2021, and 2020 when applying the exchange ratio: For the year ended December 31, 2022 2021 2020 Class A and B Common Shares Net loss attributable to common shareholders (465,789) (1,007,454) (484,858) Weighted-average number of common shares outstanding: Basic and diluted 2,027,328 1,911,580 1,681,417 Net loss per share (in ones): Basic and diluted (0.23) (0.53) (0.29) The following table presents shares that were not included in the calculation of diluted loss per share as their effects would have been antidilutive for the years ended December 31, 2022, 2021 and 2020: For the year ended December 31, 2022 2021 2020 Earn-out Shares 158,177,609 — — Class C-1 Shares 15,999,965 — — Class C-2 Shares 9,000,000 — — PSUs 858,821 — — RSUs 458,620 — — Marketing consulting services agreement 125,000 — — Convertible Notes — 4,306,466 — Total antidilutive shares 184,620,015 4,306,466 — |
Intangible assets and goodwill
Intangible assets and goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
Intangible assets and goodwill | Note 13 - Intangible assets and goodwill The following table depicts the split between Polestar Group's intangible assets, goodwill and trademarks: As of 2022 2021 Intangible assets 1,347,709 1,312,427 Goodwill and trademarks 48,768 55,929 Total 1,396,477 1,368,356 Intangible assets were as follows: Internally developed IP Software Acquired IP Total Acquisition cost Balance as of January 1, 2021 44,002 1,343 1,273,314 1,318,659 Additions 1 112,844 11 349,876 462,731 Effect of foreign currency exchange rate differences (4,962) (87) (81,335) (86,384) Balance as of December 31, 2021 151,884 1,267 1,541,855 1,695,006 Additions 1 95,213 — 218,031 313,244 Replacement cost development project (10,007) — — (10,007) Effect of foreign currency exchange rate differences (19,490) (153) (190,491) (210,134) Balance as of December 31, 2022 217,600 1,114 1,569,395 1,788,109 Accumulated amortization and impairment Balance as of January 1, 2021 (16,246) (138) (193,004) (209,388) Amortization expense (1,025) (157) (187,194) (188,376) Effect of foreign currency exchange rate differences 1,612 12 13,561 15,185 Balance as of December 31, 2021 (15,659) (283) (366,637) (382,579) Amortization expense (1,211) (144) (101,501) (102,856) Effect of foreign currency exchange rate differences 2,014 38 42,983 45,035 Balance as of December 31, 2022 (14,856) (389) (425,155) (440,400) Carrying amount as of December 31, 2021 136,225 984 1,175,218 1,312,427 Carrying amount as of December 31, 2022 202,744 725 1,144,240 1,347,709 1 - Of $313,244 in additions for the year ended December 31, 2022, $238,463 has been settled in cash. These $238,463 are included in the $681,204 cash used for investing activities related to additions to intangible assets, and the remaining $442,741 relates to increases in Trade payables - related parties from prior years which were settled in cash during the year ended December 31, 2022. Of $462,731 in additions for the year ended December 31, 2021, $104,971 has been settled in cash and included in cash used for investing activities related to additions to intangible assets. Additions to internally developed IP are primarily related to the Polestar Precept concept car and various other internal programs, such as model year changes, for the year ended December 31, 2022. Additions to acquired IP during the year ended December 31, 2022 were related to acquisitions of model year changes of the Polestar 2 (“PS2”) and Polestar 3 (“PS3”) IP from Volvo Cars. Polestar also acquired IP related to the Polestar 4 (“PS4”) from Geely. Refer to Note 25 - Related party transactions for further details. Changes to the carrying amount of goodwill and trademarks were as follows: Goodwill Trademarks Total Balance as of January 1, 2021 59,129 2,937 62,066 Effect of foreign currency exchange rate differences (5,847) (290) (6,137) Balance as of December 31, 2021 53,282 2,647 55,929 Effect of foreign currency exchange rate differences (6,822) (339) (7,161) Balance as of December 31, 2022 46,460 2,308 48,768 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Note 14 - Property, plant and equipment As of December 31, 2022 and 2021, PPE are recognized in the Consolidated Statement of Financial Position with carrying amounts of $258,048 and $208,193, respectively. Of these amounts, $70,675 and $34,954 is related to ROU assets for leased buildings and land, and $24,648 and $34,652 is related to ROU assets for leased machinery and equipment, respectively. Refer to Note 10 - Leases for more details on the Groups ROU assets and operating leases. Property, plant and equipment was as follows: Buildings and land Machinery and equipment Machinery under development Total Acquisition cost Balance as of January 1, 2021 48,820 131,479 1,878 182,177 Additions 2,106 6,315 33,622 42,043 Reclassifications — 7,977 (7,977) — Effect of foreign currency exchange rate differences 1,304 2,206 143 3,653 Balance as of December 31, 2021 52,230 147,977 27,666 227,873 Additions 1 2,789 6,254 58,171 67,214 Divestments and disposals (604) (919) — (1,523) Reclassifications 2 (1,976) 44,447 33 42,504 Reclassified to Assets held for sale (44,342) (20,041) — (64,383) Effect of foreign currency exchange rate differences (4,027) (10,217) (1,976) (16,220) Balance as of December 31, 2022 4,070 167,501 83,894 255,465 Depreciation and impairment — Balance as of January 1, 2021 (2,376) (50,007) — (52,383) Depreciation expense (2,266) (33,910) — (36,176) Effect of foreign currency exchange rate differences (70) (657) — (727) Balance as of December 31, 2021 (4,712) (84,574) — (89,286) Depreciation expense (3,101) (18,264) — (21,365) Divestments and disposal 47 447 — 494 Reclassification 195 (195) — — Reclassification to Assets held for Sale 5,623 5,385 — 11,008 Effect of foreign currency exchange rate differences 938 5,471 — 6,409 Balance as of December 31, 2022 (1,010) (91,730) — (92,740) Carrying amount at December 31, 2021 47,518 63,403 27,666 138,587 Carrying amount at December 31, 2022 3,060 75,771 83,894 162,725 1 - Of $67,214 in additions for the year ended December 31, 2022, $30,881 has been settled in cash. These $30,881 are included in the $32,269 in the cash-flow from investing activities related to additions to property, plant and equipment, and the remaining $1,388 relates to increases in Trade payables - related parties from prior years which were settled in cash during the year ended December 31, 2022. Of $42,043 in additions for the year ended December 31, 2021, $17,341 has been settled in cash. These $17,341 are included in the $24,701 cash-flow from investing activities related to additions to property, plant and equipment, while $7,360 is settled in cash in 2021, but added as investments through Trade payables in prior years. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Financial instruments | Note 15 - Financial instruments The following table shows the carrying amounts of financial assets and liabilities measured at fair value through profit and loss on a recurring basis: As of December 31, 2022 As of December 31, 2021 Assets measured at FVTPL Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Marketable securities — — — — 1,258 — — 1,258 Other investments — — 2,333 2,333 — — — — Total assets — — 2,333 2,333 1,258 — — 1,258 Liabilities measured at FVTPL Earn-out rights — — 598,570 598,570 — — — — Class C-1 Shares 17,920 — — 17,920 — — — — Class C-2 Shares — 10,080 — 10,080 — — — — Total liabilities 17,920 10,080 598,570 626,570 — — — — During the year ended December 31, 2022, Polestar made a $2,500 investment in the fast charging innovator, StoreDot. This investment is presented in Other investments in the Consolidated Statement of Financial Position and is valued at $2,333 as of December 31, 2022. Refer to Note 1 - Significant accounting policies and judgements and Note 16 - Reverse recapitalization for more details on the financial liabilities related to the Class C Shares and the Earn-out rights. The following table shows the carrying amounts of financial assets and liabilities measured at amortized cost: As of December 31, 2022 Financial assets Trade receivables and trade receivables - related parties 321,103 Cash and cash equivalents 973,877 Accrued income - related parties 49,060 Other current receivables 10,840 Total 1,354,880 Financial liabilities Trade payables and trade payables - related parties 1,055,955 Liabilities to credit institutions 1,328,752 Accrued expenses and accrued expenses - related parties 367,005 Advance payments from customers 40,869 Liabilities related to repurchase commitments 79,501 Interest-bearing current liabilities 1 and interest-bearing current liabilities - related parties 38,235 Other current liabilities - related parties 70,258 Other non-current liabilities 14,753 Other non-current interest-bearing liabilities 1 85,556 Total 3,080,884 As of December 31, 2021 Financial assets Trade receivables and trade receivables - related parties 172,441 Cash and cash equivalents 756,677 Other current receivables 38,741 Other non-current receivables 1,682 Total 969,541 Financial liabilities Trade payables and trade payables - related parties 1,541,974 Liabilities to credit institutions 642,338 Accrued expenses and accrued expenses - related parties 502,809 Interest-bearing current liabilities 1 and interest-bearing current liabilities - related parties 24,072 Other non-current liabilities 11,764 Total 2,722,957 1 – The Group’s current and non-current lease liabilities are included in Interest-bearing current liabilities and Other non-current interest-bearing liabilities, respectively. These amounts are presented separately in Note 10 - Leases. Total interest income arising on financial assets measured at amortized cost related to cash and cash equivalents as of December 31, 2022, 2021, and 2020, and amounted to $7,658, $1,396, and $3,199, respectively. Total interest expense arising on financial liabilities measured at amortized cost related to liabilities to credit institutions, lease liabilities, other financing obligations, and related party liabilities as of December 31, 2022 amounted to $77,510. Total interest expense arising on financial liabilities measured at amortized cost related mainly to liabilities to credit institutions and other financing obligations as of December 31, 2021, and 2020, and amounted to $42,482 and $24,379, respectively. The following table shows the maturities for the Group’s non-derivative financial assets and liabilities as of December 31, 2022: Due within 1 year Due between 1 and 5 years Due beyond 5 years Total Financial assets Trade receivables and trade receivables - related parties 321,103 — — 321,103 Accrued income - related parties 49,060 — — 49,060 Other current receivables 10,840 — — 10,840 Other non-current receivables — — — — Total 381,003 — — 381,003 Financial liabilities Trade payables and trade payables - related parties 1,055,955 — — 1,055,955 Liabilities to credit institutions 1,328,752 — — 1,328,752 Accrued expenses and accrued expenses - related parties 367,005 — — 367,005 Advance payments from customers 40,869 — — 40,869 Liabilities related to repurchase commitments 79,501 — — 79,501 Interest-bearing current liabilities and interest-bearing current liabilities - related parties 38,235 — — 38,235 Other current liabilities - related parties 70,258 — — 70,258 Other non-current liabilities — 14,753 — 14,753 Other non-current interest-bearing liabilities and other non-current interest-bearing liabilities - related parties — 85,556 — 85,556 Total 2,980,575 100,309 — 3,080,884 The following table shows the maturities for the Group’s non-derivative financial assets and liabilities as of December 31, 2021: Due within 1 year Due between 1 and 5 years Due beyond 5 years Total Financial assets Trade receivables and trade receivables - related parties 172,441 — — 172,441 Cash and cash equivalents 756,677 — — 756,677 Marketable securities 1,258 — — 1,258 Other current receivables 38,741 — — 38,741 Other non-current receivables — 1,682 — 1,682 Total 969,117 1,682 — 970,799 Financial liabilities Trade payables and trade payables - related parties 1,541,974 — — 1,541,974 Liabilities to credit institutions 642,338 — — 642,338 Accrued expenses and accrued expenses - related parties 502,809 — — 502,809 Interest-bearing current liabilities and interest-bearing current liabilities - related parties 24,072 — — 24,072 Other non-current liabilities — 11,764 — 11,764 Total 2,711,193 11,764 — 2,722,957 Maturities are not provided for the Group's derivative liabilities related to the Earn-out rights and the Class C Shares that were assumed as part of the merger with GGI on June 23, 2022. The derivative liability related to the Earn-out rights can only be equity settled and therefore will never have a cash flow impact on the Group. The derivative liabilities related to the Class C Shares can be either cash or equity settled, depending on certain circumstances that may occur in the future. However, the timing of those circumstances are uncertain and any cash flow impacts cannot be forecasted in a useful manner. Refer to Note 1 - Significant accounting policies and judgements and Note 16 - Reverse recapitalization for more details on the financial liabilities related to the Class C Shares and the Earn-out rights. The Group did not have any derivative financial liabilities as of December 31, 2021. For the years ended December 31, 2022 and 2021, the realized gain/loss on derivatives was nil. For the year ended December 31, 2020, the realized gain on derivatives was $554. No financial instruments were offset by the Group. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade receivables | Note 17 - Trade receivables Trade receivables from contracts with customers represent sales transactions, conducted via sales units, within the markets in which the Group operates. The average credit term to finance service providers and fleet customers is two weeks. Trade receivables - related parties were comprised of sales transactions with related parties in relation to sale of R&D services, software and performance engineered kits. The following table details the aging analysis of the trade receivables: Not overdue 1-30 days overdue 30-90 days overdue >90 days overdue Total 2022 Gross trade receivables 130,718 93,371 19,034 2,984 246,107 Trade receivables - related parties 61,293 12,786 519 398 74,996 Net trade receivables 192,011 106,157 19,553 3,382 321,103 2021 Gross trade receivables 89,348 53,289 14,403 713 157,753 Trade receivables - related parties 7,210 7,310 — 168 14,688 Net trade receivables 96,558 60,599 14,403 881 172,441 Management determines that a receivable is written off once reasonable means of collection have been unsuccessful and the Group has no reasonable expectations of recovering the entire contractual cash flows, or a portion thereof. Historically, the Group has had nil credit losses, neither from external receivables nor from related party receivables. As of December 31, 2022 and 2021 Polestar Group performed an ECL assessment and found no significant effects resulting from the analysis; no write-offs were made for trade receivables. Further information on credit risks for trade receivables is included in Note 2 - Financial risk management. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Inventories | Note 18 - Inventories The Group’s inventory primarily consisted of vehicles as follows: As of December 31, 2022 2021 Work in progress 1,387 3,586 Finished goods and good for resale 704,929 610,124 Provision for impairment (47,757) (67,967) Total 658,559 545,743 Inventories recognized as an expense during the years ended December 31, 2022, 2021 and 2020 amounted to $2,179,958, $1,234,062 and $551,508, respectively, and were included in Cost of sales in the Consolidated Statement of Loss and Comprehensive Loss. Inventories can be pledged as security for liabilities. Refer to Note 23 - Liabilities to credit institutions for further details. As of December 31, 2022, 2021, and 2020 write-downs of inventories to net realizable value amounted to $27,877, $67,967, and $35,984 respectively. The write down was recognized as an expense during the years ended December 31, 2022, 2021, and 2020 and was included in Cost of sales or Selling expenses in the Consolidated Statement of Loss and Comprehensive Loss depending on the purpose of the vehicle. |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current assets | Note 19 - Other current assets Other current assets for the Group were as follows: As of December 31, 2022 2021 Value added tax receivables 58,516 63,698 Prepaid expenses and accrued income 34,635 40,077 Advances to suppliers 3,336 6,424 Other current assets 10,840 10,003 Total 107,327 120,202 As of December 31, 2022, prepaid expenses and accrued interest income consisted primarily of prepaid insurance and accrued income related to Carbon credits. As of December 31, 2021, prepaid expenses and accrued interest income consisted primarily of accrued transaction costs related to the merger with Gores Guggenheim Inc. Note 22 - Other current liabilities Other current liabilities for the Group were as follows: As of December 31, 2022 2021 Accrued expenses 199,489 186,748 Liabilities related to repurchase commitments 79,501 92,421 Accrued interest 2,614 305 Personnel related liabilities 28,816 19,642 VAT liabilities 78,954 46,464 Other liabilities 4,416 19,082 Total 393,790 364,662 Accrued expenses were mainly related to marketing and product development; personnel related liabilities consisted of wages, salaries, and other benefits payable. |
Current and non-current provisi
Current and non-current provisions | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Changes in Current and Non-Current Provisions | Note 21 - Current and non-current provisions The changes in the Group’s current and non-current provisions were as follows: Warranties Provision for employee benefits Other provisions Total Balance as of January 1, 2021 34,305 5,128 14,683 54,116 Additions 68,081 6,867 4,853 79,801 Utilization (33,332) (4,207) (8,498) (46,037) Reversals (4,967) (160) — (5,127) Balance as of December 31, 2021 64,087 7,628 11,038 82,753 of which current 28,660 6,325 9,057 44,042 of which non-current 35,427 1,303 1,981 38,711 Balance as of January 1, 2022 64,087 7,628 11,038 82,753 Additions 100,389 16,647 8,987 126,023 Utilization (25,239) (8,608) (10,431) (44,278) Reversals (10,785) (192) (17) (10,994) Unwinding of discount and effect in changes due to discount rate (4,612) — — (4,612) Balance as of December 31, 2022 123,840 15,475 9,577 148,892 of which current 53,595 15,379 5,933 74,907 of which non-current 70,245 96 3,644 73,985 Provision for employee benefits relates to the Group’s short-term incentive plan and LTVP. Refer to Note 6 - Employee benefits for more details. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current liabilities | Note 19 - Other current assets Other current assets for the Group were as follows: As of December 31, 2022 2021 Value added tax receivables 58,516 63,698 Prepaid expenses and accrued income 34,635 40,077 Advances to suppliers 3,336 6,424 Other current assets 10,840 10,003 Total 107,327 120,202 As of December 31, 2022, prepaid expenses and accrued interest income consisted primarily of prepaid insurance and accrued income related to Carbon credits. As of December 31, 2021, prepaid expenses and accrued interest income consisted primarily of accrued transaction costs related to the merger with Gores Guggenheim Inc. Note 22 - Other current liabilities Other current liabilities for the Group were as follows: As of December 31, 2022 2021 Accrued expenses 199,489 186,748 Liabilities related to repurchase commitments 79,501 92,421 Accrued interest 2,614 305 Personnel related liabilities 28,816 19,642 VAT liabilities 78,954 46,464 Other liabilities 4,416 19,082 Total 393,790 364,662 Accrued expenses were mainly related to marketing and product development; personnel related liabilities consisted of wages, salaries, and other benefits payable. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of contingent liabilities [abstract] | |
Commitments and contingencies | Note 27 - Commitments and contingencies Commitments As of December 31, 2022, commitments to acquire PPE and intangible assets were $179,690 and $216,572, respectively. As of December 31, 2021, commitments to acquire PPE and intangible assets were $235,573 and $501,207, respectively. These commitments are contractual obligations to invest in PPE and intangible assets for the production of upcoming vehicle models PS3 and PS4. For the production of PS3 and PS5, contract manufacturing agreements are yet to be signed that define the upcoming investment commitments in Volvo Cars Charleston plant and Geely’s Chongqing plant respectively. In December 2021, Polestar entered into a unique vendor tooling agreement and a unique in-house tooling and equipment agreement for the PS4. These agreements were entered into as part of Polestar’s and Geely’s intent to enter into a more detailed agreement related to manufacturing OEM services for the PS4 prior to the commencement of production. Polestar Group also entered into agreements with Geely to acquire technology and related services leveraged in the development of the PS4. Under these agreements, Geely will perform development services in pursuit of achieving project milestones through 2025 for which the Group will make certain milestone payments to Geely. The agreements also obligate Polestar to make certain royalty payments per vehicle sold for the use of the pre-existing vehicle platform once the PS4 reaches commercialization Contingencies In the normal course of business, the Group is subject to contingencies related to legal proceedings and claims and assessments that cover a wide range of matters. Liabilities for such contingencies are recorded to the extent that it is probable the liability is incurred, and the amount is reasonably estimable. Associated legal costs related to such contingencies are expensed as incurred. In March 2021, a Swedish investment firm specializing in class action lawsuits initiated class action activities in Norway against Polestar Norway. The class action suit alleges the Polestar Norway issued misleading statements regarding the range of the PS2 vehicle, which Polestar Norway rejects. As of the date these financial statements were issued, these class action activities consisted of the initial steps of soliciting individuals who purchased a PS2 vehicle in Norway to join the class action suit against Polestar Norway; no claim has been filed in court. The Swedish investment firm refers to a potential total claim of $2,530. Simultaneously, a Norwegian automobile association for car owners (“NAF”) has sent separate claim letters to Polestar Norway on behalf of a few members, on the same grounds as the class action lawsuit. These claims have also been rejected by Polestar Norway. The Group did not have any liabilities related to such contingencies as of December 31, 2022 and 2021. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Events After Reporting Period [Abstract] | |
Subsequent events | Note 28 - Subsequent events Management has evaluated events subsequent to December 31, 2022 and through April 14, 2023, the date of these Consolidated Financial Statements were authorized for issuance by the Board of Directors. The following events which occurred subsequent to December 31, 2022 merited disclosure in these Consolidated Financial Statements. Management determined that no adjustments were required to the figures presented as a result of these events. On February 26, 2023, the Group entered into an amended and restated 12-month green trade revolving credit facility for an aggregate principal amount of EUR 350,000 with Standard Chartered Bank, Nordea Bank ABP, Citibank Europe PLC, and ING Belgium SA. The Group exercised its 12-month extension option under the initial facility that was entered into with the same parties on February 28, 2022. Similar to the initial facility, the Group may request a potential accordion increase for an additional principal amount of EUR 250,000, subject to certain terms. This facility carries interest at the relevant interbank offered rate plus 2.3% per annum and has a repayment period of 90 days. On February 27, 2023, the Group drew down $150,000 of the $800,000 aggregate principal available under its 18-month credit facility with Volvo Cars that was secured on November 3, 2022. On March 29, 2023, the Group drew down an additional $150,000. Refer to Note 25 - Related party transactions for further details on the facility with Volvo Cars. On March 16, 2023, the Group entered into a 12-month working capital loan for $100,000 with China CITIC Bank Corporation Limited - Hangzhou Branch. This loan is unsecured, but includes a subsidiary guarantee from Polestar Shanghai and letters of keep well from Volvo Cars and Geely. Interest is incurred at a fixed rate of 7.35% per annum and due every 3 months. Principal repayment is due on March 15, 2024. On March 22, 2023, 4,500,000 Class C-2 Shares were converted into 4,500,000 Class C-1 Shares following the election of beneficial holders of such Class C-2 Shares to convert their securities. The conversion of the Class C-2 Shares into Class C-1 Shares was affected by means of a re-designation of the Class C-2 Shares as Class C-1 Shares. 4,500,000 Class C-2 Shares remain issued and outstanding as of the date of this annual report. On April 3, 2023, the Group granted 1,607,582 awards under the 2022 Omnibus Incentive Plan, of which 1,202,569 are PSUs and 405,013 are RSUs. The awards are equity-settled with a three-year cliff vesting period. The vesting commencement date was January 1, 2023. |
Finance income and expense
Finance income and expense | 12 Months Ended |
Dec. 31, 2022 | |
Finance Income And Expense [Abstract] | |
Finance income and expense | Note 9 - Finance income and expense The following table details the Group’s finance income and expense: For the year ended December 31, Finance income 2022 2021 2020 Net foreign exchange rate gains on financial activities — 31,574 — Interest income on bank deposits 7,658 1,396 3,199 Other finance income 894 — — Total 8,552 32,970 3,199 For the year ended December 31, Finance expense 2022 2021 2020 Interest expense on credit facilities and financing obligations 33,331 11,681 13,169 Interest expense to related parties 37,978 30,801 11,210 Net foreign exchange rate losses on financial activities 30,920 — 7,527 Interest expense related to lease liabilities 6,201 2,377 2,122 Credit facility expenses — 377 — Other finance expenses 5 13 6 Total 108,435 45,249 34,034 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Leases | Note 10 - Leases Polestar Group as Lessee As a lessee, Polestar Group primarily leases buildings and manufacturing production equipment. The Group also has short-term and low value leases related to the leasing of temporary spaces and small IT equipment, respectively. The lease term for land and buildings is generally 2-15 years, with the exception of one long term land lease with a term of 50 years. The lease term for machinery and equipment is generally 2-6 years. The following table depicts the changes in the Group’s right-of-use assets, which are included within Property, plant, and equipment: Buildings and land Machinery and equipment Total Acquisition cost Balance as of January 1, 2021 33,965 48,946 82,911 Additions 12,345 31 12,376 Effect of foreign currency exchange rate differences (1,197) 1,122 (75) Balance as of December 31, 2021 45,113 50,099 95,212 Additions 53,870 — 53,870 Reclassification to Assets held for sale (4,975) — (4,975) Effect of foreign currency exchange rate differences (4,399) (4,683) (9,082) Balance as of December 31, 2022 89,609 45,416 135,025 Accumulated depreciation Balance as of January 1, 2021 (4,196) (6,838) (11,034) Depreciation expense (6,180) (8,431) (14,611) Effect of foreign currency exchange rate differences 217 (178) 39 Balance as of December 31, 2021 (10,159) (15,447) (25,606) Depreciation expense (12,389) (7,778) (20,167) Reclassification to Assets held for sale 430 — 430 Effect of foreign currency exchange rate differences 3,184 2,457 5,641 Balance as of December 31, 2022 (18,934) (20,768) (39,702) Carrying amount as of December 31, 2021 34,954 34,652 69,606 Carrying amount as of December 31, 2022 70,675 24,648 95,323 Amounts related to leases recognized in the Consolidated Statement of Loss and Comprehensive Loss are as follows: For the year ended December 31, 2022 2021 2020 Income from sub-leasing right-of-use assets 1,415 — — Expense relating to short-term leases (1,598) (1,300) (1,390) Expense relating to lease of low value assets (4,454) (4,218) (25) Interest expense on leases (6,201) — — Effect of foreign currency exchange rate differences — 39 584 The current and non-current portion of the Group´s lease liabilities are as follows: As of December 31, 2022 2021 Current lease liability 21,545 10,250 Non-current lease liability 85,556 66,575 Total 107,101 76,825 Expected future lease payments to be made to satisfy the Group´s lease liabilities are as follow: As of December 31, 2022 2021 Within 1 year 21,717 10,250 Between 1 and 2 years 24,484 11,715 Between 2 and 3 years 20,739 10,375 Between 3 and 4 years 17,924 8,596 Between 4 and 5 years 5,987 42,032 Later than 5 years 29,613 6,361 Total 120,464 89,329 For the years ended December 31, 2022, 2021 and 2020, total cash outflows for leases amounted to $18,905, $8,578 and $2,298, respectively. Polestar Group as lessor As a lessor, revenue recognized from operating leases are as follows: For the year ended December 31, 2022 2021 2020 Vehicle leasing revenue 16,719 6,217 — For the majority of the Group’s operating lease contracts as a lessor, vehicles are paid for upfront by the customer at contract inception and repurchased by Polestar at the end of the lease term. The following table depicts the changes in the Group’s vehicles under operating leases: Vehicles under operating leases Acquisition cost Balance as of January 1, 2021 — Reclassification from inventories 124,764 Balance at December 31, 2021 124,764 Reclassification from inventories 41,134 Reclassification to inventories (58,581) Effect of foreign currency exchange rate differences (2,317) Balance at December 31, 2022 105,000 Accumulated depreciation & impairment Balance as of January 1, 2021 — Depreciation expense (4,138) Balance at December 31, 2021 (4,138) Depreciation expense (14,004) Reclassification to inventories 4,578 Effect of foreign currency exchange rate differences 762 Balance at December 31, 2022 (12,802) Carrying amount as of December 31, 2021 120,626 Carrying amount as of December 31, 2022 92,198 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Equity | Note 20 - Equity Changes in the Group's equity during the years ended December 31, 2022, 2021, and 2020 were as follows: Class A Shares Class B Shares Share capital Other contributed capital Pre-closing of the merger with GGI Balance as of January 1, 2020 — — — 879,232 Changes in the consolidated group 200,000,000 — 880,412 (879,232) Issuance during the year 14,371,808 — 438,340 — Balance as of December 31, 2020 214,371,808 — 1,318,752 — Issuance during the year — 18,032,787 547,157 — Conversion from Class A to Class B (17,345,079) 17,345,079 — — Issuance of Convertible Notes — — — 35,231 Balance as of December 31, 2021 197,026,729 35,377,866 1,865,909 35,231 Issuance during the period — — — — Balance as of June 23, 2022 197,026,729 35,377,866 1,865,909 35,231 Closing of the merger with GGI Removal of Polestar Automotive Holding Limited from the Group Exchange of Class A for Class B (1:8.335) (197,026,729) 1,642,233,575 (1,565,447) 1,565,447 Exchange of Class B for Class A (1:8.335) 294,877,349 (35,377,866) (281,090) 281,090 Reclassification of GBP Redeemable Preferred Shares — — 65 (65) Issuance of Volvo Cars Preference Shares 1 58,882,610 — 589 588,237 Issuance to Convertible Note holders 4,306,466 — 43 (43) Issuance to PIPE investors 26,540,835 — 265 249,735 Issuance to GGI shareholders 82,193,962 — 822 521,285 Listing expense — — — 372,318 Transaction costs — — — (38,903) Post-closing of the merger with GGI Equity-settled share-based payment 876,451 — 9 9,900 Balance as of December 31, 2022 467,677,673 1,642,233,575 21,165 3,584,232 1 - The Volvo Cars Preference Shares subsequently converted into Class A shares following the merger with GGI on June 23, 2022. Pre-closing of the merger with GGI The concept of share capital did not exist under the limited company structure when Polestar Automotive (Shanghai) Co., Ltd was the parent entity prior to the common control transaction that occurred on September 14, 2020. Share capital was subsequently introduced under the private company limited structure when Polestar Automotive Holding Limited became the parent entity as a result of the transaction. Refer to Note 3 - Common control transaction for additional details. As of December 31, 2020, after the issuance of 14,371,808 Class A Shares, total common shares fully paid, authorized, issued, and outstanding were 214,371,808. Each common share was valued at $6.15 (in ones). In March 2021, the Group distributed 18,032,787 shares of newly authorized Class B Shares at $30.50 (in ones) per share for gross proceeds of $550,000 with related issuance costs of $2,843. Of the 18,032,787 shares issued, 4,262,295 were issued to Geely. In July 2021, 17,345,079 Class A Shares were converted to Class B Shares. As of December 31, 2021, 197,026,729 Class A Shares and 197,026,729 Class B Shares were outstanding, respectively. Each common share was valued at $8.04 (in ones). Both Class A and B Shares were issued with no par value. Closing of the merger with GGI Between January 1, 2022, and prior to the Closing of the merger with GGI, there were no events impacting the Group’s equity other than the issuance of 50,000 British Pound Sterling (“GBP”) Redeemable Preferred Shares in the Parent with a par value of GBP 1.00, equivalent to $65, to the Former Parent. This issuance was part of Parent’s incorporation in the United Kingdom as a subsidiary of the Former Parent in preparation for the Closing of the merger with GGI. These shares were subsequently reclassified to Share capital when the Former Parent was separated from the Group at Closing. In connection with the Closing of the merger with GGI and the removal of the Former Parent (Polestar Automotive Holding Limited) from the Group: • 197,026,729 Class A Shares were exchanged at a ratio of 1:8.335 for 1,642,233,575 Class B Shares; • 35,377,866 Class B Shares were exchanged at a ratio of 1:8.335 for 294,877,349 Class A Shares; • 4,306,466 Class A Shares were issued to holders of the Convertible Notes; • 26,540,835 Class A Shares were issued to the PIPE investors; • 82,193,962 Class A Shares were issued to the former shareholders of GGI; and • 58,882,610 Preference Shares were issued to Volvo Cars which subsequently converted into 58,882,610 Class A Shares. Refer to Note 1 - Significant accounting policies and judgements and Note 16 - Reverse recapitalization for more details on the merger with GGI. Post-closing of the merger with GGI Following the merger with GGI, 501,451 Class A Shares were issued to employees of the Group under the Omnibus Plan and 375,000 were issued in exchange for marketing services. Refer to Note 7 - Share-based payment for additional details. As of December 31, 2022, there were an additional 4,532,322,327 Class A Shares and 135,133,164 Class B Shares with par values of $0.01 authorized for issuance. No additional Class C Shares or Redeemable Preferred Shares were authorized for issuance. The following instruments of Parent were issued and outstanding as of December 31, 2022: • 467,677,673 Class A Shares with a par value of $0.01, of which 240,099,199 were owned by related parties; • 1,642,233,575 Class B Shares with a par value of $0.01, of which all were owned by related parties; • 15,999,965 Class C-1 Shares with a par value of $0.10; • 9,000,000 Class C-2 Shares with a par value of $0.10; and • 50,000 GBP Redeemable Preferred Shares with a par value of GBP 1.00. Holders of Class A Shares in Parent are entitled to one vote per share and holders of Class B Shares in the Parent are entitled to ten votes per share. Holders of Class C Shares in Parent are entitled to one vote per share for certain matters, but have no voting rights with respect to general matters voted on by holders of Class A Shares and Class B Shares in the Parent. Additionally, holders of GBP Redeemable Preferred Shares in the Parent have no voting rights. Any dividends or other distributions paid by the Parent shall only be issued to holders of outstanding Class A Shares and Class B Shares in the Parent. Holders of Class C Shares and GBP Redeemable Preferred Shares in the Parent are not entitled to participate in any dividends or other distributions. Refer to Note 16 - Reverse recapitalization for additional information on the Class C Shares. Convertible Notes In July 2021, Geely and two other third-parties invested $35,231 in non-interest-bearing Convertible Notes. Of the $35,231, $9,531 was held by Geely. The Convertible notes were accounted for as equity upon issuance and classified within Other contributed capital. The Convertible Notes were not eligible to receive a coupon or dividend for the first 24 months after issuance and were to convert to common shares upon (1) an issuance of equity securities in an amount greater than $50,000 to any entity that owned more than 35% voting power in the Former Group, (2) the occurrence of any initial public offering, combination with a special purpose acquisition company, or direct listing, (3) a liquidation of the Former Group, or (4) the non-occurrence of any of the preceding events by the 24-month anniversary of the issuance of the Convertible Notes. The second conversion event was satisfied on June 23, 2022 in connection with the merger with GGI and the Convertible Notes were converted into 4,306,466 Class A Shares in the Parent, resulting in a reclassification of par value within equity from Other contributed capital to Share capital. Currency translation reserve The currency translation reserve comprises exchange rate differences resulting from the translation of financial reports of foreign operations that have prepared their financial reports in a currency other than Polestar Group’s reporting currency. Accumulated deficit |
Assets held for sale
Assets held for sale | 12 Months Ended |
Dec. 31, 2022 | |
Assets Held For Sale [Abstract] | |
Assets held for sale | Note 26 - Assets held for sale During fourth quarter of 2022, the Group committed to a plan to sell, to a related party, the Chengdu manufacturing plant held by its subsidiary, Polestar New Energy Vehicle Co. Ltd., that was previously used to manufacture the PS1 and special edition PS2 BST 270. Accordingly, the Chengdu plant and certain related assets are presented as a disposal group held for sale. Polestar has initiated selling efforts and expects to close a sale in the first half of 2023. The assets related to the Chengdu Plant that have been classified as held for sale have a net value of $63,224. The cumulative expense related to exchange rate differences from translation of the disposal group that are included in other comprehensive income amount to $1,392. Prior to December 2022, the Group did not hold any assets classified as held for sale. As of December 31, 2022, the disposal group was stated at the Group's carrying value and was comprised of the following: Property, plant and equipment 57,921 Other current assets 5,303 Assets held for sale 63,224 |
Liabilities to credit instituti
Liabilities to credit institutions | 12 Months Ended |
Dec. 31, 2022 | |
Borrowing costs [abstract] | |
Liabilities to credit institutions | Note 23 - Liabilities to credit institutions The carrying amount of Polestar Group’s liabilities to credit institutions as of December 31, 2022 and December 31, 2021 are as follows: As of December 31, 2022 2021 Working capital loans from banks 1,300,108 609,209 Floorplan facilities 16,925 18,664 Sale-leaseback facilities 11,719 14,465 Closing balance 1,328,752 642,338 The Group had the following working capital loans outstanding as of December 31, 2022: Currency Term Security Interest Nominal amount in TUSD EUR February 2022 - February 2023 Secured 1 3 month EURIBOR 2 plus 2.1% and an arrangement fee of 0.15% 270,095 288,746 CNY June 2022 - Unsecured 12 month LPR 3 plus 1.25%, settled monthly 500,000 72,517 CNY August 2022 - August 2023 Unsecured 12 month LPR plus 0.05%, settled quarterly 716,000 103,845 USD August 2022 - August 2023 Unsecured 3 month LPR plus 2.3%, settled quarterly 147,000 147,000 USD September 2022 - September 2023 Unsecured 3 month LPR plus 2.3%, settled quarterly 255,000 255,000 USD September 2022 - September 2023 Secured 4 4.48% per annum 133,000 133,000 USD September 2022 - September 2023 Unsecured 3 month SOFR 5 plus 2.4%, settled quarterly 100,000 100,000 USD December 2022 - December 2023 Unsecured 6 7.5% per annum 200,000 200,000 Total 1,300,108 1 - New vehicle inventory purchased via this facility is pledged as security until repaid. This facility has a repayment period of 90 days and includes a covenant tied to the Group’s financial performance. 2 - Euro Interbank Offered Rate ("EURIBOR"). 3 - People’s Bank of China (“PBOC”) Loan Prime Rate (“LPR"). 4 - Secured by Geely, including letters of keep well from both Volvo Cars and Geely. 5 - Secured Overnight Financing Rate (“SOFR”). 6 - Letters of keep well from both Volvo Cars and Geely. The Group had the following working capital loans outstanding as of December 31, 2021: Currency Term Security Interest Nominal amount in TUSD USD December 2021 - September 2022 Secured 1 1.883% per annum 400,000 400,000 CNY July 2021 - July 2022 Unsecured 3.915% per annum 830,000 130,559 CNY June 2021 - June 2022 Unsecured 12 month national interbank loan prime offer rate plus 1.1% 500,000 78,650 Total 609,209 1 - Secured by Geely, including letters of keep well from both Volvo Cars and Geely. Floorplan facilities In the ordinary course of business, Polestar, on a market by market basis, enters into multiple low value credit facilities with various financial service providers to fund operations related to vehicle sales. These facilities provide access to credit with the option to renew as mutually determined by Polestar Group and the financial service provider. The facilities are partially secured by the underlying assets on a market-by-market basis. As of December 31, 2022 and December 31, 2021, the aggregate amount outstanding under these arrangements was $33,615 and $32,453, respectively. The Group maintains one such facility with the related party Volvo Cars that is presented separately in Interest-bearing current liabilities - related parties within the Consolidated Statement of Financial Position. Of the amounts above, the aggregate amount outstanding as of December 31, 2022 and 2021 due to related parties amounted to $16,690 and $13,789, respectively. Refer to Note 25 - Related party transactions for further details. Sale-leaseback facilities Polestar enters into contracts to sell vehicles and then lease such vehicles back for a period of up to twelve months. At the end of the leaseback period, Polestar is obligated to re-purchase the vehicles. Accordingly, the consideration received for these transactions was recorded as a financing transaction. As of December 31, 2022 and December 31, 2021, the aggregate amount outstanding under these arrangements was $11,719 and $14,465, respectively. Since the contracts identified above are short term with a duration of twelve months or less, the carrying amount of the contracts is deemed to be a reasonable approximation of their fair value. The Group’s risk management policies related to debt instruments are further detailed in Note 2 - Financial risk management of the Consolidated Financial Statements, as of, and for the year ended, December 31, 2022. The weighted average interest rate on short-term borrowings outstanding was 5.2% and 2.6% as of December 31, 2022 and 2021, respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Related party transactions | Note 25 - Related party transactions Related parties are as follows: • a member of the board of directors, CEO and other key management employees in any Polestar entity; • a spouse or co-habitee of, or a person under the custody of, any person referred to in “a)” above; • legal entities controlled by any person, alone or jointly, referred to under “a)” and “b)” above; • a legal entity that is a parent company, subsidiary, joint venture, or associate within Geely and Volvo Cars; • a legal entity in which a company within the Polestar Group holds, or otherwise controls, between 20-50% (i.e., an associate or joint venture of any company within the Polestar Group); or • a person, or a close family member of such person, that has direct or indirect control or joint control of a Polestar entity, has significant influence over a Polestar entity or is a member of the key management of Polestar Group. Prior to the merger with GGI, Polestar Group existed as a joint venture between Geely and Volvo Cars. Geely is primarily owned and operated by Mr. Li Shufu. Geely, through a combination of wholly owned and partially owned entities, owns a controlling number of equity interests in Volvo Cars. Therefore, Mr. Li Shufu, as a controlling equity interest holder in Geely, effectively controls Geely and Volvo Cars. All transactions with either Geely or Volvo Cars are considered related party transactions. The primary agreement between Geely/Volvo Cars and the Group was a contract manufacturing agreement to produce the PS2; the primary agreements between Volvo Cars and the Group related to the acquisition of technology developed by Volvo Cars and various services provided by Volvo Cars. All agreements with related parties are on an arm’s length basis. As of December 31, 2022, the Group has related party agreements in the following functions: Product development The agreements in place to support the Group’s product development include licenses and intellectual property, patents, R&D services, design, and technology agreements with Volvo Cars and Geely. The Group owns its developed Polestar Unique technology, which was created using purchased R&D, design services, and licenses to critical common technology from Volvo Cars and Geely. Polestar also benefits from related parties as subcontractors in certain internal technology development programs of the Group. In December 2021, Polestar Group entered into agreements with Geely to acquire technology and related services leveraged in the development of the PS4. Under these agreements, Geely will perform development services in pursuit of achieving project milestones through 2025 for which the Group will make certain milestone payments to Geely. The agreements also obligate Polestar to make certain royalty payments per vehicle sold once the PS4 reaches commercialization. Procurement The Group has entered into Service Agreements with Volvo Cars regarding the procurement of direct (production related) materials, whereas the joint sourcing of direct material for the Group and Volvo Cars has allowed both companies to leverage economies of scale. Manufacturing The Group purchases contract manufacturing services, manufacturing and logistics engineering services, and has entered into tool sharing agreements with related parties. Polestar also entered into a unique vendor tooling agreement and a unique in-house tooling and equipment agreement for the PS4. These agreements were entered into as part of Polestar’s and Geely’s intent to enter into a more detailed agreement related to manufacturing original equipment manufacturer (“OEM”) services for the PS4 prior to the commencement of production. Refer to Note 27 - Commitments and contingencies for further details regarding the unique vendor tooling agreement. In 2020, production of the PS2 was commenced at the Geely owned Luqiao plant through contract manufacturing agreements. In the second half of 2021, ownership transferred to Volvo Cars and the plant was renamed to Taizhou. Manufacturing engineering includes activities related to the development of the production process (i.e., deciding which manufacturing equipment should be utilized and where equipment should be situated to ensure an efficient production process), rather than development of the vehicle itself. The Group outsourced the manufacturing engineering for the production process of the PS1, PS2, and PS3 to Volvo Cars. Activities related to logistics engineering (i.e., activities related to the determination of how different components are delivered to the production sites) were outsourced to Volvo Cars for the PS1, PS2, and PS3. Tool sharing occurs when the Group purchases production tools, together with Volvo Cars, to obtain synergies from utilizing the same tools. Polestar enters into machinery and equipment lease arrangements as well as certain building lease agreements with Geely and Volvo Cars. Refer to Note 10 - Leases for more information on Polestar’s leasing arrangements. Sales and distribution Prior to entering the commercial space in the third quarter of 2020, the Group’s principal operations were related to the sale of R&D services to Volvo Cars and Geely, and the sale of software and performance engineering kits to Volvo Cars. In addition to these sales agreements, in 2020, the Group had agreements in place to begin selling vehicles, prototype engines and carbon credits to Geely and Volvo Cars, respectively. The Group leverages Volvo Cars sales and services network for go-to-market strategies and dealer support to assist with tasks, which include agreements related to distribution and outbound logistics, delivery of vehicles and other products and global customer service. Polestar Group sells vehicles to related parties, Volvo Cars and Volvofinans Bank AB (“Volvofinans Bank”). Volvofinans Bank sells these vehicles to end customers when the end customers choose to finance the vehicles via Volvofinans Bank. Polestar Group and Volvo Car Financial Services US LLC, doing business as Polestar Financial Services (“PFS”), entered into residual value guarantee agreements with Bank of America, National Association (“BANA”), a third party, in the US. BANA sought to obtain economic protection against degradation in the residual value of leased vehicles it funds, and Polestar USA agreed to provide such protection as a service for a fee. Information technology While the Group has its own information technology (“IT”) department, Polestar operates in a shared IT environment with Volvo Cars and has service and software license agreements related to the support, maintenance and operation of IT processes associated with the Group. These IT services include resource planning systems, operations, infrastructure, networking, communications, collaboration, integration and application hosting. Other support The Group has various other related party agreements in place with Volvo Cars. These are primarily service agreements that relate to support for corporate or back-office functions, including human resources (“HR”), legal, accounting, and other functions. HR support services relate to activities associated with payroll administration, training and workforce administration. Legal support services include routine work associated with patent and brand registrations and competition law. Accounting and finance support services include finance administration, local legal entity accounting and financial reporting. Polestar outsources inbound and outbound logistics to Volvo Cars as the Group’s and Volvo Cars’ vehicles are typically manufactured at the same production sites. Inbound logistics relate to supplier shipments to various production sites; outbound logistics relate to the transport of vehicles to end customers. The Group outsources customs handling to Volvo Cars as it does not currently have its own customs department. Warranty provision calculations and claims handling are also outsourced to Volvo Cars. Financing In May 2021, the Group entered into a working capital credit facility with Volvo Cars. As of December 31, 2022 and 2021, $16,690 and $13,789 of this financing arrangement remained outstanding, respectively, which is included in Interest-bearing current liabilities - related parties on the Consolidated Statement of Financial Position. Working capital loans In 2020, the Group entered into two working capital loans with Volvo Car (Asia Pacific) Investment Holdings Co., Ltd. The first loan was for $143,600 and was amended seven times, where each amendment served to extend the term of the loan. The loan commenced in July 2018 with an original maturity of July 2019 and an amended maturity of December 2020. The second loan was for $214,950 and was amended two times, where each amendment served to extend the term of the loan. The loan commenced in July 2020 with an original maturity of September 2020 and an amended maturity of December 2020, where the Group paid the loan back in full. The Group did not incur any fees associated with the amendments on either loan. The interest rates for the loans with Volvo Car (Asia Pacific) that commenced in July 2018 and July 2020 were 3.45% and 3.48%, respectively. The Group repaid each loan in a lump sum together with all the principal and interest at the date of maturity in December 2020. For the years ended December 31, 2022, 2021, and 2020, interest expense for these loans was nil, nil, and $8,684, respectively. Convertible instruments On November 3, 2022 the Group entered into a credit facility agreement with Volvo Cars for $800,000, terminating in May 2024. The credit facility can be drawn upon once a month and is utilizable for general corporate purposes. Interest will be calculated at the floating six-month SOFR rate plus 4.9% per annum. Prior to May 2024, if the Group announces an offering of shares with a proposed capital raise of at least $350,000 and no fewer than five institutional investors participate in the offering, Volvo Cars has the right to convert the principal amount of any outstanding loans into the same class of shares and at the same price per share as received by the participating institutional investors. Under IAS 32 and IFRS 9, Volvo Cars' conversion right meets the definition of an embedded derivative financial liability that is required to be bifurcated from the host debt instrument and accounted for separately because it could result in the issuance of a variable number of Class A Shares in the Parent at a price that was not fixed at the inception of the agreement. Additionally, the economics of Volvo Cars' conversion right are not clearly and closely related to that of the host debt instrument because the principal value of Volvo Cars' conversion right depends on whether or not the Group conducts a qualified equity offering to investors at a market discount. As such, the financial liability related to Volvo Cars' conversion right is carried at fair value with subsequent changes in fair value recognized in the Consolidated Statement of Loss and Comprehensive Loss at each reporting date. As of December 31, 2022, the Group had not yet drawn down on the facility and the fair value of the financial liability related to Volvo Cars' conversion right was nil. Of the $35,231 in Convertible Notes issued on July 28, 2021, $9,531 was related to Geely. As of December 31, 2021, all $9,531 of the Convertible Notes were outstanding. Upon the Closing of the merger with GGI, the Convertible Notes were converted into 4,306,466 Class A Shares, of which 1,165,041 Class A Shares were attributable to Geely (inclusive of affiliated entities). Refer to Note 1 - Significant accounting policies and judgements and Note 20 - Equity for further details. Sale of goods, services and other Related party revenue transactions relate to product development and sales and distribution agreements discussed above. These transactions are comprised of sales of products and related goods and services, sales of software and performance engineered kits, sales of carbon credits and sales of prototype engines. The total revenue recognized from each related party is shown in the table below: For the year ended December 31, 2022 2021 2020 Volvo Cars 71,191 73,660 107,948 Volvofinans Bank AB 68,391 52,973 30,167 Geely — 2,347 9,340 Total 139,582 128,980 147,455 For the year ended December 31, 2022, revenue from related parties amounted to $139,582 (5.67%) of total revenue. For the year ended December 31, 2021, revenue from related parties amounted to $128,980 (9.65%) of total revenue. For the year ended December 31, 2020, revenue from related parties was $147,455 (24.16%) of total revenue. Purchases of goods, services and other Purchases from related parties include agreements related to product development, procurement, manufacturing, IT, and other support (specifically, inbound and outbound logistics) agreements discussed above. These agreements include work in progress and finished goods, including Polestar 2 vehicles purchased from Volvo Car's factory in Taizhou, China. Purchases of PS2 vehicles were from Geely until the change in plant ownership in November 2021; purchases and their related payables were from Volvo Cars subsequent to this event. Inventory cost of the Group is comprised of all costs of purchase, production charges and other expenditures incurred in bringing the inventory to its present location and condition. Additionally, purchases from related parties include administrative costs associated with service agreements with Volvo Cars that relate to corporate or back-office functions. IT service and software related agreements are also included in administrative costs. The total purchases of goods, services and other for each related party is shown in the table below: For the year ended December 31, 2022 2021 2020 Volvo Cars 2,217,094 570,429 276,849 Geely 249,204 1,200,295 782,864 Volvofinans Bank AB 1,003 5,748 — Total 2,467,301 1,776,472 1,059,713 Cost of R&D and intellectual property Polestar Group entered into agreements with Volvo Cars and Geely regarding the development of technology leveraged in the development of the PS2, PS3, and PS4. In 2020, the Group entered into similar agreements with Volvo Cars to acquire technology leveraged in the development of the PS1, PS2, and PS3. The Group is in control of the developed product either through a license or through ownership of the IP and the recognized asset reflects the relevant proportion of Polestar Group’s interest. The recognized asset associated with these agreements as of December 31, 2022 was $1,144,240, of which acquisitions attributable to 2022 were $218,031. As of December 31, 2021, the recognized asset associated with these agreements was $1,175,218, of which acquisitions attributable to 2021 were $349,876. Amounts due to related parties Amounts due to related parties include transactions from agreements associated with purchases of intangible assets, sales and distribution, procurement, manufacturing and other support with Volvo Cars and Geely. As of December 31, Trade payables – related parties, accrued expenses, and other current liabilities to related parties 2022 2021 Volvo Cars 1,136,746 1,507,308 Geely 71,212 235,622 Volvofinans Bank AB 1,389 504 Total 1,209,347 1,743,434 In addition to current liabilities to related parties, Polestar has non-current lease liabilities to related parties amounting to $27,123 as of December 31, 2022 and $40,741 as of December 31, 2021 included in Other non-current interest-bearing liabilities. The Group’s interest expense on related party trade payables for amounts past due is as follows: For the year ended December 31, 2022 2021 2020 Interest expense on related party trade payables 37,957 30,801 11,210 Amounts due from related parties Amounts due from related parties include transactions related to sales of software and performance engineered-kits and sales and distribution agreements discussed above. As of December 31, Trade receivables – related parties and accrued income – related parties 2022 2021 Volvo Cars 120,302 15,457 Geely 3,751 4,025 Volvofinans Bank AB 3 309 Total 124,056 19,791 Incentives to key management personnel During the year ended December 31, 2019, Volvo Cars provided an equity based incentive program to certain members of the Group’s management team (the “Polestar Incentive Plan”). The Polestar Incentive Plan was launched to incentivize the retention of key personnel with pivotal roles in the development of the Group into a successful standalone company. Each participant was offered to purchase shares in PSINV AB, a subsidiary of Volvo Cars which in turn owned shares in Polestar Automotive Holding Ltd and hence the participants were indirectly minority owners of the Group. The investment was made at fair market value in accordance with an external valuation. In total 38,125 shares were acquired by the participants, which corresponded to an indirect ownership in the Group of 0.16 percent. Management evaluated the Polestar Incentive Plan to determine whether it qualified as an equity-settled share-based payment transaction within the scope of IFRS 2, as the participants receive shares of equity in exchange of their investment and more than one entity was involved in delivering the benefit to the participants. Given that the Group does not receive identifiable or unidentifiable goods or services in exchange for the equity purchase of PINSV AB, the transaction is not within the scope of IFRS 2. Furthermore, the Polestar Incentive Plan is in agreement with Volvo Cars and individual members of the Group’s prior EMT, as participants were given the option to purchase equity shares in PSINV AB being an entity outside the Group. Therefore, the Polestar Incentive Plan is not a share-based payment transaction in the scope of IFRS 2 and there is no financial statement impact on the Group. As a consequence of the listing of Polestar Automotive Holding UK Ltd on the Nasdaq Stock Exchange in June 2022 and in accordance with the terms of the Polestar Incentive Program, Volvo Cars was obliged to repurchase the participants shares in PSINV AB at fair market value. Each participant was thereafter obliged to reinvest the net proceeds received (repurchase amount less an amount corresponding to the effective tax rate on capital gains in the participants jurisdiction) in shares in Polestar Automotive Holding UK Ltd directly on the open market. The purchased shares were subject to a 180 days’ lock-up period. Refer to Note 6 - Employee benefits for details on compensation to the EMT and managing directors at the Group’s sales units. Share capital Of the 14,371,808 Class A common shares issued in December 2020 to raise $438,340 in capital, 7,185,904 Class A common shares were issued to Snita Holding B.V., a subsidiary of Volvo Cars, representing $219,170 of the total capital raised. 7,185,904 Class A common shares were issued to PSD Investment Limited, representing $219,170 of the total capital raised. Of the 18,032,787 Class B common shares issued in March 2021 to raise $550,000 in capital, 4,262,295 Class B common shares were issued to Geely, representing $130,000 of the total capital raised. At the Closing of the merger with GGI, related parties experienced certain share exchanges as follows: Pre-closing Post-closing Class A Class B Class A Class B Geely (inclusive of affiliated entities) — 4,262,295 36,691,611 — Volvo Cars (inclusive of its consolidated subsidiaries) 97,685,904 17,345,079 204,572,624 814,219,838 PSD Investment Limited 99,340,825 — — 828,013,737 Total 197,026,729 21,607,374 241,264,235 1,642,233,575 Refer to Note 16 - Reverse recapitalization and Note 20 - Equity for further details. Between the Closing of the merger with GGI through December 31, 2022, no shares were issued to related parties. Related party share ownership as of December 31, 2022 and 2021 was as follows: As of December 31, Class A Shares 2022 2021 Snita Holding B.V. 204,572,624 95,961,904 PSD Investment Limited — 99,340,825 PS Investment — 1,724,000 Geely (inclusive of affiliated entities) 35,526,575 — Total 240,099,199 197,026,729 As of December 31, Class B Shares 2022 2021 Snita Holding B.V. 814,219,838 17,345,079 PSD Investment Limited 828,013,737 — Geely — 4,262,295 Total 1,642,233,575 21,607,374 |
Reverse recapitalization
Reverse recapitalization | 12 Months Ended |
Dec. 31, 2022 | |
Reverse Recapitalization [Abstract] | |
Reverse recapitalization | Note 16 - Reverse recapitalization As previously outlined in Note 1 - Significant accounting policies and judgements, Polestar underwent a reverse recapitalization through the merger with GGI and related arrangements. Under this type of transaction structure, Polestar Group is the accounting acquirer and accounting predecessor while GGI is treated as the acquired entity for financial reporting purposes. The Group was deemed to be the accounting acquirer based on an evaluation of the following facts and circumstances: • Shareholders of the Former Parent retained the largest voting interest in the Group with over 99% of the voting interests; • the Board of Directors of the Group comprises four members nominated by the Former Parent, as compared to one member nominated by certain investors in GGI; • the Former Parent has the ability to appoint the remaining members of the Board as deemed necessary; • the Former Parent’s senior management is the senior management of the Group; • the Former Parent’s operations comprise substantially all of the ongoing operations of the Group following the merger with GGI; and • the Group was the larger entity by substantive operations and employee base while GGI lacked operating activities and maintained net assets principally comprised of cash. GGI did not meet the definition of a business in accordance with IFRS 3 and the merger with GGI was instead accounted for within the scope of IFRS 2, Share-based payment (“IFRS 2”), as a share-based payment transaction in exchange for a public listing service. Under IFRS 2, the Group recorded a one-time share-based expense of $372,318 at the Closing of the BCA that was calculated based on the excess of the fair value of the Group issued to public investors via Class A Shares in Parent utilizing the publicly traded share price at the Closing of $11.23 over the fair value of the identifiable net assets of GGI that were acquired. The amount of GGI’s identifiable net assets of acquired at Closing, were as follows: Cash and cash equivalents 579,146 Prepaid assets 6,050 Public warrant liability (40,320) Private warrant liability (22,770) Total GGI identifiable net assets at fair value 522,106 The net assets of GGI are stated at fair value, with no goodwill or other intangible assets recorded. The IFRS 2 listing expense was calculated as follows: Fair value of Polestar 1 22,183,823 Equity interest in Polestar issued to GGI shareholders 5.1 % Equity interest in Polestar issued to Former Parent shareholders 94.9 % Deemed cost of shares issued by Polestar 1 1,131,375 GGI identifiable net assets at fair value 522,106 Sponsor and third-party PIPE Cash 236,951 IFRS 2 Listing Expense 372,318 1 - The deemed cost of the shares issued by Polestar was estimated based on the fair value of Polestar at Closing, less an adjustment in respect to the fair value of the earn out rights (discussed below). Class C Shares On the Closing of the BCA, Public Warrants and Private Warrants in GGI that were issued and are outstanding immediately prior to the Closing were exchanged for Class C-1 Shares and Class C-2 Shares in Parent. Class C-1 Shares have the following terms: • Each whole Class C-1 Share entitles the holder to purchase one Class A Share in Parent at an exercise price of $11.50, subject to adjustments for split-ups and dividends. The Class C-1 Shares may also be exercised on a cashless basis by the holder • Each whole Class C-1 Share is exercisable 30 days after the Closing of the BCA and expires on the earlier of: ◦ June 23, 2027, ◦ the date the Class C-1 Shares are redeemed by the Group, or ◦ the liquidation of the Group. • The Group may (1) redeem the outstanding whole Class C-1 Shares at a price of $0.01 per Class C-1 Share or (2) convert the outstanding whole Class C-1 Shares in Class A Shares in Parent on a cashless basis any time while the warrants are exercisable upon a minimum of 30 days prior written notice of redemption if, and only if, the last sales price of the Class A Shares in Parent equals or exceeds $18 per share (as adjusted for split-ups, dividends, and the like) on each of 20 trading days within any 30 trading day period ending on the third business day prior to the date on which redemption notice is given. • The Group may require the conversion of all of the outstanding Class C-1 Shares into Class A Shares in Parent on a cashless basis beginning on October 24, 2022, provided: ◦ that the last reported price of the Class A Shares in Parent was at least $10.00 per share (as adjusted for split-ups, dividends, and the like) on the trading day prior to the date on which redemption notice is given, ◦ the Class C-2 Shares are converted on the same basis as the outstanding Class C-1 Shares, and ◦ there is an effective registration statement covering the Class A Shares in Parent arising upon conversion of the Class C Shares is available for 30 days prior to the date the Class C-1 Shares are redeemed by the Group. • The Class C-1 Shares may be exercised, on a cash or cashless basis at any time after a notice of redemption shall have been given by the Group and prior to the date the Class C-1 Shares are redeemed by the Group. The Class C-2 Shares are identical to the Class C-1 Shares, except that the Class C-2 Shares: • are not redeemable by the Group as long as they are held by certain GGI investors and their permitted transferees; • automatically convert to Class C-1 Shares if they are transferred to individuals other than certain GGI investors and their permitted transferees; • may be converted to Class C-1 Shares at any time by the holder upon notification to the Group; and • are exercisable on a cashless basis by the holder. The Group applied the provisions of IAS 32, Financial Instruments: Presentation (“IAS 32”) , and IFRS 9, Financial Instruments (“IFRS 9”), in accounting for the Class C Shares. Under IAS 32 and IFRS 9, the Class C Shares failed to meet the definition of equity because they could result in the issuance of a variable number of Class A Shares in the Parent in the case of a cashless basis exercise. Additionally, in the case of a redemption or conversion, the Group would be required to either pay cash or issue a variable number of shares to the holders of the Class C Shares. Instead, the Class C Shares meet the definition of derivative liabilities that are carried at fair value with subsequent changes in fair value recognized in the Consolidated Statement of Loss and Comprehensive Loss at each reporting date. As of December 31, 2022 Class C-1 Shares 17,920 Class C-2 Shares 10,080 Total Class C Shares 28,000 The Class C-1 Sh ares are publicly traded on the Nasdaq (i.e., Level 1 input) and the closing share price of the GGI Public Warrants on June 23, 2022 was used to measure their fair value upon initial recognition, at which time the 15,999,965 Class C-1 Shares had a fair value of $40,320 . On December 31, 2022, the fair value of the Class C-1 Shares wa s remeasured at $17,920, for a total unrealized gain related to the change in fair value of $22,400. Class C-1 Shares As of January 1, 2022 — Class C-1 Shares issued 40,320 Change in fair value measurement (22,400) As of December 31, 2022 17,920 The 9,000,000 Class C-2 Shares had a fair value as of June 23, 2022, of $22,770. On December 31, 2022, the fair value of the Class C-2 Shares was remeasured at $10,080, for a total gain related to the change in fair value of $12,690. The Class C-2 Shares are not publicly traded and require a valuation approach leveraging Level 2 inputs. Refer to Note 1 - Significant accounting policies and judgements f or further details on the valuation methodology utilized to determine the fair value of the Class C-2 Shares. Class C-2 Shares As of January 1, 2022 — Class C-2 Shares issued 22,770 Change in fair value measurement (12,690) As of December 31, 2022 10,080 The fair value change for Class C Shares are as follows: For the year ended December 31, 2022 2021 2020 Fair value change - Class C-1 Shares 22,400 — — Fair value change - Class C-2 Shares 12,690 — — Fair value change - Class C Shares 35,090 — — Earn-out rights On the Closing of the BCA, the Former Parent (or the shareholders of the Former Parent if the Former Parent is dissolved or liquidated) was issued a contingent right to receive earn outs of up to 24,078,638 Class A Shares and 134,098,971 Class B Shares in Parent, issuable in five tranches that each comprise 4,815,728 Class A Shares and 26,819,794 Class B Shares in Parent. Each tranche is issuable once the daily volume weighted average price of Class A Shares in Parent meets specific price hurdles for 20 trading days out of any 30 day trading period beginning after December 23, 2022 and ending on December 23, 2028. The daily volume weighted average price of Class A Shares in Parent that is required to trigger each tranche is as follows: • Tranche 1 — $13 per share • Tranche 2 — $15.50 per share • Tranche 3 — $18 per share • Tranche 4 — $20.50 per share • Tranche 5 — $23 per share If the daily volume weighted average price of Class A Shares in Parent triggers a higher price tranche prior to triggering a lower price tranche, all tranches below the tranche triggered are also triggered for (e.g., if tranche 5 is triggered, tranches 1 through 4 are also triggered). Additionally, in the event there is a change of control of the Group (i.e., there is a change in greater than 50% equity ownership of the Group) all five tranches are automatically triggered for issuance. The Former Parent’s contingent right to the earn out tranches that are not triggered for issuance by December 23, 2028 will expire immediately. The Group applied the provisions of IAS 32 and IFRS 9 in accounting for the contingent earn out rights of the Former Parent. Under IAS 32 and IFRS 9, the contingent earn out right failed to meet the definition of equity because it could result in the issuance of a variable number of Class A Shares and Class B Shares in Parent and the triggering events are subject to price hurdles (i.e., a market condition) that are outside of the control of the Group. Instead, it meets definition of a derivative liability that is carried at fair value with subsequent changes in fair value recognized in the Consolidated Statement of Loss and Comprehensive Loss at each reporting date. However, since it provides value to owners of the Former Parent effectively in the form of a pro rata dividend, the fair value at the Closing of the BCA was charged to Accumulated deficit. At the Closing of the BCA, the fair value of the contingent earn out rights was approximately $1,500,638. The financial liability was remeasured on December 31, 2022 at $598,570 , resulting in a total gain related to the change in fair value of $902,068 . Refer to Note 1 - Significant accounting policies and judgements for further details on the valuation methodology utilized to determine the fair value of the earn out. Earn-out Rights As of January 1, 2022 — Earn-out rights issued 1,500,638 Change in fair value measurement (902,068) As of December 31, 2022 598,570 The fair value change of earn-out rights are as follows: For the year ended December 31, 2022 2021 2020 Fair value change - Earn-out rights 902,068 — — Volvo Cars Preference Subscription Shares At the Closing of the BCA and pursuant to the Volvo Cars Preference Subscription Agreement, Volvo Cars agreed to subscribe for Preference Shares in the Parent in exchange for a cash payment of $588,826. The cash proceeds were used to pay down outstanding payables owed to VCC. Each Preference Share in the Parent automatically converted into Class A Shares in the Parent at a conversion price of $10 per share thereafter. The Group applied the provisions of IAS 32 and IFRS 9 in accounting for the Volvo Cars Preference Subscription Shares. Under IAS 32, the preference shares did not meet the definition of a financial liability but instead represent a fixed residual interest in Parent (i.e., Class A shares). As such, the initial carrying value of the Volvo Cars Preference Subscription Shares was equity classified and accounted for as a capital contribution from Volvo Cars. Parent entity restructuring Pursuant to the terms and conditions of the BCA, the Former Parent was separated from the Group and 100% of the ownership interests in the Group's subsidiaries were transferred to the Parent in exchange for the issuance of 294,877,349 Class A Shares in the Parent, the issuance of 1,642,233,575 Class B Shares in the Parent, and the Earn-out rights. When the Group was separated from the Former Parent, the intercompany relationship between the Former Parent and the Group was severed. This resulted in the realization of accumulated gains in equity of $1,512 in the Former Parent, which were historically eliminated upon consolidation. The $1,512 adjustment to equity does not reflect cash consideration transferred, but rather, the non-cash impact of separating intercompany interests and changing parent entities. The restructuring was recognized using the historic value method (i.e., the assets and liabilities are measured using the existing book value) and the impact of the restructuring is reflected in the Consolidated Statement of Changes in Equity under the “Changes in the consolidated group” subheading. |
Significant accounting polici_2
Significant accounting policies and judgements (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of List Of Accounting Policies [Abstract] | |
General information | General information Polestar Automotive Holding UK PLC (formerly known as Polestar Automotive Holding UK Limited) (the “Parent”), together with its subsidiaries, hereafter referred to as “Polestar,” “Polestar Group” and the “Group,” is a limited company incorporated in the United Kingdom. Polestar Group operates principally in the automotive industry, engaging in research and development, manufacturing, branding and marketing, and the commercialization and selling of vehicles, technology solutions and services related to battery electric vehicles. Polestar Group has a presence in 27 markets across Europe, North America, and Asia. Polestar Group has its management headquarters located at Assar Gabrielssons väg 9, 405 31 Göteborg, Sweden. |
Merger with Gores Guggeinheim, Inc. | Merger with Gores Guggenheim, Inc. Gores Guggenheim, Inc. (“GGI”) was a special purpose acquisition company (“SPAC”) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or a similar business combination. GGI was incorporated in Delaware on December 21, 2021 and completed its initial public offering (“IPO”) on March 25, 2021. On September 27, 2021, GGI entered into a Business Combination Agreement (“BCA”) with Polestar Automotive Holding Limited, a Hong Kong incorporated company (“Former Parent”), Polestar Automotive (Singapore) Pte. Ltd., a private company limited by shares in Singapore (“Polestar Singapore”), Polestar Holding AB, a private limited liability company incorporated under the laws of Sweden (“Polestar Sweden”), Polestar Automotive Holding UK Limited, a limited company incorporated under the laws of England and Wales and a direct wholly owned subsidiary of the Former Parent, and PAH UK Merger Sub Inc., a Delaware corporate and a direct wholly owned subsidiary of the Parent (“US Merger Sub”). |
Basis of preparation | Basis of preparation The Consolidated Financial Statements in this annual report of Polestar Group are prepared in accordance with the IFRS issued by the International Accounting Standards Board (“IASB”). The Consolidated Financial Statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. For group financial reporting purposes, Polestar Group companies apply the same accounting principles, irrespective of national legislation, as defined in the Group accounting directives. Such accounting principals have been applied consistently for all periods, unless otherwise stated. This annual report is prepared in the presentation currency, U.S. Dollar (“USD”). All amounts are stated in thousands of USD (“TUSD”), unless otherwise stated. |
Going concern | Going Concern Polestar Group’s financial statements have been prepared on a basis that assumes Polestar Group will continue as a going concern and the ordinary course of business will continue in alignment with Management’s 2023-2027 business plan. Management assessed Polestar Group’s ability to continue as a going concern and evaluated whether there are certain events or conditions, considered in the aggregate, that may cast substantial doubt about Polestar Group’s ability to continue as a going concern. All information available to Management pertaining to the twelve-month period after the issuance date of these Consolidated Financial Statements was used in performing this assessment. Historically, Polestar Group has financed its operations primarily through short-term working capital loan arrangements with credit institutions (i.e., 12 months or less), contributions from shareholders, and extended trade credit from related parties. Since inception, Polestar Group has generated recurring net losses and negative operating and investing cash flows. Net losses for the years ended December 31, 2022, 2021 and 2020, amounted to $465,789, $1,007,454, and $484,858, respectively. Negative operating and investing cash flows for the years ended December 31, 2022, 2021 and 2020, amounted to $1,799,396, $441,828, and $300,757, respectively. Management forecasts that Polestar Group will continue to generate negative operating and investing cash flows in the near future, until sustainable commercial operations are achieved. Securing financing to support operating and development activities represents an ongoing challenge for Polestar Group. Management’s 2023-2027 business plan indicates that Polestar Group depends on additional financing that is expected to be funded via a combination of new short-term working capital loan arrangements, long-term loan arrangements, shareholder loans with related parties, and executing capital market transactions through offerings of debt and/or equity. The timely realization of these financing endeavors is crucial for Polestar Group’s ability to continue as a going concern. If Polestar is unable to obtain financing from these sources or if such financing is not sufficient to cover forecasted operating and investing cash flow needs, Polestar Group will need to seek additional funding through other means (e.g., issuing new shares of equity or issuing bonds). Management has no certainty that Polestar Group will be successful in securing the funds necessary to continue operating and development activities as planned. |
Adoption of new and revised standards | Adoption of new and revised standards Effects of new and amended IFRS Management has concluded the adoption of any of the below accounting pronouncements has not or will not have a material impact on the Group’s financial statements. In May 2020, the IASB issued amendments to IAS 16 - Property, Plant and Equipment. The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. This became effective annual reporting period beginning on January 1, 2022 and does not have a material effect on the Groups financial statements. In May 2020, the IASB issued amendments to IAS 37 related to onerous contracts - cost to fulfilling a contract. The amendments specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract.' Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labor, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). This became effective annual reporting period beginning on January 1, 2022 and does not have a material effect on the Groups financial statements. In May 2020, the IASB issued Annual Improvements to IFRSs 2018 – 2020 Cycle. The improvements have amended four standards with effective date January 1, 2022: i) IFRS 1 – First-time Adoption of International Financial Reporting Standards (“IFRS 1”) in relation to allowing a subsidiary to measure cumulative translation differences using amounts reported by its parent, ii) IFRS 9 in relation to which fees an entity includes when applying the ‘10 percent’ test for derecognition of financial liabilities, iii) IAS 41 – Agriculture in relation to the exclusion of taxation cash flows when measuring the fair value of a biological asset, and iv) IFRS 16 in relation to an illustrative example of reimbursement for leasehold improvements. New and amended IFRS issued but not yet effective Management has concluded the adoption of any of the below accounting pronouncements, that were issued but not effective for the period ended December 31, 2022, will not have a material impact on the Group’s financial statements. In January 2020, the IASB published amendments to IAS 1 which clarify the presentation of liabilities as current or non-current based off the rights that are in existence at the end of the reporting period, not the expectations about an entity’s exercise of certain rights to defer the settlement of a liability or other subsequent events. The amendments are applied retrospectively for annual periods beginning on or after January 1, 2024. In June 2020, the IASB published amendments to IFRS 4 which deferred the expiry date of the temporary exemption from applying IFRS 9 to annual periods beginning on or after January 1, 2023. In June 2020, the IASB published amendments to IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 was published. The amendment revised the effective date to January 1, 2023 but may be applied earlier provided the entity applies IFRS 9 and IFRS 15 – Revenue from Contracts with Customers (“IFRS 15”) at or before the date of initial application of the Standard. Further, among other changes, the amendment (1) includes additional scope exceptions, (2) includes additional guidance for recognition of insurance acquisition cash flows, (3) clarifies the application of IFRS 17 in interim financial statements, and (4) simplifies the presentation of insurance contracts in the statement of financial position. The improvements are applicable for annual periods beginning on or after January 1, 2023. In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies which require companies to disclose their material accounting policy information rather than their significant accounting policies and provide guidance on how to apply the concept of materiality to accounting policy disclosures. These amendments are effective on or after January 1, 2024. In February 2021, the IASB issued amendments to IAS 8: Definition of Accounting Estimates which clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. These amendments are effective on or after January 1, 2023. In May 2021, the IASB issued amendments to IAS 12 – Income Taxes (“IAS 12”): Deferred Tax related to Assets and Liabilities Arising From a Single Transaction that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. These amendments are effective on or after January 1, 2023. In December 2021, the IASB issued an amendment to IFRS 17: Initial Application of IFRS 17 and IFRS 9 – Comparative Information, which provides a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract comparative information for users of financial statements. The amendment is effective on or after January 1, 2023. In September 2022, the IASB issued an amendment to IFRS 16 which clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. This amendment is effective on or after January 1, 2024. |
Presentation | Presentation In the Consolidated Statement of Financial Position, an asset is classified as a current asset when it is held primarily for the purpose of trading, is expected to be realized within twelve months of the date of the Consolidated Statement of Financial Position or consists of cash or cash equivalents, provided it is not subject to any restrictions. All other assets are classified as non-current. A liability is classified as a current liability when it is held primarily for the purpose of trading or is expected to be settled within twelve months of the date of the Consolidated Statement of Financial Position. All other liabilities are classified as non-current. Presentation reclassifications The following presentation reclassifications have been made for the comparative information for the year ended December 31, 2021: • Consolidated Statement of Cash Flows ◦ Cash used for Vehicles under operating leases of $120,626 is now presented together with Inventories. Vehicles are reclassified from Inventories to Assets under operating leases when sold with a repurchase commitment and subsequently reclassified to Inventories when they are repurchased. Since the Group presents the non-cash impact on cash from depreciation of Assets under operating leases within Depreciation and amortization in the Consolidated Statement of Cash Flows, this presentation better reflects the nature of cash movements related to vehicles as all vehicles purchased and sold by Polestar are initially recognized and subsequently derecognized via Inventories. • Note 1 - Significant accounting policies and judgements ◦ Under Segment reporting, the Group's revenue from external customers by geographical location for Belgium, Canada, Denmark, Finland, and Switzerland of $53,339, $17,493, $38,538, $10,048, and $41,115, respectively, have been separated from Other regions. The Group's non-current assets by geographical location for Norway and Netherlands of $1,660 and $2,541, respectively, have been collapsed into Other regions. These changes have been made to align with the presentation with that of the year ended December 31, 2022. • Note 4 - Revenue ◦ Total contract liabilities Utilized during the year of $54,146 is now separated into the two lines: (1) Settled during the year of $43,469 and (2) Released during the year of $10,677. Settled during the year corresponds to contract liabilities that initially resulted in a reduction of revenue at contract inception and have subsequently been paid out in cash during the year. Utilized during the year corresponds to contract liabilities that initially resulted in a constraint on revenue at contract inception that has been subsequently released (i.e., non-cash) and recognized as revenue during the year. This presentation better reflects the nature of the each category of contract liability and the related impact in the Consolidated Financial Statements. The following presentation reclassifications have been made for the comparative information for the year ended December 31, 2020: • Note 1 - Significant accounting policies and judgements ◦ Under Segment reporting, the Group's revenue from external customers by geographical location for Belgium, Canada, and Switzerland of $22,974, $3,007, and $580, respectively, have been separated from Other regions. These changes have been made to align with the presentation with that of the year ended December 31, 2022. |
Basis of consolidation | Basis of consolidationThe consolidated accounts include the Parent company and all subsidiaries over which the Parent, either directly or indirectly, exercises control. The Parent controls an entity when the Parent is exposed to, or has rights to, variable returns from its involvement with the entity, has the ability to affect those returns through its power over the entity, and if it has power over decisions which affect investor returns (i.e., voting or other rights). All subsidiaries are fully consolidated from the date on which control is transferred to the Parent. They are deconsolidated from the date that control ceases. All inter-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated upon consolidation. As of December 31, 2022, 2021 and 2020, the Parent had thirty-three, thirty-three, and eighteen fully consolidated subsidiaries, respectively. |
Segment reporting | Segment reporting Polestar Group determined it has one reportable segment as the chief operating decision maker (“CODM”) assesses financial information and the performance of the business on a consolidated basis. The Group manages its business as a single operating segment, which is the business of manufacturing and selling electric vehicles. All substantial decisions regarding allocation of resources as well as the assessment of performance is based on the Group as a whole. Polestar Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s CODM to allocate resources and assess performance as the source for determining the Group’s reportable segments. Polestar Group’s CODM has been identified as the Chief Executive Officer (“CEO”) as he assesses the performance of the Group and has the function and sole ability to make overall decisions related to the allocation of the Group’s resources. Polestar Group allocates resources and assesses financial performance on a consolidated basis. The following tables show the breakdown of Polestar Group’s revenue from external customers and non-current assets (PPE, vehicles under operating leases, and intangibles and goodwill) by geographical location where Polestar company recognizing the revenue is located: For the year ended December 31, 2022 2021 2020 Revenue USA 523,537 248,168 25,077 Sweden 368,277 189,656 162,062 UK 338,182 206,866 41,605 Germany 289,213 117,549 34,880 Norway 232,357 231,456 156,077 Korea 119,498 — — Netherlands 108,966 135,030 150,133 Belgium 88,812 53,339 22,974 Canada 85,521 17,493 3,007 Denmark 67,235 38,538 — Australia 64,539 — — Finland 42,281 10,048 — Switzerland 39,274 41,115 580 China 38,218 40,819 13,850 Other regions 1 55,986 7,104 — Total 2,461,896 1,337,181 610,245 1 - Revenue: Other regions primarily consist of Austria and Singapore in 2022 and 2021. As of December 31, 2022 2021 Non-current assets 2 Sweden 1,151,920 954,842 China 474,301 532,492 USA 37,752 64,072 Germany 36,747 24,009 United Kingdom 22,777 2,484 Other regions 3 28,532 13,869 Total 1,752,029 1,591,768 2 - Non-current assets: excludes Financial assets,, Deferred tax asset, and Other investments. 3 - Other regions primarily consist of Belgium, Switzerland and Australia in 2022 and Canada and Netherlands in 2021. |
Foreign currency | Foreign currency In preparing the financial statements of the Group, transactions in currencies other than the entity’s functional currency (i.e., foreign currencies) are recognized at the rates of exchange prevailing on the dates of the transactions. At each reporting date, assets and liabilities denominated in a foreign currency are translated to the functional currency using the closing exchange rate and items of income and expense are translated at the monthly average exchange rate. Foreign currency gains and losses arising from translation differences are recognized in the Consolidated Statement of Loss and Comprehensive Loss. For more information about currency risk, see Note 2 - Financial risk management. |
Use of estimates and judgments | Use of estimates and judgements The preparation of these Consolidated Financial Statements, in accordance with IFRS, requires management to make judgements, estimates, and assumptions that affect the application of the Group’s accounting policies, the reported amount of assets, liabilities, revenues, expenses, and other related financial items. Management reviews its estimates and assumptions on a continuous basis; changes in accounting estimates are recognized in the period in which the estimates are revised, and prospectively thereafter. Details of critical estimates and judgements which the Group considers to have a significant impact upon the financial statements are set out below and the corresponding impacts can be seen in the following notes: • Revenue recognition – The expected cost plus margin approach is used for determining the transaction price of performance obligations included with sales of vehicles. and the residual amount of the transaction price is allocated to the performance obligation associated with the delivery of the vehicle. Polestar also offers volume related discounts to fleet customers which impacts its estimation of the consideration it will be entitled to in exchange for the delivery of vehicles. Sales of vehicles with repurchase obligations are accounted for as operating leases and the related revenue is recorded as lease income. – Note 4 - Revenue. • Intangible assets – Polestar conducts various internal development projects which are divided into the concept phase and product development phase. Once a project reaches the product development phase, internally developed intellectual property is capitalized in intangible assets. Polestar conducts an analysis to estimate the useful life for internally developed intellectual property, acquired intellectual property, and software at the point in time when they are capitalized in intangible assets. – refer to Note 13 - Intangible assets and goodwill. • Impairment – Polestar conducts routine evaluations of intangible assets and goodwill for evidence of impairment indicators. At least annually and when impairment indicators exist, Polestar conducts an impairment test at the cash generating unit level (Polestar Group constitutes a single CGU). – refer to Note 13 - Intangible assets and goodwill. • Valuation of loss carry-forwards – The recognition of deferred tax assets requires estimates to be made about the level of future taxable income and the timing of recovery of deferred tax assets, taking into account the relevant tax jurisdictions – refer to Note 11 - Income tax expense. • Valuation of the financial liability for the Class C-1 Shares and Class C-2 Shares (collectively, “Class C Shares”) – Class C-1 Shares are publicly traded on the NASDAQ (i.e., an active market). Class C-2 Shares are derivative financial instruments that are carried at fair value through profit and loss. Quoted or observable prices for these financial instruments are not available in active markets, requiring Polestar to estimate the fair value of the instruments each period utilizing certain valuation techniques – refer to Note 16 - Reverse recapitalization. • Valuation of the financial liability for the Former Parent’s contingent Earn-out rights – The contingent Earn-out rights are derivative financial instruments that are carried at fair value through profit and loss. Quoted or observable prices for these financial instruments are not available in active markets, requiring Polestar to estimate the fair value of the instruments each period utilizing certain valuation techniques – refer to Note 16 - Reverse recapitalization. |
Cash and cash equivalents | Cash and cash equivalents Cash consists of cash in banks with an original term of three months or less. All highly-liquid, short-term investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value are classified as cash equivalents and presented as such in the Consolidated Statement of Cash Flows. |
Marketable securities | Marketable securities Marketable securities are financial instruments with maturities less than one year when acquired that can quickly be converted into cash. Polestar’s marketable securities consist of short-term money market funds (i.e., time deposits in banks). The balance in marketable securities as of December 31, 2022 and 2021 amounted to nil and $1,258, respectively . |
Restricted cash | Restricted cash Restricted cash are Cash and cash equivalents held by Polestar for specified use which are unavailable to the overall Group for general, operational purposes. As of December 31, 2022 and 2021, the Group had no restricted cash. |
Government grants | Government grants The Group’s subsidiaries based in the People’s Republic of China received government grants which were conditioned to be used for production related costs and grants for non-specified purposes. The groups subsidiary based in UK received government grants conditioned to be used for product development activities. Both these grants are not tied to the future trends or performance of the Group and are not required to be refunded under any circumstance. The Group’s subsidiary based in Singapore received government grants related to incentivizing job growth. The Job growth incentive is given by Inland Revenue Authority of Singapore (IRAS) SG government agency to support employers to expand local hiring. Receipt of such grants are either reported as a deduction to the related expense or as other operating income, depending on the nature of the grant received. The amount of government grants received as of December 31, 2022 and 2021 was $3,773 and $309, respectively. |
Revenue recognition | Revenue recognition Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. In determining the transaction price, the Group evaluates whether the contract includes other promises that constitute a separate performance obligation to which a portion of the transaction price needs to be allocated. When consideration in a contract includes variable amounts, the Group estimates the consideration to which Polestar will be entitled in exchange for transferring goods to the customer, using either the expected value method or the most likely amount method. The Group makes judgements related to potential returns, liabilities to customers related to performance obligations and potential sales discounts when considering revenue. For contracts that contain more than one performance obligation, Polestar Group allocates the transaction price to each performance obligation on a relative standalone selling price basis. The standalone selling price of the distinct good or service underlying each performance obligation is determined at contract inception. It represents the price at which Polestar Group would sell a promised good or service separately to a customer. If a standalone selling price is not directly observable, Polestar Group instead estimates it, using appropriate data that reflects the amount of consideration to which the Group expects to be entitled in exchange for transferring the promised goods or services to the customer. Polestar Group disaggregates revenue by major category based on what it believes are the primary economic factors that may impact the nature, amount, timing, and uncertainty of revenue and cash flows from customer contracts. Sales of vehicles Revenue from the sales of vehicles includes sales of the Group’s vehicles as well as related accessories and services. Revenue is recognized when the customer obtains control of delivered goods or services, and thus has the ability to direct the use of, and obtain the benefits from, the goods or services. Polestar Group includes various services and maintenance (i.e., extended service) offers with the sale of each vehicle for a period of time specified in the contract. Polestar Group also provides connected services, including access to the internet and over-the-air software and performance updates, which provide Polestar’s customers new features and improvements to existing vehicle functionality. Although Polestar’s connected services improve the in-vehicle experience, it is not required when driving a Polestar vehicle. These services and maintenance and connected services are considered stand-ready obligations as Polestar cannot determine (1) when a customer will access a service, or (2) the quantity of a service the customer will require (i.e., delivery is within control of the customer). Polestar uses an expected cost-plus margin approach for estimating the transaction price for these stand-ready obligations as this is determined to be the most suitable method for estimating stand-alone selling price for performance obligations other than the vehicle. These services are available throughout the automotive industry, there is public information that is readily accessible, and there is a stable market and cost structure to determine the appropriate inputs to the cost-plus margin calculation. The related performance obligations are satisfied in accordance with the terms of each service, and revenue is deferred and recognized on a straight-line basis over the contract period as a stand-ready obligation. The deferred revenue is presented as contract liabilities, since the customers’ payments are made before the services are transferred. Polestar will recognize revenue related to the extended service on a straight-line basis over the 3-year period following initial recognition, consistent with the terms of the contractually offered services. Polestar will recognize revenue related to connected services on a straight-line basis over the 8-year period following initial recognition, consistent with the expected utilization of the services. The residual amount of the transaction price is allocated to the performance obligation associated with the delivery of the vehicle because the vehicle represents the most valuable component of the contract, Polestar’s vehicles are not sold on a stand-alone basis such that an established price exists separate from the services and maintenance, and there is wide variation in market price among the limited competitors in this new space. The transaction price allocated to the delivery of the vehicle is recognized at a point in time on the delivery date. Polestar has continued to evaluate and monitor the number of observable inputs available for use in estimating the standalone selling price of its vehicles. As part of its ongoing analysis, Polestar has determined that use of the residual method continues to be the most appropriate method for estimating the standalone selling price of its vehicles. Vehicles were historically only sold to individuals (end customers), fleet customers, financial service providers, and dealers. During the year ended December 31, 2022, Polestar began selling to importers as well. Importer markets exist where the Group does not have its own direct sales unit, so a third party imports Polestar vehicles and sells them to end users. Since commercialization of Polestar vehicles commenced in the third quarter of 2020, the Group had not recognized a significant number of customer returns, and therefore has not accrued any obligations for returns, refunds, or other similar obligations for the years ended December 31, 2022 and 2021. Further, contracts with importers specify the importer does not have the right to return vehicles. As part of certain dealer contracts, Polestar provides a residual value guarantee (“RVG”). The RVG does not affect the customer’s control of the vehicle (i.e., the customer is not constrained in its ability to direct the use of, and obtain substantially all of the benefits from, the vehicle), but it does impact the transaction price as the guarantee effectively reduces the compensation to which Polestar is entitled. Polestar evaluates variables such as recent car auction values, future price deterioration due to expected changes in market conditions, vehicle quality data, and repair and recondition costs to determine the amount of the residual value. Polestar pays the difference between the determined residual value and the contracted residual value up-front, in cash, and accounts for it under IFRS 15 as a direct reduction to the transaction price. Polestar will continue to evaluate its method for recognizing RVGs and amend how it accounts for them, if necessary. There are no significant payment terms for end customers, fleet customers, financial service providers, dealers or importers as payment is due on or near the date of invoice. Consideration received by fleet customers is variable in nature as the customer can receive volume related discounts, which are annual rebates based on the number of vehicles ordered throughout the year. There is no variability in consideration received from importers as they are charged a fixed price per vehicle. There is no significant variability in consideration received from other customers. Sales of software and performance engineered kits Revenue from the sales of software is related to intellectual property licensed to Volvo Cars under which Volvo Cars obtained rights to provide software upgrades to their customers’ vehicle computer systems in exchange for sales-based royalties to Polestar Group. Software upgrades are downloaded and installed at Volvo Cars’ dealerships at a point in time. The Group’s performance obligation is satisfied at the point in time the Group transfers the licensed know-how to Volvo Cars, which is when Volvo Cars obtains control of the intellectual property and has the ability to direct the use of, and obtain the benefits from, the license. The Group recognizes license revenue from sales-based royalties in the period in which Volvo Cars’ sales of software occur. Revenue from the sales of performance engineered kits is related to intellectual property licensed to Volvo Cars under which Volvo Cars obtained rights to provide optimizations and enhancements to their customers’ vehicles in exchange for sales-based royalties to Polestar Group. Performance engineered kits are installed at Volvo Cars manufacturing plants as part of Volvo Cars’ normal manufacturing processes. The Group’s performance obligation is satisfied at the point in time the Group transfers the licensed know-how to Volvo Cars, which is when Volvo Cars obtains control of the intellectual property and has the ability to direct the use of, and obtain the benefits from, the license. The Group recognizes license revenue from sales-based royalties in the period in which Volvo Cars’ sales of vehicles with the performance engineered kits occur. During the year ended December 31, 2020, revenue from the sale of performance engineered kits was inclusive of a one-time contract termination fee paid by Volvo Cars that was accounted for as a contract modification. Polestar Group and Volvo Cars entered into a new license agreement in December 2020. There are no significant payment terms as payment is due near the date of invoice. Sales of carbon credits Revenue from the sale of carbon credits is recognized when the performance obligation is satisfied and when the customer, an original equipment manufacturer (“OEM”), obtains control of the carbon credits and has the ability to direct the use of, and obtain the benefits from, the carbon credits transferred. There are no significant payment terms as payment is due near the date of invoice. Vehicle leasing revenue During the years ended December 31, 2022 and December 31, 2021, Polestar Group entered into operating lease arrangements that mainly relate to vehicles sold with repurchase obligations. The Group entered into transactions to sell vehicles under which the Group maintains the right or obligation to repurchase the vehicles from the customer in the future (i.e., a forward or call option). The Group accounts for such arrangements as operating leases and records revenue from the sale of related vehicles as lease income. Operating leases are initially measured at cost and depreciated on a straight-line basis over the lease term to the estimated residual value. Incremental direct costs incurred in connection with the acquisition of operating lease contracts are capitalized and also amortized on a straight-line basis over the lease term. In the Consolidated Statement of Financial Position, such operating leases are presented as vehicles under operating leases and recognized as non-current assets. Vehicle leasing revenue is recognized on a straight-line basis over the lease term. For sales of vehicles with repurchase obligations that are accounted for as operating leases, the entire amount due to Polestar is paid up-front at contract inception. Deferred revenue is recorded for the difference between the cash received from the sale of the vehicle and the vehicle’s repurchase value, where the associated liability is recorded in Other current liabilities in the Consolidated Statement of Financial Position. Other revenue Other revenue consists of revenue generated through the Group’s sale of research and development services and intellectual property licensed to Volvo Cars under which Volvo Cars obtained rights to source and sell parts and accessories for the Group’s vehicles to customers in exchange for sales-based royalties to Polestar Group. The performance obligation related to the sale of research and development services is satisfied over time as Polestar maintains an enforceable right to payment as costs are incurred and services are provided. As such, revenue from the sale of research and development services is recognized over time. The performance obligation related to intellectual property licensed to Volvo Cars is satisfied at the point in time the Group transfers the licensed know-how to Volvo Cars which is when Volvo Cars obtains control of the intellectual property and has the ability to direct the use of, and obtain the benefits from, the license. The Group recognizes license revenue from sales-based royalties in the period in which Volvo Cars’ sales of parts and accessories occur. There are no significant payment terms as payment is due near the date of invoice. Contract liabilities Contract liabilities to customers are obligations related to contracts with customers and are recognized when Polestar Group is obligated to transfer goods or services for which consideration has already been received. Contract liabilities to customers include sales generated obligations, deferred revenue from service contracts (i.e., services to be performed) and operating leases, and Connected Services related to the Polestar 1 (“PS1”) and Polestar 2 (“PS2”). As the Group satisfies its performance obligations, revenue is recognized, and the contract liability is reduced. As stated above, delivery of services and maintenance is within the customer’s control. Accordingly, the Group expects to recognize revenue related to such service contract liabilities over the 3-year period following initial recognition, consistent with the terms of the contractually offered services. Related to connected services, the Group expects to recognize revenue over the 8-year period following initial recognition, consistent with the expected utilization of the services. In the case of volume related discounts that are triggered over time, a short-term contract liability will also be recognized as payment is due within a twelve-month period, in line with contractual payment terms. For deferred revenue generated through operating leases, the Group expects to recognize revenue on a straight-line basis, consistent with the terms of the contract. Cost of sales For the years ended December 31, 2022, 2021 and 2020, cost of sales amounted to $2,342,453, $1,336,321, and $553,724, respectively. Costs of sales are related to the sales of vehicles and related accessories and services, which primarily consists of contract manufacturing costs, depreciation related to PPE and right-of-use (“ROU”) assets, amortization of intangible assets related to manufacturing engineering, warehousing and transportation costs for inventory, customs duties, and charges to write down the carrying value of inventory when it exceeds the estimated net realizable value. Sales of software and performance engineered kits and other revenue are related to items which were originally developed with the intent of internal use, not with the intent to sell. As such, all costs were appropriately capitalized or expensed as described in Accounting policies – Intangible assets and goodwill – Internally developed IP . |
Employee benefits | Employee benefits Polestar Group compensates its employees through short-term employee benefits, other long-term benefits, and post-employment benefits. Generally, an employee benefit is recognized in accordance with IAS 19, Employee Benefits, when an employee has provided service in exchange for employee benefits to be paid in the future or when Polestar Group is contractually committed to providing a benefit without a realistic probability of withdrawal from its commitment. Short-term employee benefits Short-term employee benefits consist of wages, salaries, social benefit costs, paid annual leave and paid sick leave, and bonuses that are expected to be settled within twelve months of the reporting period in which services are rendered. Short-term employee benefits are recognized at the undiscounted amounts expected to be paid when the liabilities are settled and presented within current provisions and other current liabilities in the Consolidated Statement of Financial Position. Short-term employee benefits include Polestar Group’s Annual Bonus Program (the “Polestar Bonus”), which is a cash-settled short-term incentive program for all permanent employees in all countries. The bonus is based on certain key performance indicators (“KPIs”). Bonuses are expressed as a percentage of employees’ annual base salaries and the target bonus varies by employee location and level. The program runs during the calendar year and bonus pay-out is made on a pro-rata basis based on employment during the year. Employees need to have joined the organization as of December 1st of the year in order to be eligible for the program. An estimate of the expected costs of the program are calculated and recognized at the end of each reporting period. Other long-term benefits The annual Long Term Variable Pay Program (“LTVP”) is a cash-settled incentive program for certain key management personnel that is based on (1) valuation of Volvo Cars after a three year period (i.e., the vesting period) and (2) Volvo Car’s achievement of certain profit and revenue growth metrics. The LTVP program was instituted at Polestar Group to incentivize key management personnel who transferred employment from Volvo Cars to Polestar Group. Payouts are based on a synthetic share price derived from an independent third-party valuation that is calculated using a discounted cash flow analysis of Volvo Cars and a market analysis of peer companies. Depending on the employee’s position, they are eligible to receive an award equivalent to a certain percentage of their annual base salary that is capped at a 300% ceiling. Employees must remain employed to be eligible to receive the award. The fair value of the LTVP is recognized on the annual grant date, subsequently remeasured at the end of reach reporting date, and presented within current and non-current provisions in the Consolidated Statement of Financial Position. Post-employment benefits Polestar Group’s post-employment benefits are comprised of defined contribution pension plans and the Swedish defined benefit pension (“ITP 2”) that is managed by the mutual insurance company Alecta. For defined contribution plans, premiums are paid to a separate legal entity that manages pension plans on behalf of various employers. There is no legal obligation to pay additional contributions if this legal entity does not hold sufficient assets to pay all employee benefits. Contributions payable are recognized in the reporting period in which services are rendered and presented within current and non-current provisions in the Consolidated Statement of Financial Position. Contribution rates are unique to each employee. Polestar Group’s only defined benefit plan is the ITP 2 plan in Sweden. This plan is accounted for as a multi-employer defined contribution plan under IAS 19 because Alecta does not distribute sufficient information that enables employers to identify their share of the underlying financial position and performance of ITP 2. This treatment is specific to companies operating in Sweden under the guidance discussed in the Swedish Financial Reporting Board pronouncement UFR 10, Accounting for the pension plan ITP 2 financed through an insurance in Alecta, and IAS 19.32–39, Multi-employer plans. The premiums for retirement pensions and survivor’s pensions are calculated individually and are based on salary, previously earned pension benefits, and expected remaining years of service, among other factors. Premiums of $3,507 are estimated to be paid to Alecta for the year ended December 31, 2022 related to ITP 2. |
Share-based payments | Share-based payments Share-based payments qualify as either cash-settled or equity-settled transactions, depending on the nature of their settlement terms. When the participant has the option for cash or equity settlement, the awards are classified as a compound financial instrument consisting of an equity and a financial liability component. When the Group has the option for cash or equity settlement, the awards are classified as equity-settled unless the Group has the obligation to settle in cash (i.e., the award provides the participant with a put option to the Group). Cash settled share-based payment awards are recognized as a financial liability at their fair value on the date of grant and remeasured at each reporting date until the date of settlement, with changes in fair value recognized in profit and loss. Equity-settled share-based payment awards are recognized in equity using the fair value as of the date of grant and not remeasured thereafter. The expense associated with share-based payments is recognized over the period in which services are provided by the participant, immediately if services are deemed to have already been provided by the participant, or a combination thereof if services were already provided and the participant will continue to provide services over a future period. Share-based payment expenses are recorded in the functional cost category of the Consolidated Statement of Loss and Comprehensive Loss that corresponds with the nature of the services provided. As of December 31, 2022, the Group granted equity settled share-based payments to employees in the form of free shares, restricted stock units (“RSU”), and performance stock units (“PSU”) through the 2022 Omnibus Incentive Plan. The Group also granted equity settled share-based payments in exchange for certain marketing services through November 1, 2023 and the service of a public listing of the Group on the Nasdaq through the merger with GGI. Refer to Note 16 - Reverse recapitalization for detail on the merger with GGI. Refer to Note 7 - Share-based payment for more detail on the 2022 Omnibus Incentive Plan and marketing service agreement. |
Leases | Leases Polestar as lessee At inception of a contract, the Group assesses whether the contract is or contains a lease. In determining the lease term, management considers all relevant facts and circumstances related to exercising an extension option or not exercising a termination option. Such options are only included in the lease term if the extension option or termination option is reasonably certain to be exercised or not exercised, respectively. If circumstances surrounding the Group’s decision related to extension and termination options change, the Group reassesses the term of the lease accordingly. As of December 31, 2022 and 2021, no material lease extension options existed. At the lease commencement date, an ROU asset and a lease liability are recognized on the Consolidated Statement of Financial Position with respect to all lease arrangements in which the Group is a lessee. The lease liability is initially measured at an amount equal to the present value of the future lease payments under the lease contract, discounted by the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise in-substance fixed payments, among other fixed lease payments, and variable lease payments that depend on an index or a rate, the exercise price of purchase options (if the lessee is reasonably certain to exercise the options), and payments of penalties for terminating the lease (if the lease term reflects the exercise of an option to terminate the lease). The practical expedient of including non-lease components in the measurement of the lease liability for all asset classes is applied. The ROU asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, and the estimate of costs to dismantle and remove the underlying asset or the site on which it is located, less any lease incentives received. The asset is subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term. For more information regarding amortization of the ROU asset, refer to Note 10 - Leases. The ROU asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The Group elected the practical expedient to account for leases with lease terms which end within twelve months of the initial date of application as a short-term lease. The Group also elected the practical expedient to not recognize a ROU asset and lease liability for short-term and low-value leases. Low value assets are defined as asset classes that are typically of low value, for example, small IT equipment (cellphones, laptops, computers, printers) and office furniture. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense over the lease term in the Consolidated Statement of Loss and Comprehensive Loss. On the Consolidated Statement of Financial Position, the lease liabilities are presented within current interest-bearing liabilities and other non-current interest-bearing liabilities in the Consolidated Statement of Financial Position. In the Consolidated Statement of Loss and Comprehensive Loss, depreciation expense of the ROU assets is presented on the same line item(s) as similar items of PPE. The interest expense on the lease liability is presented as part of finance expense. In the Consolidated Statement of Cash Flows, amortization of the lease liability is presented as an adjustment to arrive at cash flows from operating activities, lease related interest expense is presented within cash flows from operating activities, and principal repayments of lease liabilities is presented within cash flows from financing activities. The Group has certain leases stemming from contract manufacturing agreements related to the production of Polestar vehicles. These agreements are associated with unique type bound tooling and equipment (“PS Unique Tools”) used in the production of Polestar vehicles at certain suppliers and vendors. The PS Unique Tools are suited specifically for Polestar vehicles and Polestar has the right to direct the use of the related assets. The production of Polestar vehicles occupies 100% of these assets’ capacity; as such, the PS Unique Tools are also recognized as ROU assets by the Group from the day production starts. Sale leaseback transactions The Group enters into transactions to sell vehicles concurrent with agreements to lease the same vehicles back for a period of six to twelve months. At the end of the rental period, Polestar is obligated to repurchase the car. Due to this repurchase obligation, this transaction is accounted for as a financial liability. Accordingly, the Group does not record a sale of these vehicles for accounting purposes and depreciates the assets over their useful lives. Polestar as lessor |
Finance income and expense | Finance income and expense Finance income and expense represent items outside the Group’s core business. These items are presented separately from operating income and include net foreign exchange rate gains (losses) on financial activities, interest income on bank deposits, expenses to credit facilities, interest expense, and other finance expenses. |
Income tax expense | Income tax expense Polestar Group’s Income tax expense consists of current tax and deferred tax. Taxes are recognized in the Consolidated Statement of Loss and Comprehensive Loss, except when the underlying transaction is recognized directly in equity, whereupon related taxation is also recognized in equity. Current tax is tax that must be paid or will be received for the current year. Current tax also includes adjustments to current tax attributable to previous periods. Deferred tax is calculated according to the balance sheet method for all temporary differences, with the exception of book goodwill in excess of tax goodwill recorded in purchase accounting, which arises between the tax value and the carrying amount of assets and liabilities. Deferred tax assets and liabilities are measured at the nominal amount and at the tax rates that are expected to be applied when the asset is realized or the liability is settled, using the tax rates and tax rules that have been enacted or substantively enacted at the date of the Consolidated Statement of Financial Position. Deferred tax assets relating to deductible temporary differences and loss carry forwards are recognized to the extent it is probable that they will be utilized in the future. Deferred tax assets and deferred tax liabilities are offset when they are attributable to the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis and the affected company has a legally adopted right to offset tax assets against tax liabilities. The recognition of deferred tax assets requires assumptions to be made about the level of future taxable income and the timing of recovery of deferred tax assets. These assumptions take into consideration forecasted taxable income by relevant tax jurisdiction. The measurement of deferred tax assets is subject to uncertainty and the actual result may diverge from judgements due to future changes in projected earnings by the company, business climate, and changes to tax laws. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. If needed, the carrying amount of the deferred tax asset will be altered. |
Earnings per share | Earnings per share Basic earnings per share is calculated by dividing the net loss for the period by the weighted average number of Class A Shares and Class B Shares outstanding during the period. Diluted earnings per share is calculated by adjusting the net income for the period and the weighted average number of Class A Shares and Class B Shares outstanding for the effect of dilutive potential ordinary shares (“POSs”) outstanding during the period (i.e., Class A Shares and/or Class B Shares that the Group is obligated to issue, or might issue under certain circumstances, in accordance with various contractual arrangements). The Group’s POSs are classified based on the nature of their instrument or arrangement and then the earnings per incremental share (“EPIS”) is calculated for each class of POS to determine if they are dilutive or anti-dilutive. Anti-dilutive POSs are excluded from the calculation of dilutive earnings per share. EPIS is calculated as (1) the consequential effect on profit or loss from the assumed conversion of the class of POS (i.e., the numerator adjustment) divided by (2) the weighted average number of outstanding POSs for the class (i.e., the denominator adjustment). The EPIS denominator adjustment depends on the class of POS. The Group’s classes of POSs and their related EPIS denominator adjustment methods are as follows: POS Class EPIS Denominator Adjustment Method Unvested equity-settled RSUs Treasury share 1 Class C Shares Treasury share Earn-out Rights and PSUs The number of shares issuable if the reporting date were the end of the contingency period Convertible Notes The number of shares issued assuming conversion occurred at the beginning of the reporting period 1 - The treasury share method prescribed by IAS 33, Earnings Per Share (“IAS 33”), includes only the bonus element as the EPIS denominator adjustment. The bonus element is the difference between the number of ordinary shares that would be issued at the exercise of the options and the number of ordinary shares deemed to be repurchased at the average market price. |
Intangible assets and goodwill | Intangible assets and goodwill An intangible asset is recognized when it is identifiable, Polestar Group controls the asset, and it is expected to generate future economic benefits. Intangible assets have either finite or indefinite lives. Finite lived intangible assets are intellectual property (“IP”), both acquired and internally developed, and software. Indefinite lived intangible assets are Goodwill and Trademarks. Intangible assets are measured at acquisition or internal development cost, less accumulated amortization and, as applicable, impairment loss. Intangible assets with finite lives are amortized on a straight-line basis. The Group makes estimates and judgements related to expected usage of intangible assets in accordance with Management’s 2023-2027 business plan, product life cycles, technological obsolescence, developments, and advancements specific to the battery electric vehicle industry. Management estimates the useful life of intangible assets by taking into account judgements on how the Group plans to utilize such intangibles in accordance with the business plan and any related rights and obligations under its contractual agreements. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. The useful lives of intangible assets with indefinite useful lives, goodwill and trademarks, are assessed annually to determine whether the indefinite designation continues to be appropriate. Intangible assets with indefinite useful lives are tested for impairment annually or if an event which could give rise to impairment occurs . Manufacturing engineering Amortization for manufacturing engineering, reflecting engineering performed in terms of production facility layout, is included in Cost of sales. Acquired IP Polestar Group has entered into agreements with Volvo Car Group (“Volvo Cars”) and Zhejiang Geely Holding Group Company Limited (“Geely”), a related party, regarding the development of technology for both upgrades of existing models and upcoming models. The technology can be either Polestar unique or commonly shared. In both cases, Polestar Group is in control of the developed product, either through a license or through ownership of the IP. Acquired IP are finite-lived intangible assets which are amortized once the acquired IP is ready for its intended use, over their estimated useful lives for 3-7 years. The remaining useful life of acquired IP is between 1-6 years . Amortization of acquired IP related to the PS1 and PS2 is included in research and development expenses as it represents foundational IP that is leveraged across multiple functions of the Group. Amortization of acquired IP related to the PS1 terminated in connection with the end of PS1 production in accordance with plan as of December 31, 2021. All PS1 assets have been fully amortized. Internally developed IP Internally developed IP are finite-lived intangible assets which are amortized over their estimated useful lives for 3-7 years. Amortization of internally developed IP is included in research and development expenses and commences when the internally developed IP is ready for its intended use. Polestar Group’s research and development activities are divided into a concept phase and a product development phase. Costs related to the concept phase are expensed in the period incurred, whereas costs related to the product development phase are capitalized upon the commencement of product development. Each phase is identified by work plans, budgeted, and tracked internally by research and development personnel. Costs incurred in the concept phase are expensed as incurred when (1) the Group is conducting research activities such as obtaining new knowledge, formulating a project concept, and searching for components to support the project (e.g., materials, devices, and processes) and (2) the Group cannot yet demonstrate that an intangible asset exists that will generate probable future economic benefits. Costs incurred in the product development phase are capitalized when (1) the Group is conducting development activities such as designing, constructing, and testing pre-production prototypes, tools, systems, and processes, (2) technical feasibility of completing the intangible asset exists, (3) resources required to complete the intangible asset are available to the Group, (4) the Group intends and has the ability to use or sell the intangible asset to generate future economic benefits, and (5) related expenditures can be reliably measured. Research and development expense recognized for the years ended December 31, 2022, 2021 and 2020, amounted to $167,242, $232,922, and $183,849, respectively, and was substantially related to the amortization of PS1 technology (ceased amortization in December 2021) and PS2 technology. Software Software is a finite-lived intangible asset which is amortized over its estimated useful life of 3-8 years. Amortization of software is included in research and development expense and/or selling, general and administrative expense depending on the way in which the assets have been used. Trademarks Trademarks are assumed to have indefinite useful lives since Polestar Group has the right and the intention to continue to use the trademarks for the foreseeable future, while generating net positive cash flows for Polestar Group. Trademarks were generated when Volvo Cars acquired Polestar Group in July 2015. Trademarks are recognized at fair value at the date of the acquisition less any accumulated impairment losses. Goodwill |
Property plant and equipment | Property plant and equipment Items of PPE are recognized at acquisition cost, less accumulated depreciation, and as applicable, accumulated impairment loss. The cost of an acquired asset includes its purchase price, expenditures directly attributed to the acquisition and subsequent preparation of the asset for its intended use, and the initial estimate of costs to dismantle and remove the item of PPE and restore the site on which it was located. Repairs and maintenance expenditures are expensed in the period incurred. Expenses related to leasehold improvements and other costs which enhance or extend the life of PPE are capitalized over the useful life of the asset. Buildings under development are measured at actual costs. The actual costs include various construction expenditures during the construction period, borrowing costs capitalized before the building is ready for intended use, and other relevant costs. Buildings under development are not depreciated and are transferred to fixed assets when ready for the intended use. PPE are depreciated on a straight-line basis down to their residual value, which is typically estimated to be zero, over their estimated useful lives. Each part of a tangible asset, with a cost that is significant in relation to the total cost of the item, is depreciated separately when the useful life for that part differs from the useful life of the other parts of the item. The following useful lives are applied in Polestar Group: Asset Useful lives (in years) Buildings 30-50 Machinery and equipment 3-7 Depreciation of PPE is included in costs of sales as well as selling or administrative expense, depending on the nature of the item being depreciated. |
Impairment | Impairment At the end of each reporting period, tangible and definite-lived intangible assets are assessed for indications of impairment. Tangible and definite-lived intangible assets are tested for impairment when an impairment indicator is determined to exist. Indefinite-lived intangible assets, intangible assets not yet available for use, goodwill and trademarks are tested for impairment at least once annually or when an impairment indicator is determined to exist. For the impairment assessment, assets are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets (i.e., a cash-generating-unit or CGU). Polestar Group does not test assets for impairment individually because Polestar Group constitutes a single CGU in which assets do not generate cash flows that are independent of those of other assets. All assets are concentrated around battery electric vehicle technologies and processes that are utilized in Polestar Group’s operations. In testing the CGU for impairment, the CGU’s carrying amount is compared to its recoverable amount. The recoverable amount is the higher of the CGU’s fair value less costs of disposal or “Value In Use.” Value In Use is defined as the present value of the future cash flows expected to be derived from an asset (i.e., a discounted cash flow). For the year ended December 31, 2022, this discounted cash flow was calculated based on estimations regarding future cash flows as seen in the 2023-2027 business plan, a terminal growth rate of 2.0% for cash flows through the following 10 years, and an after-tax discount rate of 14.0%. For the year ended December 31, 2022, this discounted cash flow was calculated based on estimations regarding future cash flows as seen in the 2021-2025 business plan, a terminal growth rate of 2.0% for cash flows through the following 10 years, and an after-tax discount rate of 10.1%. The estimated future cash flows are based on assumptions valid at the date of the impairment test that represent the best estimate of future economic conditions. Such estimates are calculated using estimates, assumptions, and judgements related to future economic conditions, market share, market growth, and product profitability which are consistent with Polestar Group’s latest business plan. When the carrying amount of the CGU is determined to be greater than the recoverable amount, an impairment loss is recognized by first reducing the CGU’s goodwill and then reducing other assets in the CGU on a pro rata basis. For the years ended December 31, |
Financial instruments | Financial instruments Financial instruments are any form of contract that gives rise to a financial asset in one company and a financial liability or equity instrument in another company. Classification of financial assets and liabilities The classification of financial instruments is based on the business model in which these instruments are held, on their contractual cash flows and takes place at initial recognition. Assessments of the contractual cash flows are made on an instrument-by-instrument basis. Polestar Group applies one business model for interest-bearing instruments. All interest-bearing instruments are held to collect contractual cash flows and are carried at amortized cost. Initial recognition Financial assets and liabilities are recognized on the Consolidated Statement of Financial Position on the date when Polestar Group becomes party to the contractual terms and conditions (i.e., the transaction date). Financial assets are initially recognized at the price that would be received when selling an asset in an orderly transaction between market participants at the measurement date (“Fair Value”), plus transaction costs directly attributable to the acquisition of the financial asset, except for those financial assets carried at fair value through the Consolidated Statement of Loss and Comprehensive Loss. Financial liabilities are initially recognized at the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., Fair Value). Subsequent measurement For the purpose of subsequent measurement, financial instruments are measured at amortized cost or financial fair value through profit or loss (“FVTPL”). Financial instruments carried at FVTPL consist of financial assets with cash flows other than those of principal and interest on the nominal amount outstanding. Changes in fair value of these instruments are recognized in profit and loss as finance income (expense). Financial instruments carried at amortized cost are non-derivative financial instruments with contractual cash flows that consist solely of payments of principal and interest on the nominal amount outstanding. These financial instruments are subsequently carried at amortized cost using the effective interest method. Gains and losses are recognized in the Consolidated Statement of Loss and Comprehensive Loss when the financial assets carried at amortized cost are impaired or derecognized. Interest effects on the application of the effective interest method are also recognized in the Consolidated Statement of Loss and Comprehensive Loss as well as effects from foreign currency translation. Financial assets Financial assets on the Consolidated Statement of Financial Position consist of trade receivables, other current and non-current financial assets, derivative assets, marketable securities and cash and cash equivalents. A financial asset or a portion of a financial asset is derecognized when substantially all significant risks and benefits linked to the asset have been transferred to a third party. Where Polestar Group concludes that all significant risks and benefits have not been transferred, the portion of the financial assets corresponding to Polestar Group’s continuous involvement continues to be recognized. Financial liabilities Financial liabilities in the Consolidated Statement of Financial Position encompass liabilities to credit institutions, trade payables, other current and non-current financial liabilities, and derivative liabilities (i.e., Earn out rights and Class C Shares). A financial liability or a portion of a financial liability is derecognized when the obligation in the contract has been fulfilled, cancelled or has expired. The Group classifies its derivative financial instruments and marketable securities as carried at FVTPL, while all other financial assets and liabilities are carried at amortized cost. Refer to Note 16 - Reverse recapitalization for additional information on the Earn out rights and the Class C Shares. Impairment of financial assets The Group assesses, on a forward-looking basis, the expected credit loss associated with financial assets measured at amortized cost. For the initial recognition of financial assets carried at amortized cost, primarily trade receivables with similar risk characteristics, an analysis is made to identify the need for a provision for expected credit losses (“ECL”). The Group uses the simplified approach for estimating ECLs, which requires expected lifetime losses to be recognized from the initial recognition of the receivable. The Group considers historical credit loss experience, current economic conditions, supportable forecasts for future economic conditions, macroeconomic conditions (e.g., impacts of the Covid-19 pandemic), and other expectations of collectability. The ECL provision is reevaluated on an ongoing basis after initial recognition. |
Fair value measurement | Fair value measurement Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required, or permitted, to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would operate, and it also considers assumptions that market participants would use when pricing the asset or liability. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Group use observable market data, when available, and minimize the use of unobservable inputs when determining fair value: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3 – Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, marketable securities, restricted cash, trade receivables, trade payables, short-term and long-term borrowings, the earn-out rights, and Class C shares. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Polestar Group’s assessment of the significance of a particular input to the fair value measurements requires judgement and may affect the valuation of the assets and liabilities being measured and their classification within the fair value hierarchy. Valuation methodology for the fair value of the financial liability related to the Class C-2 Shares The Class C-2 Shares represents a derivative financial instrument that is carried at fair value through profit and loss (“FVTPL”) by reference to Level 2 measurement inputs because an observable price for the Class C-1 Shares, which are almost identical instruments, is available in the active market. Class C Shares are presented in current liabilities within the Consolidated Statement of Financial Position as they can be exercised by the holder at any time. The related liability is measured at fair value, with any changes in fair value recognized in earnings. The fair value of the Class C-2 Shares is determined using a binomial lattice option pricing model in a risk-neutral framework whereby the future prices of the Class A Shares are calculated assuming a geometric Brownian motion (“GBM”). For each future price, the Class C-2 payoff amount is calculated based on the contractual terms of the Class C-2 Shares, including assumptions for optimal early exercise and redemption, and then discounted at the term-matched risk-free rate. The final fair value of the Class C-2 Shares is calculated as the probability-weighted present value over all modeled future payoff amounts. As of December 31, 2022, the fair value of the Class C-2 Shares was determined to equal $10,080 by leveraging the closing price of the Class C-1 Shares on the Nasdaq of $1.12 per share, an implied volatility of 89.0%, a risk-free rate of 4.0%, a dividend yield of nil, and a 1,000 time-steps for the binomial lattice option pricing model. Refer to Note 16 - Reverse recapitalization for more detail on the Class C-2 Shares. Valuation methodology for the fair value of the financial liability related to the Former Parent’s contingent earn-out rights The Former Parent’s contingent earn out right represents a derivative financial instrument that is carried at FVTPL by reference to Level 3 measurement inputs because a quoted or observable price for the instrument or an identical instrument is not available in active markets. The earn-out liability is presented in non-current liabilities within the Consolidated Statement of Financial Position to align with the expected timing of the underlying earn-out payments. The fair value of the earn out is determined using a Monte Carlo simulation that incorporates a term of 4.98 years, the five earn-out tranches, and the probability of the Class A Shares in Parent reaching certain daily volume weighted average prices during the earn-out period resulting in the issuance of each tranche of Class A Shares and Class B Shares in Parent to the Former Parent. As of December 31, 2022, the fair value of the earn-out was determined to equal $598,570 by leveraging an implied volatility of 75% and a risk-free rate of 4.0%. The implied volatility represents the most significant unobservable input utilized in this Level 3 valuation technique. The calculated fair value would increase (decrease) if the implied volatility were higher (lower). Refer to Note 16 - Reverse recapitalization for more detail on the Former Parent’s earn-out rights. Valuation methodology for the fair value of RSUs and PSUs granted to employees under the 2022 Omnibus Incentive Plan The fair value of the RSUs granted was determined by reference to the Group’s share price of $6.72 on the grant date (i.e., $6.72 per RSU). The fair value of PSUs granted was determined by calculating the weighted-average fair value of the 214,705 units linked to market-based vesting conditions and the 644,116 units linked to non-market-based vesting conditions. The units linked to non-market-based vesting conditions were fair valued by reference to the Group’s share price of $6.72 on the grant date (i.e., $6.72 per unit). The units linked to market-based vesting conditions were fair valued using a Monte Carlo simulation in a risk-neutral option pricing framework whereby the future share prices of Polestar’s Class A Shares and shares of the peer group over the performance period were calculated assuming a GBM. For each simulation path, the payoff amount of the awards was calculated as the simulated price of the Class A Shares multiplied by the simulated total shareholder return vesting (i.e., the number of awards simulated to vest based on the probability of achievement of certain performance conditions) and then discounted to the grant date at the term-matched risk-free rate. The fair value per unit of the units linked to non-market-based vesting conditions was determined to be $7.93 by leveraging an implied volatility of 70%, a peer group historical average volatility of 81.9%, a risk-free rate of 3.5%, a simulation term of 2.3 years, a dividend yield of nil, and a 100,000 simulation iterations. As such, the weighted-average fair value per PSU was calculated to be $7.02. Refer to Note 7 - Share-based payment for more detail on the 2022 Omnibus Incentive Plan. |
Inventories | Inventories Inventories in Polestar Group includes new, used, and internal vehicles. Internal vehicles are those used by employees or the Group for demonstration, test drive, and various other operating purposes that will be sold as used vehicles. Most internal vehicles are utilized for a period of one year or less prior to sale. Inventories are measured at the lower of acquisition or manufacturing cost and net realizable value and consist primarily of finished goods as of December 31, 2022 and 2021. Net realizable value is calculated as the selling price in the ordinary course of business less estimated costs of completion and selling costs. The acquisition or manufacturing costs of inventory includes costs incurred in acquiring the inventories and bringing them to their present location and condition, |
Equity | Equity Distributed group contributions to the owners, along with the related tax effect, are recorded in equity in accordance with the principles for shareholder’s contributions. If any unconditional shareholder’s contributions are received from the main owner, they are recognized in equity. |
Provisions and contingent liabilities | Provisions and contingent liabilities Provisions are recognized on the Consolidated Statement of Financial Position when a legal or constructive obligation exists as a result of a past event, it is deemed more likely than not that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are regularly reviewed and adjusted as further information becomes available or circumstances change. If the effect of the time value of money is material, non-current provisions are recognized at present value by discounting the expected future cash flows at a pre-tax rate reflecting current market assessments of the time value of money. The unwinding of the discount is expensed as incurred and recognized in the Consolidated Statement of Loss. The discount rate does not reflect such risks that are taken into consideration in the estimated future cash flow. Revisions to estimated cash flows (both amount and likelihood) are allocated as operating cost. Changes to present value due to the passage of time and revisions of discount rates to reflect prevailing current market conditions are recognized as a financial cost. Warranty Polestar Group issues various types of product warranties, under which the Group generally guarantees the performance of products delivered and services rendered for a certain period of time. The estimated warranty costs include those costs which are related to contractual warranties, warranty campaigns (i.e., recalls), and warranty cover in excess of contractual warranties or campaigns. Warranty cover in excess of contractual warranties or campaigns occurs when Polestar Group provides a customer warranty type assistance, above and beyond the stated nature of the contract. This type of warranty cover is normal practice in maintaining a strong business relationship with the customer; the Group accordingly includes the estimate of this provision in total estimated warranty costs. In the future, the Group, may at various times initiate a recall if any products or vehicle components, including any systems or parts sourced from our suppliers, prove to be defective or noncompliant with applicable laws and regulations. All warranty provisions are recognized at the time of the sale of vehicles. The initial calculations of the warranty provision are based on historical warranty statistics, considering factors like known quality improvements and costs for remedying defaults. The warranty provision is subsequently adjusted if recalls for specific quality problems are made. On a semi-annual basis, the provisions are adjusted to reflect the latest available data such as actual spend and exchange rates. The provisions are reduced by warranty reimbursements from suppliers. Such refunds from suppliers decrease Polestar Group’s warranty costs and are recognized to the extent these are considered to be virtually certain, based on historical experience or agreements entered into with suppliers. Other provisions Other provisions primarily comprise expected costs for provisions for the Group’s long-term incentive plan, short-term incentive plan, and other taxes and related charges. Other provisions can also include provisions for claims and litigation and anticipated losses, giving consideration to historical trends, various other risks, and specific agreements related to recoveries provided by suppliers which cannot be allocated to any other class of provision. Contingent liabilities |
Assets held for sale | Assets held for sale Non-current assets, groups of assets, and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available for immediate sale in its present condition and the sale is highly probable. For a sale to be highly probable related to an asset held for sale or disposal group, management must be committed to a plan to achieve the sale, there must be an active program to find a buyer, the non-current asset or disposal group must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale must be anticipated to be completed within one year from the date of classification. In its Consolidated Statement of Financial Position, Polestar records non-current assets and disposal groups held for sale, that are not investment properties, at the lower of carrying amount and fair value less costs to sell. Any gain or loss arising from the change in measurement basis as a result of reclassification is recognized in the profit or loss at the time of reclassification. |
Borrowing costs | Borrowing costs Borrowing costs are expensed as incurred unless they are directly attributable to the acquisition, construction or production of a qualifying asset and are therefore part of the cost of that asset. |
Significant accounting polici_3
Significant accounting policies and judgements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of List Of Accounting Policies [Abstract] | |
Disclosure of geographical areas | The following tables show the breakdown of Polestar Group’s revenue from external customers and non-current assets (PPE, vehicles under operating leases, and intangibles and goodwill) by geographical location where Polestar company recognizing the revenue is located: For the year ended December 31, 2022 2021 2020 Revenue USA 523,537 248,168 25,077 Sweden 368,277 189,656 162,062 UK 338,182 206,866 41,605 Germany 289,213 117,549 34,880 Norway 232,357 231,456 156,077 Korea 119,498 — — Netherlands 108,966 135,030 150,133 Belgium 88,812 53,339 22,974 Canada 85,521 17,493 3,007 Denmark 67,235 38,538 — Australia 64,539 — — Finland 42,281 10,048 — Switzerland 39,274 41,115 580 China 38,218 40,819 13,850 Other regions 1 55,986 7,104 — Total 2,461,896 1,337,181 610,245 1 - Revenue: Other regions primarily consist of Austria and Singapore in 2022 and 2021. As of December 31, 2022 2021 Non-current assets 2 Sweden 1,151,920 954,842 China 474,301 532,492 USA 37,752 64,072 Germany 36,747 24,009 United Kingdom 22,777 2,484 Other regions 3 28,532 13,869 Total 1,752,029 1,591,768 2 - Non-current assets: excludes Financial assets,, Deferred tax asset, and Other investments. 3 - Other regions primarily consist of Belgium, Switzerland and Australia in 2022 and Canada and Netherlands in 2021. |
Earnings per share | The following table presents the computation of basic and diluted Net loss per share for the years ended December 31, 2022, 2021, and 2020 when applying the exchange ratio: For the year ended December 31, 2022 2021 2020 Class A and B Common Shares Net loss attributable to common shareholders (465,789) (1,007,454) (484,858) Weighted-average number of common shares outstanding: Basic and diluted 2,027,328 1,911,580 1,681,417 Net loss per share (in ones): Basic and diluted (0.23) (0.53) (0.29) The following table presents shares that were not included in the calculation of diluted loss per share as their effects would have been antidilutive for the years ended December 31, 2022, 2021 and 2020: For the year ended December 31, 2022 2021 2020 Earn-out Shares 158,177,609 — — Class C-1 Shares 15,999,965 — — Class C-2 Shares 9,000,000 — — PSUs 858,821 — — RSUs 458,620 — — Marketing consulting services agreement 125,000 — — Convertible Notes — 4,306,466 — Total antidilutive shares 184,620,015 4,306,466 — |
Disclosure of detailed information about intangible assets | The following useful lives are applied in Polestar Group: Asset Useful lives (in years) Buildings 30-50 Machinery and equipment 3-7 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Translation Exposure Risk | During the year ended December 31, 2022, the Group was primarily exposed to changes in SEK/CNY, EUR/SEK and GBP/SEK foreign exchange rates. The following table illustrates the estimated impact of a 10% change in these foreign exchange rates: Impact on loss SEK/CNY exchange rate - increase/decrease 10% -/+ 210,810 USD/SEK exchange rate - increase/decrease 10% +/- 45,359 EUR/SEK exchange rate - increase/decrease 10% +/- 35,831 GBP/SEK exchange rate - increase/decrease 10% +/- 30,201 NOK/SEK exchange rate - increase/decrease 10% +/- 16,118 During the year ended December 31, 2021, the Group was primarily exposed to changes in SEK/CNY, USD/SEK, and EUR/SEK foreign exchange rates. The following table illustrates the estimated impact of a 10% change in these foreign exchange rates: Impact on loss SEK/CNY exchange rate - increase/decrease 10% +/- 111,743 USD/SEK exchange rate - increase/decrease 10% -/+ 56,052 EUR/SEK exchange rate - increase/decrease 10% +/- 46,871 GBP/SEK exchange rate - increase/decrease 10% -/+ 41,688 NOK/SEK exchange rate - increase/decrease 10% +/- 36,493 During the year ended December 31, 2020, the Group was primarily exposed to changes in the EUR/CNY and EUR/SEK foreign exchange rate. The following table illustrates the impact of a 10% change in these foreign exchange rates: Impact on loss SEK/CNY exchange rate - increase/decrease 10% +/- 86,794 EUR/SEK exchange rate - increase/decrease 10% -/+ 34,732 |
Disclosure of market risk | The following table illustrates the estimated impact of a 10% change in market volatility: Impact on loss Earn-out liability - increase 10% + 60,531 Earn-out liability - decrease 10% - (55,828) Impact on loss Fair value change - Class C-1 Shares Fair value change - Class C-2 Shares Class C Shares liability - increase of 10% + 800 450 Class C Shares liability - decrease of 10% - (960) (540) |
Summary of Interest Rate Risk | The table below shows the estimated effect on profit or loss and equity of a parallel shift of the interest rate curves up or down by one percent on all loans. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The calculation considers the effect of financial instruments with variable interest rates, financial instruments at fair value through profit or loss or available for sale with fixed interest rates, and the fixed rate element of interest rate caps. The analysis is performed on the same basis for 2022 and 2021. Impact on loss before income 2022 2021 Interest rates - increase/decrease by 1% +/- 5,219 +/- 1,791 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Schedule of Revenue Disaggregation | Polestar Group disaggregates revenue by major category based on the primary economic factors that may impact the nature, amount, timing, and uncertainty of revenue and cash flows from these customer contracts as seen in the table below: For the year ended December 31, 2022 2021 2020 Sales of vehicles 1 2,404,246 1,290,031 542,783 Sales of software and performance engineered kits 21,308 25,881 35,434 Sales of carbon credits 10,984 6,299 27,141 Vehicle leasing revenue 16,719 6,217 — Other revenue 8,639 8,753 4,887 Total 2,461,896 1,337,181 610,245 1 - Revenues related to sales of vehicles are inclusive of extended and connected services recognized over time. |
Schedule of Contract Liabilities | Sales generated obligation Deferred revenue - extended service Deferred revenue - connected services Deferred revenue - operating leases & other Total Balance as of January 1, 2021 2,436 8,967 5,669 — 17,072 Provided for during the year 65,862 20,612 14,472 25,869 126,815 Settled during the year (43,469) — — — (43,469) Released during the year — (3,673) (1,450) (5,554) (10,677) Effect of foreign currency exchange rate differences (127) (2,226) (98) — (2,451) Balance as of December 31, 2021 24,702 23,680 18,593 20,315 87,290 of which current 24,702 11,178 2,521 19,967 58,368 of which non-current — 12,502 16,072 348 28,922 Provided for during the year 66,769 31,928 17,325 14,197 130,219 Settled during the year (77,667) — — — (77,667) Released during the year — (13,882) (3,859) (21,437) (39,178) Effect of foreign currency exchange rate differences (735) (934) (1,966) (560) (4,195) Balance as of December 31, 2022 13,069 40,792 30,093 12,515 96,469 of which current 13,069 18,979 4,431 9,738 46,217 of which non-current — 21,813 25,662 2,777 50,252 |
Depreciation and amortization_2
Depreciation and amortization by function (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Depreciation and amortisation expense [abstract] | |
Schedule Of Depreciation And Amortization | The following table illustrates depreciation and amortization by function: 2022 Property, plant and equipment Right-of-use assets Assets under operating leases Intangible assets Total Cost of sales 16,188 7,852 14,004 7,232 45,276 Research and development expense 23 389 — 95,624 96,036 Selling, general and administrative expense 5,154 11,926 — — 17,080 Total 21,365 20,167 14,004 102,856 158,392 2021 Cost of sales 30,557 9,822 — 13,672 54,051 Research and development expense 1,845 385 — 174,639 176,869 Selling, general and administrative expense 3,774 4,404 — 65 8,243 Total 36,176 14,611 — 188,376 239,163 2020 Cost of sales 38,671 6,947 — 14,447 60,065 Research and development expense — — — 152,395 152,395 Selling, general and administrative expense 1,402 2,170 — 44 3,616 Total 40,073 9,117 — 166,886 216,076 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Schedule Of Employee Benefits | The following table discloses total expenses related to employee benefits: For the year ended December 31, 2022 2021 2020 Short-term employee benefits 187,202 100,461 70,555 Post-employment benefits 26,294 18,600 10,590 Share-based compensation 4,958 — — Total employee benefits 218,454 119,061 81,145 The following table discloses total expenses related to employee benefits for the Group’s Executive Management Team (“EMT”) and managing directors at the Group’s sales units: For the year ended December 31, 2022 2021 2020 Short-term employee benefits 8,486 5,094 5,788 Post-employment benefits 996 525 351 Other long-term benefits 228 417 600 Share-based compensation 1,294 — — Total benefits to key management personnel only 11,004 6,036 6,739 |
Share-based payment (Tables)
Share-based payment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Disclosure of number and weighted average exercise prices of other equity instruments | The following table illustrates share activity for the year ended December 31, 2022: Number of PSUs Number of RSUs Number of Free Shares Total Outstanding as of January 1, 2022 — — — — Granted 858,821 629,303 334,990 1,823,114 Vested — (170,683) (330,768) (501,451) Cancelled — — — — Outstanding as of December 31, 2022 858,821 458,620 4,222 1,321,663 |
Schedule of share-based payment arrangements | The following table illustrates total share-based compensation expense for the years ended December 31, 2022, 2021 and 2020: For the year ended December 31, 2022 2021 2020 Selling, general and administrative expense 7,128 — — Research and development expense 2,781 — — Total 9,909 — — |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement of cash flows [abstract] | |
Supplemental Cash Flow Information | For the year ended December 31, 2022 2021 2020 Non-cash investing and financing activities Purchases of intangible assets in trade payables - related parties and accrued expenses - related parties 74,781 357,760 143,986 Initial recognition of ROU assets and liabilities 53,870 12,376 61,529 Purchases of property, plant and equipment in trade payables 34,945 17,341 13,101 Prepaid assets and warrant liabilities assumed upon closing of the merger with GGI 57,040 — — |
Other operating income and ex_2
Other operating income and expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule Of Other Operating Income And Expense | The following table details the Group’s other operating income and expense: For the year ended December 31, 2022 2021 2020 Other operating income Net foreign exchange rate differences — — 2,478 Sold services — 847 — Other operating income 4,724 1,776 1,598 Total 4,724 2,623 4,076 For the year ended December 31, Other operating expense 2022 2021 2020 Net foreign exchange rate differences 3,595 49,298 — Non-income tax 1,502 1,064 1,347 Other operating expense 1,192 314 963 Total 6,289 50,676 2,310 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense recognized in the Consolidated Statement of Loss and Comprehensive Loss is as follows: For the year ended December 31, 2022 2021 2020 Current income tax for the year (17,277) (3,336) (1,966) Deferred taxes 4,210 5,517 (4,422) Foreign taxes (3,717) (2,517) (7,147) Total (16,784) (336) (13,535) Information regarding current year income tax expense based on the applicable UK and Hong Kong tax rates are as follows: For the year ended December 31, 2022 2021 2020 Loss before tax for the year (449,005) (1,007,118) (471,323) Tax according to the applicable tax rate 1 85,311 166,174 74,449 Operating income/costs, non-taxable 2 86,504 (5,407) (2,178) Effect of different tax rates 17,142 64,384 34,700 Tax effect on deferred tax due to change of tax rate — — (575) Withholding tax (3,717) (2,517) (7,147) Non-recognition of deferred tax assets on temporary differences (13,672) (9,042) (32,223) Not recognized loss carry-forward (188,352) (213,928) (80,434) Other — — (127) Total (16,784) (336) (13,535) 1 – 2022: 19% (UK rate), 2021: 16.5% and 2020: 15.8% (Hong Kong rates). 2 – Primarily attributable to the Listing expense being non-tax deductible, corresponding tax $70,740 and Fair value changes of the Earn-out rights being non-taxable income, corresponding tax $171,393. Other non-tax items net $14,148. |
Composition of Recognized Deferred Tax Assets | Information regarding the composition of recognized deferred tax assets is as follows: As of December 31, Specification of deferred tax assets 2022 2021 Tax loss carry-forwards 49,804 29,737 Other temporary differences 7,755 3,850 Recognized value of deferred tax assets as of December 31 57,559 33,587 Netting of asset and liability tax positions (49,804) (29,737) Deferred tax asset as of December 31 7,755 3,850 Information regarding the composition of recognized deferred tax liabilities is as follows: As of December 31, Specification of deferred tax liabilities 2022 2021 Intangible assets 41,452 28,753 Inventory 7,890 408 Warranty 938 1,085 Recognized value of deferred tax liabilities as of December 31 50,280 30,246 Netting of asset and liability tax position (49,804) (29,737) Deferred tax liability as of December 31 476 509 |
Disclosure Of Tax Loss Carryforwards | Tax loss carryforwards through the year of expiration are as follows: As of December 31, 2022 2021 Year of expiration 2023 — — 2024 67,221 74,736 2025 174,128 193,596 2026 142,496 158,427 2027 201,454 12,672 2028 onwards 1,616,709 1,113,882 Tax loss carryforwards as of December 31 2,202,008 1,553,313 |
Net loss per share (Tables)
Net loss per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per share | The following table presents the computation of basic and diluted Net loss per share for the years ended December 31, 2022, 2021, and 2020 when applying the exchange ratio: For the year ended December 31, 2022 2021 2020 Class A and B Common Shares Net loss attributable to common shareholders (465,789) (1,007,454) (484,858) Weighted-average number of common shares outstanding: Basic and diluted 2,027,328 1,911,580 1,681,417 Net loss per share (in ones): Basic and diluted (0.23) (0.53) (0.29) The following table presents shares that were not included in the calculation of diluted loss per share as their effects would have been antidilutive for the years ended December 31, 2022, 2021 and 2020: For the year ended December 31, 2022 2021 2020 Earn-out Shares 158,177,609 — — Class C-1 Shares 15,999,965 — — Class C-2 Shares 9,000,000 — — PSUs 858,821 — — RSUs 458,620 — — Marketing consulting services agreement 125,000 — — Convertible Notes — 4,306,466 — Total antidilutive shares 184,620,015 4,306,466 — |
Intangible assets and goodwill
Intangible assets and goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill | The following table depicts the split between Polestar Group's intangible assets, goodwill and trademarks: As of 2022 2021 Intangible assets 1,347,709 1,312,427 Goodwill and trademarks 48,768 55,929 Total 1,396,477 1,368,356 Intangible assets were as follows: Internally developed IP Software Acquired IP Total Acquisition cost Balance as of January 1, 2021 44,002 1,343 1,273,314 1,318,659 Additions 1 112,844 11 349,876 462,731 Effect of foreign currency exchange rate differences (4,962) (87) (81,335) (86,384) Balance as of December 31, 2021 151,884 1,267 1,541,855 1,695,006 Additions 1 95,213 — 218,031 313,244 Replacement cost development project (10,007) — — (10,007) Effect of foreign currency exchange rate differences (19,490) (153) (190,491) (210,134) Balance as of December 31, 2022 217,600 1,114 1,569,395 1,788,109 Accumulated amortization and impairment Balance as of January 1, 2021 (16,246) (138) (193,004) (209,388) Amortization expense (1,025) (157) (187,194) (188,376) Effect of foreign currency exchange rate differences 1,612 12 13,561 15,185 Balance as of December 31, 2021 (15,659) (283) (366,637) (382,579) Amortization expense (1,211) (144) (101,501) (102,856) Effect of foreign currency exchange rate differences 2,014 38 42,983 45,035 Balance as of December 31, 2022 (14,856) (389) (425,155) (440,400) Carrying amount as of December 31, 2021 136,225 984 1,175,218 1,312,427 Carrying amount as of December 31, 2022 202,744 725 1,144,240 1,347,709 1 - Of $313,244 in additions for the year ended December 31, 2022, $238,463 has been settled in cash. These $238,463 are included in the $681,204 cash used for investing activities related to additions to intangible assets, and the remaining $442,741 relates to increases in Trade payables - related parties from prior years which were settled in cash during the year ended December 31, 2022. Of $462,731 in additions for the year ended December 31, 2021, $104,971 has been settled in cash and included in cash used for investing activities related to additions to intangible assets. Changes to the carrying amount of goodwill and trademarks were as follows: Goodwill Trademarks Total Balance as of January 1, 2021 59,129 2,937 62,066 Effect of foreign currency exchange rate differences (5,847) (290) (6,137) Balance as of December 31, 2021 53,282 2,647 55,929 Effect of foreign currency exchange rate differences (6,822) (339) (7,161) Balance as of December 31, 2022 46,460 2,308 48,768 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | Property, plant and equipment was as follows: Buildings and land Machinery and equipment Machinery under development Total Acquisition cost Balance as of January 1, 2021 48,820 131,479 1,878 182,177 Additions 2,106 6,315 33,622 42,043 Reclassifications — 7,977 (7,977) — Effect of foreign currency exchange rate differences 1,304 2,206 143 3,653 Balance as of December 31, 2021 52,230 147,977 27,666 227,873 Additions 1 2,789 6,254 58,171 67,214 Divestments and disposals (604) (919) — (1,523) Reclassifications 2 (1,976) 44,447 33 42,504 Reclassified to Assets held for sale (44,342) (20,041) — (64,383) Effect of foreign currency exchange rate differences (4,027) (10,217) (1,976) (16,220) Balance as of December 31, 2022 4,070 167,501 83,894 255,465 Depreciation and impairment — Balance as of January 1, 2021 (2,376) (50,007) — (52,383) Depreciation expense (2,266) (33,910) — (36,176) Effect of foreign currency exchange rate differences (70) (657) — (727) Balance as of December 31, 2021 (4,712) (84,574) — (89,286) Depreciation expense (3,101) (18,264) — (21,365) Divestments and disposal 47 447 — 494 Reclassification 195 (195) — — Reclassification to Assets held for Sale 5,623 5,385 — 11,008 Effect of foreign currency exchange rate differences 938 5,471 — 6,409 Balance as of December 31, 2022 (1,010) (91,730) — (92,740) Carrying amount at December 31, 2021 47,518 63,403 27,666 138,587 Carrying amount at December 31, 2022 3,060 75,771 83,894 162,725 1 - Of $67,214 in additions for the year ended December 31, 2022, $30,881 has been settled in cash. These $30,881 are included in the $32,269 in the cash-flow from investing activities related to additions to property, plant and equipment, and the remaining $1,388 relates to increases in Trade payables - related parties from prior years which were settled in cash during the year ended December 31, 2022. Of $42,043 in additions for the year ended December 31, 2021, $17,341 has been settled in cash. These $17,341 are included in the $24,701 cash-flow from investing activities related to additions to property, plant and equipment, while $7,360 is settled in cash in 2021, but added as investments through Trade payables in prior years. |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Carrying Amount of Financial Assets | The following table shows the carrying amounts of financial assets and liabilities measured at fair value through profit and loss on a recurring basis: As of December 31, 2022 As of December 31, 2021 Assets measured at FVTPL Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Marketable securities — — — — 1,258 — — 1,258 Other investments — — 2,333 2,333 — — — — Total assets — — 2,333 2,333 1,258 — — 1,258 Liabilities measured at FVTPL Earn-out rights — — 598,570 598,570 — — — — Class C-1 Shares 17,920 — — 17,920 — — — — Class C-2 Shares — 10,080 — 10,080 — — — — Total liabilities 17,920 10,080 598,570 626,570 — — — — As of December 31, 2022 Financial assets Trade receivables and trade receivables - related parties 321,103 Cash and cash equivalents 973,877 Accrued income - related parties 49,060 Other current receivables 10,840 Total 1,354,880 Financial liabilities Trade payables and trade payables - related parties 1,055,955 Liabilities to credit institutions 1,328,752 Accrued expenses and accrued expenses - related parties 367,005 Advance payments from customers 40,869 Liabilities related to repurchase commitments 79,501 Interest-bearing current liabilities 1 and interest-bearing current liabilities - related parties 38,235 Other current liabilities - related parties 70,258 Other non-current liabilities 14,753 Other non-current interest-bearing liabilities 1 85,556 Total 3,080,884 As of December 31, 2021 Financial assets Trade receivables and trade receivables - related parties 172,441 Cash and cash equivalents 756,677 Other current receivables 38,741 Other non-current receivables 1,682 Total 969,541 Financial liabilities Trade payables and trade payables - related parties 1,541,974 Liabilities to credit institutions 642,338 Accrued expenses and accrued expenses - related parties 502,809 Interest-bearing current liabilities 1 and interest-bearing current liabilities - related parties 24,072 Other non-current liabilities 11,764 Total 2,722,957 |
Carrying Amount of Financial Liabilities | The following table shows the carrying amounts of financial assets and liabilities measured at fair value through profit and loss on a recurring basis: As of December 31, 2022 As of December 31, 2021 Assets measured at FVTPL Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Marketable securities — — — — 1,258 — — 1,258 Other investments — — 2,333 2,333 — — — — Total assets — — 2,333 2,333 1,258 — — 1,258 Liabilities measured at FVTPL Earn-out rights — — 598,570 598,570 — — — — Class C-1 Shares 17,920 — — 17,920 — — — — Class C-2 Shares — 10,080 — 10,080 — — — — Total liabilities 17,920 10,080 598,570 626,570 — — — — As of December 31, 2022 Financial assets Trade receivables and trade receivables - related parties 321,103 Cash and cash equivalents 973,877 Accrued income - related parties 49,060 Other current receivables 10,840 Total 1,354,880 Financial liabilities Trade payables and trade payables - related parties 1,055,955 Liabilities to credit institutions 1,328,752 Accrued expenses and accrued expenses - related parties 367,005 Advance payments from customers 40,869 Liabilities related to repurchase commitments 79,501 Interest-bearing current liabilities 1 and interest-bearing current liabilities - related parties 38,235 Other current liabilities - related parties 70,258 Other non-current liabilities 14,753 Other non-current interest-bearing liabilities 1 85,556 Total 3,080,884 As of December 31, 2021 Financial assets Trade receivables and trade receivables - related parties 172,441 Cash and cash equivalents 756,677 Other current receivables 38,741 Other non-current receivables 1,682 Total 969,541 Financial liabilities Trade payables and trade payables - related parties 1,541,974 Liabilities to credit institutions 642,338 Accrued expenses and accrued expenses - related parties 502,809 Interest-bearing current liabilities 1 and interest-bearing current liabilities - related parties 24,072 Other non-current liabilities 11,764 Total 2,722,957 |
Schedule of Maturities for Financial Assets and Liabilities | The following table shows the maturities for the Group’s non-derivative financial assets and liabilities as of December 31, 2022: Due within 1 year Due between 1 and 5 years Due beyond 5 years Total Financial assets Trade receivables and trade receivables - related parties 321,103 — — 321,103 Accrued income - related parties 49,060 — — 49,060 Other current receivables 10,840 — — 10,840 Other non-current receivables — — — — Total 381,003 — — 381,003 Financial liabilities Trade payables and trade payables - related parties 1,055,955 — — 1,055,955 Liabilities to credit institutions 1,328,752 — — 1,328,752 Accrued expenses and accrued expenses - related parties 367,005 — — 367,005 Advance payments from customers 40,869 — — 40,869 Liabilities related to repurchase commitments 79,501 — — 79,501 Interest-bearing current liabilities and interest-bearing current liabilities - related parties 38,235 — — 38,235 Other current liabilities - related parties 70,258 — — 70,258 Other non-current liabilities — 14,753 — 14,753 Other non-current interest-bearing liabilities and other non-current interest-bearing liabilities - related parties — 85,556 — 85,556 Total 2,980,575 100,309 — 3,080,884 The following table shows the maturities for the Group’s non-derivative financial assets and liabilities as of December 31, 2021: Due within 1 year Due between 1 and 5 years Due beyond 5 years Total Financial assets Trade receivables and trade receivables - related parties 172,441 — — 172,441 Cash and cash equivalents 756,677 — — 756,677 Marketable securities 1,258 — — 1,258 Other current receivables 38,741 — — 38,741 Other non-current receivables — 1,682 — 1,682 Total 969,117 1,682 — 970,799 Financial liabilities Trade payables and trade payables - related parties 1,541,974 — — 1,541,974 Liabilities to credit institutions 642,338 — — 642,338 Accrued expenses and accrued expenses - related parties 502,809 — — 502,809 Interest-bearing current liabilities and interest-bearing current liabilities - related parties 24,072 — — 24,072 Other non-current liabilities — 11,764 — 11,764 Total 2,711,193 11,764 — 2,722,957 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure Of Trade Receivables | The following table details the aging analysis of the trade receivables: Not overdue 1-30 days overdue 30-90 days overdue >90 days overdue Total 2022 Gross trade receivables 130,718 93,371 19,034 2,984 246,107 Trade receivables - related parties 61,293 12,786 519 398 74,996 Net trade receivables 192,011 106,157 19,553 3,382 321,103 2021 Gross trade receivables 89,348 53,289 14,403 713 157,753 Trade receivables - related parties 7,210 7,310 — 168 14,688 Net trade receivables 96,558 60,599 14,403 881 172,441 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of Inventory | The Group’s inventory primarily consisted of vehicles as follows: As of December 31, 2022 2021 Work in progress 1,387 3,586 Finished goods and good for resale 704,929 610,124 Provision for impairment (47,757) (67,967) Total 658,559 545,743 |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Subclassifications Of Other Assets | Other current assets for the Group were as follows: As of December 31, 2022 2021 Value added tax receivables 58,516 63,698 Prepaid expenses and accrued income 34,635 40,077 Advances to suppliers 3,336 6,424 Other current assets 10,840 10,003 Total 107,327 120,202 |
Current and non-current provi_2
Current and non-current provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Changes in Current and Non-Current Provisions | The changes in the Group’s current and non-current provisions were as follows: Warranties Provision for employee benefits Other provisions Total Balance as of January 1, 2021 34,305 5,128 14,683 54,116 Additions 68,081 6,867 4,853 79,801 Utilization (33,332) (4,207) (8,498) (46,037) Reversals (4,967) (160) — (5,127) Balance as of December 31, 2021 64,087 7,628 11,038 82,753 of which current 28,660 6,325 9,057 44,042 of which non-current 35,427 1,303 1,981 38,711 Balance as of January 1, 2022 64,087 7,628 11,038 82,753 Additions 100,389 16,647 8,987 126,023 Utilization (25,239) (8,608) (10,431) (44,278) Reversals (10,785) (192) (17) (10,994) Unwinding of discount and effect in changes due to discount rate (4,612) — — (4,612) Balance as of December 31, 2022 123,840 15,475 9,577 148,892 of which current 53,595 15,379 5,933 74,907 of which non-current 70,245 96 3,644 73,985 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Subclassifications Of Other Liabilities | Other current liabilities for the Group were as follows: As of December 31, 2022 2021 Accrued expenses 199,489 186,748 Liabilities related to repurchase commitments 79,501 92,421 Accrued interest 2,614 305 Personnel related liabilities 28,816 19,642 VAT liabilities 78,954 46,464 Other liabilities 4,416 19,082 Total 393,790 364,662 |
Finance income and expense (Tab
Finance income and expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Income And Expense [Abstract] | |
Summary Of Finance Income And Expense | The following table details the Group’s finance income and expense: For the year ended December 31, Finance income 2022 2021 2020 Net foreign exchange rate gains on financial activities — 31,574 — Interest income on bank deposits 7,658 1,396 3,199 Other finance income 894 — — Total 8,552 32,970 3,199 For the year ended December 31, Finance expense 2022 2021 2020 Interest expense on credit facilities and financing obligations 33,331 11,681 13,169 Interest expense to related parties 37,978 30,801 11,210 Net foreign exchange rate losses on financial activities 30,920 — 7,527 Interest expense related to lease liabilities 6,201 2,377 2,122 Credit facility expenses — 377 — Other finance expenses 5 13 6 Total 108,435 45,249 34,034 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Disclosure of additional information about leasing activities for lessee | The following table depicts the changes in the Group’s right-of-use assets, which are included within Property, plant, and equipment: Buildings and land Machinery and equipment Total Acquisition cost Balance as of January 1, 2021 33,965 48,946 82,911 Additions 12,345 31 12,376 Effect of foreign currency exchange rate differences (1,197) 1,122 (75) Balance as of December 31, 2021 45,113 50,099 95,212 Additions 53,870 — 53,870 Reclassification to Assets held for sale (4,975) — (4,975) Effect of foreign currency exchange rate differences (4,399) (4,683) (9,082) Balance as of December 31, 2022 89,609 45,416 135,025 Accumulated depreciation Balance as of January 1, 2021 (4,196) (6,838) (11,034) Depreciation expense (6,180) (8,431) (14,611) Effect of foreign currency exchange rate differences 217 (178) 39 Balance as of December 31, 2021 (10,159) (15,447) (25,606) Depreciation expense (12,389) (7,778) (20,167) Reclassification to Assets held for sale 430 — 430 Effect of foreign currency exchange rate differences 3,184 2,457 5,641 Balance as of December 31, 2022 (18,934) (20,768) (39,702) Carrying amount as of December 31, 2021 34,954 34,652 69,606 Carrying amount as of December 31, 2022 70,675 24,648 95,323 Amounts related to leases recognized in the Consolidated Statement of Loss and Comprehensive Loss are as follows: For the year ended December 31, 2022 2021 2020 Income from sub-leasing right-of-use assets 1,415 — — Expense relating to short-term leases (1,598) (1,300) (1,390) Expense relating to lease of low value assets (4,454) (4,218) (25) Interest expense on leases (6,201) — — Effect of foreign currency exchange rate differences — 39 584 The current and non-current portion of the Group´s lease liabilities are as follows: As of December 31, 2022 2021 Current lease liability 21,545 10,250 Non-current lease liability 85,556 66,575 Total 107,101 76,825 As a lessor, revenue recognized from operating leases are as follows: For the year ended December 31, 2022 2021 2020 Vehicle leasing revenue 16,719 6,217 — Vehicles under operating leases Acquisition cost Balance as of January 1, 2021 — Reclassification from inventories 124,764 Balance at December 31, 2021 124,764 Reclassification from inventories 41,134 Reclassification to inventories (58,581) Effect of foreign currency exchange rate differences (2,317) Balance at December 31, 2022 105,000 Accumulated depreciation & impairment Balance as of January 1, 2021 — Depreciation expense (4,138) Balance at December 31, 2021 (4,138) Depreciation expense (14,004) Reclassification to inventories 4,578 Effect of foreign currency exchange rate differences 762 Balance at December 31, 2022 (12,802) Carrying amount as of December 31, 2021 120,626 Carrying amount as of December 31, 2022 92,198 |
Disclosure of maturity analysis of operating lease payments | Expected future lease payments to be made to satisfy the Group´s lease liabilities are as follow: As of December 31, 2022 2021 Within 1 year 21,717 10,250 Between 1 and 2 years 24,484 11,715 Between 2 and 3 years 20,739 10,375 Between 3 and 4 years 17,924 8,596 Between 4 and 5 years 5,987 42,032 Later than 5 years 29,613 6,361 Total 120,464 89,329 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of classes of share capital | Class A Shares Class B Shares Share capital Other contributed capital Pre-closing of the merger with GGI Balance as of January 1, 2020 — — — 879,232 Changes in the consolidated group 200,000,000 — 880,412 (879,232) Issuance during the year 14,371,808 — 438,340 — Balance as of December 31, 2020 214,371,808 — 1,318,752 — Issuance during the year — 18,032,787 547,157 — Conversion from Class A to Class B (17,345,079) 17,345,079 — — Issuance of Convertible Notes — — — 35,231 Balance as of December 31, 2021 197,026,729 35,377,866 1,865,909 35,231 Issuance during the period — — — — Balance as of June 23, 2022 197,026,729 35,377,866 1,865,909 35,231 Closing of the merger with GGI Removal of Polestar Automotive Holding Limited from the Group Exchange of Class A for Class B (1:8.335) (197,026,729) 1,642,233,575 (1,565,447) 1,565,447 Exchange of Class B for Class A (1:8.335) 294,877,349 (35,377,866) (281,090) 281,090 Reclassification of GBP Redeemable Preferred Shares — — 65 (65) Issuance of Volvo Cars Preference Shares 1 58,882,610 — 589 588,237 Issuance to Convertible Note holders 4,306,466 — 43 (43) Issuance to PIPE investors 26,540,835 — 265 249,735 Issuance to GGI shareholders 82,193,962 — 822 521,285 Listing expense — — — 372,318 Transaction costs — — — (38,903) Post-closing of the merger with GGI Equity-settled share-based payment 876,451 — 9 9,900 Balance as of December 31, 2022 467,677,673 1,642,233,575 21,165 3,584,232 |
Assets held for sale (Tables)
Assets held for sale (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Assets Held For Sale [Abstract] | |
Summary of Assets-Held-For Sale And Disposal Groups | As of December 31, 2022, the disposal group was stated at the Group's carrying value and was comprised of the following: Property, plant and equipment 57,921 Other current assets 5,303 Assets held for sale 63,224 |
Liabilities to credit institu_2
Liabilities to credit institutions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowing costs [abstract] | |
Disclosure of detailed information about borrowings | The carrying amount of Polestar Group’s liabilities to credit institutions as of December 31, 2022 and December 31, 2021 are as follows: As of December 31, 2022 2021 Working capital loans from banks 1,300,108 609,209 Floorplan facilities 16,925 18,664 Sale-leaseback facilities 11,719 14,465 Closing balance 1,328,752 642,338 The Group had the following working capital loans outstanding as of December 31, 2022: Currency Term Security Interest Nominal amount in TUSD EUR February 2022 - February 2023 Secured 1 3 month EURIBOR 2 plus 2.1% and an arrangement fee of 0.15% 270,095 288,746 CNY June 2022 - Unsecured 12 month LPR 3 plus 1.25%, settled monthly 500,000 72,517 CNY August 2022 - August 2023 Unsecured 12 month LPR plus 0.05%, settled quarterly 716,000 103,845 USD August 2022 - August 2023 Unsecured 3 month LPR plus 2.3%, settled quarterly 147,000 147,000 USD September 2022 - September 2023 Unsecured 3 month LPR plus 2.3%, settled quarterly 255,000 255,000 USD September 2022 - September 2023 Secured 4 4.48% per annum 133,000 133,000 USD September 2022 - September 2023 Unsecured 3 month SOFR 5 plus 2.4%, settled quarterly 100,000 100,000 USD December 2022 - December 2023 Unsecured 6 7.5% per annum 200,000 200,000 Total 1,300,108 1 - New vehicle inventory purchased via this facility is pledged as security until repaid. This facility has a repayment period of 90 days and includes a covenant tied to the Group’s financial performance. 2 - Euro Interbank Offered Rate ("EURIBOR"). 3 - People’s Bank of China (“PBOC”) Loan Prime Rate (“LPR"). 4 - Secured by Geely, including letters of keep well from both Volvo Cars and Geely. 5 - Secured Overnight Financing Rate (“SOFR”). 6 - Letters of keep well from both Volvo Cars and Geely. The Group had the following working capital loans outstanding as of December 31, 2021: Currency Term Security Interest Nominal amount in TUSD USD December 2021 - September 2022 Secured 1 1.883% per annum 400,000 400,000 CNY July 2021 - July 2022 Unsecured 3.915% per annum 830,000 130,559 CNY June 2021 - June 2022 Unsecured 12 month national interbank loan prime offer rate plus 1.1% 500,000 78,650 Total 609,209 1 - Secured by Geely, including letters of keep well from both Volvo Cars and Geely. |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Disclosure of transactions between related parties | The total revenue recognized from each related party is shown in the table below: For the year ended December 31, 2022 2021 2020 Volvo Cars 71,191 73,660 107,948 Volvofinans Bank AB 68,391 52,973 30,167 Geely — 2,347 9,340 Total 139,582 128,980 147,455 The total purchases of goods, services and other for each related party is shown in the table below: For the year ended December 31, 2022 2021 2020 Volvo Cars 2,217,094 570,429 276,849 Geely 249,204 1,200,295 782,864 Volvofinans Bank AB 1,003 5,748 — Total 2,467,301 1,776,472 1,059,713 Amounts due to related parties include transactions from agreements associated with purchases of intangible assets, sales and distribution, procurement, manufacturing and other support with Volvo Cars and Geely. As of December 31, Trade payables – related parties, accrued expenses, and other current liabilities to related parties 2022 2021 Volvo Cars 1,136,746 1,507,308 Geely 71,212 235,622 Volvofinans Bank AB 1,389 504 Total 1,209,347 1,743,434 In addition to current liabilities to related parties, Polestar has non-current lease liabilities to related parties amounting to $27,123 as of December 31, 2022 and $40,741 as of December 31, 2021 included in Other non-current interest-bearing liabilities. The Group’s interest expense on related party trade payables for amounts past due is as follows: For the year ended December 31, 2022 2021 2020 Interest expense on related party trade payables 37,957 30,801 11,210 Amounts due from related parties Amounts due from related parties include transactions related to sales of software and performance engineered-kits and sales and distribution agreements discussed above. As of December 31, Trade receivables – related parties and accrued income – related parties 2022 2021 Volvo Cars 120,302 15,457 Geely 3,751 4,025 Volvofinans Bank AB 3 309 Total 124,056 19,791 |
Summary of related party share conversions | At the Closing of the merger with GGI, related parties experienced certain share exchanges as follows: Pre-closing Post-closing Class A Class B Class A Class B Geely (inclusive of affiliated entities) — 4,262,295 36,691,611 — Volvo Cars (inclusive of its consolidated subsidiaries) 97,685,904 17,345,079 204,572,624 814,219,838 PSD Investment Limited 99,340,825 — — 828,013,737 Total 197,026,729 21,607,374 241,264,235 1,642,233,575 As of December 31, Class A Shares 2022 2021 Snita Holding B.V. 204,572,624 95,961,904 PSD Investment Limited — 99,340,825 PS Investment — 1,724,000 Geely (inclusive of affiliated entities) 35,526,575 — Total 240,099,199 197,026,729 As of December 31, Class B Shares 2022 2021 Snita Holding B.V. 814,219,838 17,345,079 PSD Investment Limited 828,013,737 — Geely — 4,262,295 Total 1,642,233,575 21,607,374 |
Reverse recapitalization (Table
Reverse recapitalization (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reverse Recapitalization [Abstract] | |
Schedule Of Identifiable Net Assets Acquired | The amount of GGI’s identifiable net assets of acquired at Closing, were as follows: Cash and cash equivalents 579,146 Prepaid assets 6,050 Public warrant liability (40,320) Private warrant liability (22,770) Total GGI identifiable net assets at fair value 522,106 |
Summary Of Listing Expenses | The net assets of GGI are stated at fair value, with no goodwill or other intangible assets recorded. The IFRS 2 listing expense was calculated as follows: Fair value of Polestar 1 22,183,823 Equity interest in Polestar issued to GGI shareholders 5.1 % Equity interest in Polestar issued to Former Parent shareholders 94.9 % Deemed cost of shares issued by Polestar 1 1,131,375 GGI identifiable net assets at fair value 522,106 Sponsor and third-party PIPE Cash 236,951 IFRS 2 Listing Expense 372,318 1 - The deemed cost of the shares issued by Polestar was estimated based on the fair value of Polestar at Closing, less an adjustment in respect to the fair value of the earn out rights (discussed below). |
Reverse Recapitalization, Share Activity | As of December 31, 2022 Class C-1 Shares 17,920 Class C-2 Shares 10,080 Total Class C Shares 28,000 Class C-1 Shares As of January 1, 2022 — Class C-1 Shares issued 40,320 Change in fair value measurement (22,400) As of December 31, 2022 17,920 Class C-2 Shares As of January 1, 2022 — Class C-2 Shares issued 22,770 Change in fair value measurement (12,690) As of December 31, 2022 10,080 The fair value change for Class C Shares are as follows: For the year ended December 31, 2022 2021 2020 Fair value change - Class C-1 Shares 22,400 — — Fair value change - Class C-2 Shares 12,690 — — Fair value change - Class C Shares 35,090 — — |
Reverse Recapitalization, Summary Of Earn-Out Rights | Earn-out Rights As of January 1, 2022 — Earn-out rights issued 1,500,638 Change in fair value measurement (902,068) As of December 31, 2022 598,570 The fair value change of earn-out rights are as follows: For the year ended December 31, 2022 2021 2020 Fair value change - Earn-out rights 902,068 — — |
Significant accounting polici_4
Significant accounting policies and judgements - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 23, 2022 USD ($) shares | Jul. 31, 2021 shares | Mar. 31, 2021 $ / shares | Dec. 31, 2022 USD ($) iteration market segment tranche subsidiary shares | Dec. 31, 2022 USD ($) shares iteration market segment tranche subsidiary $ / shares | Dec. 31, 2021 USD ($) subsidiary $ / shares shares | Dec. 31, 2020 USD ($) subsidiary $ / shares | |
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of markets | market | 27 | 27 | |||||
Proceeds from issuing shares | $ 1,417,973 | $ 1,417,973 | $ 582,388 | $ 438,340 | |||
Transaction costs | 97,953 | ||||||
Net loss | (465,789) | (1,007,454) | (484,858) | ||||
Taxes paid | (19,559) | 0 | 0 | ||||
Revenue | 2,461,896 | 1,337,181 | 610,245 | ||||
Total non-current assets | $ 1,762,117 | 1,762,117 | 1,702,707 | ||||
Utilized during the year | 54,146 | ||||||
Settled during the year | 77,667 | 43,469 | |||||
Released during the year | 39,178 | 10,677 | |||||
Cash flows from (used in) operating and investing activities | (1,799,396) | (441,828) | (300,757) | ||||
Depreciation and amortisation expense | $ 158,392 | $ 239,163 | $ 216,076 | ||||
Number Of Subsidiaries | subsidiary | 33 | 33 | 33 | 18 | |||
Number Of Reportable Segments | segment | 1 | 1 | |||||
Marketable securities | $ 0 | $ 0 | $ 1,258 | ||||
Government grants | $ 3,773 | $ 3,773 | $ 309 | ||||
Number Of Active Policyholders, Percentage | 0.0007340 | 0.0007340 | 0.0004485 | 0.0002605 | |||
Discount rate applied to cash flow projections, stress case scenario | 0.151 | 0.151 | 0.151 | ||||
Cost of sales | $ 2,342,453 | $ 1,336,321 | $ 553,724 | ||||
Research and development expense | 167,242 | $ 232,922 | $ 183,849 | ||||
Benefits paid or payable | $ 3,507 | ||||||
Percent share of benefits paid or payable | 0.0020597 | 0.0020597 | 0.0013056 | 0.0005375 | |||
Collective funding ratio | 1.72 | 1.72 | 1.72 | 1.48 | |||
2023-2027 Business Plan | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Growth rate used to extrapolate cash flow projections | 2% | 2% | |||||
Discount rate applied to cash flow projections | 14% | 14% | |||||
Cash flow projections, growth rate duration | 10 years | ||||||
2021-2025 Business Plan | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Growth rate used to extrapolate cash flow projections | 2% | 2% | |||||
Discount rate applied to cash flow projections | 10.10% | 10.10% | |||||
Cash flow projections, growth rate duration | 10 years | ||||||
BELGIUM | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Revenue | $ 53,339 | $ 22,974 | |||||
CANADA | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Revenue | 17,493 | 3,007 | |||||
FINLAND | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Revenue | 10,048 | ||||||
DENMARK | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Revenue | 38,538 | ||||||
SWITZERLAND | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Revenue | 41,115 | 580 | |||||
NORWAY | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Total non-current assets | 1,660 | ||||||
NETHERLANDS | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Total non-current assets | 2,541 | ||||||
Executives and Key Management | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Long term variable pay program, vesting period | 3 years | ||||||
Adjustments For Decrease (Increase) In Inventories | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Cash outflow for leases | 120,626 | ||||||
Assets under operating leases | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Depreciation and amortisation expense | $ 14,004 | 0 | 0 | ||||
Cost of sales | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Depreciation and amortisation expense | 45,276 | 54,051 | 60,065 | ||||
Cost of sales | Assets under operating leases | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Depreciation and amortisation expense | $ 14,004 | $ 0 | $ 0 | ||||
Class A Shares | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Shares issued to convertible note holders (in shares) | shares | 4,306,466 | 0 | |||||
Issuance of Volvo Cars Preference Shares (in shares) | shares | 58,882,610 | 58,882,610 | |||||
Restricted Stock Units | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Weighted average share price, share options granted (in usd per share) | $ / shares | $ 6.72 | ||||||
Performance Stock Units | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Closing share price (in usd per share) | $ / shares | 7.02 | ||||||
Weighted average share price, share options granted (in usd per share) | $ / shares | $ 6.72 | ||||||
Performance Stock Units | Market-Based Vesting Conditions | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of instruments granted in share-based payment arrangement (in shares) | shares | 214,705,000 | ||||||
Performance Stock Units | Non-Market-Based Vesting Conditions | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Weighted average share price, share options granted (in usd per share) | $ / shares | $ 7.93 | ||||||
Number of instruments granted in share-based payment arrangement (in shares) | shares | 644,116,000 | ||||||
Gores Guggenheim, Inc. Business Combination Agreement (BCA) | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Closing share price (in usd per share) | $ / shares | $ 11.23 | ||||||
Earn-out rights | 1,500,638 | $ 598,570 | $ 0 | ||||
Binomial Lattice Option Pricing Model | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Implied volatility, share options granted | 89% | ||||||
Risk free interest rate, share options granted | 4% | ||||||
Dividend yield, share options granted | 0 | ||||||
Time-steps, share options granted | 1,000 | ||||||
Monte Carlo | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Implied volatility, share options granted | 75% | ||||||
Risk free interest rate, share options granted | 4% | ||||||
Earn-out rights, term | 4 years 11 months 23 days | ||||||
Number of earn-out tranches | tranche | 5 | 5 | |||||
Monte Carlo | Performance Stock Units | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Implied volatility, share options granted | 70% | ||||||
Risk free interest rate, share options granted | 3.50% | ||||||
Dividend yield, share options granted | 0 | ||||||
Historical average volatility, share options granted | 0.819 | ||||||
Simulation Term, Share Options Granted | 2 years 3 months 18 days | ||||||
Number Of Simulation Iterations | iteration | 100,000 | 100,000 | |||||
Gores Guggenheim, Inc. | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Proceeds from issuing shares | 638,197 | ||||||
Transaction costs | $ 59,050 | ||||||
Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Issuance of Volvo Cars Preference Shares (in shares) | shares | 58,882,610,000 | ||||||
Polestar Automotive Holding Limited ("Former Parent") | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Proportion of ownership interest in joint venture | 89.20% | ||||||
External Investors | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Proportion of ownership interest in joint venture | 10.80% | ||||||
Class A Shares | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Shares issued to convertible note holders (in shares) | shares | 4,306,466 | 4,306,466,000 | |||||
Closing share price (in usd per share) | $ / shares | $ 18 | $ 8.04 | $ 6.15 | ||||
Class A Shares | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Shares issued to convertible note holders (in shares) | shares | 4,306,466 | ||||||
Number of shares issued (in shares) | shares | 294,877,349 | ||||||
Class A Shares | Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Stock per unit outstanding (in shares) | shares | 1 | ||||||
Class A Shares | Third-Party Investors | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 25,423,445 | ||||||
Class A Shares | Volvo Cars | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Proceeds from issuing shares | $ 588,826 | ||||||
Class A Shares | Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 1,117,390 | ||||||
Class A Shares | Third-Party Investors And Volvo Cars | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Proceeds from issuing shares | $ 250,000 | ||||||
Class A Shares | Third-Party Investors And Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 26,540,835 | ||||||
Class B Shares | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Proceeds from issuing shares | $ 550,000 | ||||||
Closing share price (in usd per share) | $ / shares | $ 30.50 | $ 8.04 | |||||
Class B Shares | Polestar Automotive Holding Limited ("Former Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 1,642,233,575 | ||||||
Gores Guggenheim Public Warrants | Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Stock per unit outstanding (in shares) | shares | 0.20 | ||||||
Gores Guggenheim Class A Common Stock Exchanged For Class A Ordinary Shares | Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 63,734,797 | ||||||
Gores Guggenheim Class F Common Stock Exchanged For Class A Ordinary Shares | Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 18,459,165 | ||||||
Gores Guggenheim Public Warrants Exchanged For Class C-1 Ordinary Shares | Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 15,999,965 | ||||||
Gores Guggenheim Private Warrants Exchanged For Class C-2 Ordinary Shares | Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 9,000,000 | ||||||
Class C-2 American Depositary Shares | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 9,000,000 | ||||||
Fair value of shares issued | $ 22,770 | $ 10,080 | $ 10,080 | $ 0 | |||
Class C-2 American Depositary Shares | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 9,000,000,000 | 9,000,000,000 | |||||
Class C-1 Ordinary Shares | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 15,999,965 | ||||||
Closing share price (in usd per share) | $ / shares | $ 1.12 | ||||||
Fair value of shares issued | $ 40,320 | $ 17,920 | $ 17,920 | $ 0 | |||
Class C-1 Ordinary Shares | Polestar Automotive Holding UK PLC ("Parent") | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Number of shares issued (in shares) | shares | 15,999,965,000 | 15,999,965,000 | |||||
Minimum | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Collective funding ratio | 1.25 | 1.25 | |||||
Minimum | Class A Shares | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Closing share price (in usd per share) | $ / shares | $ 10 | ||||||
Minimum | Software | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Useful life measured as period of time, intangible assets other than goodwill | 3 years | ||||||
Minimum | Acquired IP | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Useful life measured as period of time, intangible assets other than goodwill | 3 years | ||||||
Useful life measured as period of time, intangible assets other than goodwill, remaining period | 1 year | ||||||
Minimum | Internally developed IP | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Useful life measured as period of time, intangible assets other than goodwill | 3 years | ||||||
Maximum | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Deferred Compensation Arrangement, Cash Awards, Percentage Of Annual Base Salary | 3 | 3 | |||||
Collective funding ratio | 1.75 | 1.75 | |||||
Maximum | Software | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Useful life measured as period of time, intangible assets other than goodwill | 8 years | ||||||
Maximum | Acquired IP | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Useful life measured as period of time, intangible assets other than goodwill | 7 years | ||||||
Useful life measured as period of time, intangible assets other than goodwill, remaining period | 6 years | ||||||
Maximum | Internally developed IP | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Useful life measured as period of time, intangible assets other than goodwill | 7 years | ||||||
Extended Service | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Capitalized Contract Cost, Amortization Period | 3 years | ||||||
Connected Service | |||||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||||
Capitalized Contract Cost, Amortization Period | 8 years |
Significant accounting polici_5
Significant accounting policies and judgements - Schedule of Revenue and Non-Current Assets by Geographical Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | $ 2,461,896 | $ 1,337,181 | $ 610,245 |
Non-current receivables from contracts with customers | 1,752,029 | 1,591,768 | |
UNITED STATES | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 523,537 | 248,168 | 25,077 |
Non-current receivables from contracts with customers | 37,752 | 64,072 | |
SWEDEN | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 368,277 | 189,656 | 162,062 |
Non-current receivables from contracts with customers | 1,151,920 | 954,842 | |
UNITED KINGDOM | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 338,182 | 206,866 | 41,605 |
Non-current receivables from contracts with customers | 22,777 | 2,484 | |
GERMANY | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 289,213 | 117,549 | 34,880 |
Non-current receivables from contracts with customers | 36,747 | 24,009 | |
NORWAY | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 232,357 | 231,456 | 156,077 |
KOREA, REPUBLIC OF | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 119,498 | 0 | 0 |
NETHERLANDS | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 108,966 | 135,030 | 150,133 |
BELGIUM | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 88,812 | 53,339 | 22,974 |
CANADA | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 85,521 | 17,493 | 3,007 |
DENMARK | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 67,235 | 38,538 | 0 |
AUSTRALIA | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 64,539 | 0 | 0 |
FINLAND | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 42,281 | 10,048 | 0 |
SWITZERLAND | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 39,274 | 41,115 | 580 |
CHINA | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 38,218 | 40,819 | 13,850 |
Non-current receivables from contracts with customers | 474,301 | 532,492 | |
Other Regions | |||
Disclosure of operating segments [table] | |||
Revenue from contracts with customers | 55,986 | 7,104 | $ 0 |
Non-current receivables from contracts with customers | $ 28,532 | $ 13,869 |
Significant accounting polici_6
Significant accounting policies and judgements - Property, Plant and Equipment Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (in years) | 30 years |
Buildings | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (in years) | 50 years |
Machinery and equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (in years) | 3 years |
Machinery and equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (in years) | 7 years |
Financial risk management - Nar
Financial risk management - Narrative (Details) $ in Thousands | 12 Months Ended | 24 Months Ended | |||||
Dec. 31, 2022 USD ($) kr / ¥ | Dec. 31, 2021 USD ($) kr / ¥ | Dec. 31, 2022 USD ($) kr / ¥ | Jan. 01, 2022 kr / ¥ | Jan. 01, 2021 kr / ¥ | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Change in foreign exchange rate | 0.057 | 0.114 | 0.16 | ||||
Closing foreign exchange rate | kr / ¥ | 0.66 | 0.70 | 0.66 | 0.70 | 0.79 | ||
Financial liabilities | $ (3,080,884) | $ (2,722,957) | $ (3,080,884) | ||||
Net trade receivables | 321,103 | 172,441 | 321,103 | ||||
Cash and cash equivalents | 973,877 | 756,677 | 973,877 | $ 316,424 | $ 236,198 | ||
Interest rate risk | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Financial liabilities | 819,390 | (642,338) | 819,390 | ||||
Credit risk | Trade receivables and trade receivables - related parties | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Net trade receivables | $ 26,649 | $ 23,031 | $ 26,649 | ||||
Concentration risk, percentage | 13.10% | 12.50% | |||||
United States of America, Dollars | Currency risk | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Impact on loss before income taxes | $ 45,359 | $ 56,052 |
Financial risk management - Sum
Financial risk management - Summary of Translation Exposure Risk (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
China, Yuan Renminbi | |||
Disclosure of credit risk exposure [line items] | |||
Impact on loss before income taxes | $ 210,810 | $ 111,743 | $ 86,794 |
United States of America, Dollars | |||
Disclosure of credit risk exposure [line items] | |||
Impact on loss before income taxes | 45,359 | 56,052 | |
Euro Member Countries, Euro | |||
Disclosure of credit risk exposure [line items] | |||
Impact on loss before income taxes | 35,831 | 46,871 | $ 34,732 |
United Kingdom, Pounds | |||
Disclosure of credit risk exposure [line items] | |||
Impact on loss before income taxes | 30,201 | 41,688 | |
Norway, Krone | |||
Disclosure of credit risk exposure [line items] | |||
Impact on loss before income taxes | $ 16,118 | $ 36,493 |
Financial risk management - S_2
Financial risk management - Summary of Market Volatility Risk (Details) - Market risk $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Contingent Consideration Liability | |
Disclosure of credit risk exposure [line items] | |
Impact on loss before income taxes due to increase | $ 60,531 |
Impact on loss before income taxes due to decrease | (55,828) |
Class C Shares Liability | Class C-1 Ordinary Shares | |
Disclosure of credit risk exposure [line items] | |
Impact on loss before income taxes due to increase | 800 |
Impact on loss before income taxes due to decrease | (960) |
Class C Shares Liability | Class C-2 American Depositary Shares | |
Disclosure of credit risk exposure [line items] | |
Impact on loss before income taxes due to increase | 450 |
Impact on loss before income taxes due to decrease | $ (540) |
Financial risk management - S_3
Financial risk management - Summary of Interest Rate Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest rate risk | ||
Disclosure of credit risk exposure [table] | ||
Impact on loss before income taxes | $ 5,219 | $ 1,791 |
Common control transaction (Det
Common control transaction (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 14, 2020 | Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Noncash transaction, intercompany interest | $ 5,801 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 2,461,896 | $ 1,337,181 | $ 610,245 |
Contract liabilities | 96,469 | 87,290 | 17,072 |
Revenue | Unrelated Customer | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 71,361 | ||
Concentration risk, percentage | 11.69% | ||
Revenue | Volvo Cars | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 107,948 | ||
Concentration risk, percentage | 17.70% | ||
Revenue | Customer One | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 135,544 | ||
Concentration risk, percentage | 10.14% | ||
Revenue | Customer Two | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 129,873 | ||
Concentration risk, percentage | 9.71% | ||
Sales generated obligation | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract liabilities | 13,069 | $ 24,702 | $ 2,436 |
Deferred revenue - extended service | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract liabilities | 40,792 | 23,680 | 8,967 |
Deferred revenue - connected services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract liabilities | 30,093 | 18,593 | 5,669 |
Deferred revenue - operating leases & other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract liabilities | 12,515 | 20,315 | $ 0 |
Deferred Revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 33,666 | $ 4,648 | |
Contract liabilities | $ 83,400 |
Revenue - Schedule of Revenue D
Revenue - Schedule of Revenue Disaggregation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [table] | |||
Revenue from contracts with customers | $ 2,461,896 | $ 1,337,181 | $ 610,245 |
Sales of vehicles | |||
Disclosure of disaggregation of revenue from contracts with customers [table] | |||
Revenue from contracts with customers | 2,404,246 | 1,290,031 | 542,783 |
Sales of software and performance engineered kits | |||
Disclosure of disaggregation of revenue from contracts with customers [table] | |||
Revenue from contracts with customers | 21,308 | 25,881 | 35,434 |
Sales of carbon credits | |||
Disclosure of disaggregation of revenue from contracts with customers [table] | |||
Revenue from contracts with customers | 10,984 | 6,299 | 27,141 |
Vehicle leasing revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [table] | |||
Revenue from contracts with customers | 16,719 | 6,217 | 0 |
Other revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [table] | |||
Revenue from contracts with customers | $ 8,639 | $ 8,753 | $ 4,887 |
Revenue - Schedule of Contract
Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Beginning balance, contract liabilities | $ 87,290 | $ 17,072 |
Provided for during the year | 130,219 | 126,815 |
Settled during the year | (77,667) | (43,469) |
Released during the year | (39,178) | (10,677) |
Effect of foreign currency exchange rate differences | (4,195) | (2,451) |
Current contract liabilities | 46,217 | 58,368 |
Non-current contract liabilities | 50,252 | 28,922 |
Ending balance, contract liabilities | 96,469 | 87,290 |
Sales generated obligation | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Beginning balance, contract liabilities | 24,702 | 2,436 |
Provided for during the year | 66,769 | 65,862 |
Settled during the year | (77,667) | (43,469) |
Released during the year | 0 | 0 |
Effect of foreign currency exchange rate differences | (735) | (127) |
Current contract liabilities | 13,069 | 24,702 |
Non-current contract liabilities | 0 | 0 |
Ending balance, contract liabilities | 13,069 | 24,702 |
Deferred revenue - extended service | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Beginning balance, contract liabilities | 23,680 | 8,967 |
Provided for during the year | 31,928 | 20,612 |
Settled during the year | 0 | 0 |
Released during the year | (13,882) | (3,673) |
Effect of foreign currency exchange rate differences | (934) | (2,226) |
Current contract liabilities | 18,979 | 11,178 |
Non-current contract liabilities | 21,813 | 12,502 |
Ending balance, contract liabilities | 40,792 | 23,680 |
Deferred revenue - connected services | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Beginning balance, contract liabilities | 18,593 | 5,669 |
Provided for during the year | 17,325 | 14,472 |
Settled during the year | 0 | 0 |
Released during the year | (3,859) | (1,450) |
Effect of foreign currency exchange rate differences | (1,966) | (98) |
Current contract liabilities | 4,431 | 2,521 |
Non-current contract liabilities | 25,662 | 16,072 |
Ending balance, contract liabilities | 30,093 | 18,593 |
Deferred revenue - operating leases & other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Beginning balance, contract liabilities | 20,315 | 0 |
Provided for during the year | 14,197 | 25,869 |
Settled during the year | 0 | 0 |
Released during the year | (21,437) | (5,554) |
Effect of foreign currency exchange rate differences | (560) | 0 |
Current contract liabilities | 9,738 | 19,967 |
Non-current contract liabilities | 2,777 | 348 |
Ending balance, contract liabilities | $ 12,515 | $ 20,315 |
Depreciation and amortization_3
Depreciation and amortization by function (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | $ 158,392 | $ 239,163 | $ 216,076 |
Property, plant and equipment | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 21,365 | 36,176 | 40,073 |
Right-of-use assets | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 20,167 | 14,611 | 9,117 |
Assets under operating leases | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 14,004 | 0 | 0 |
Intangible assets | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 102,856 | 188,376 | 166,886 |
Cost of sales | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 45,276 | 54,051 | 60,065 |
Cost of sales | Property, plant and equipment | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 16,188 | 30,557 | 38,671 |
Cost of sales | Right-of-use assets | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 7,852 | 9,822 | 6,947 |
Cost of sales | Assets under operating leases | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 14,004 | 0 | 0 |
Cost of sales | Intangible assets | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 7,232 | 13,672 | 14,447 |
Research and development expense | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 96,036 | 176,869 | 152,395 |
Research and development expense | Property, plant and equipment | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 23 | 1,845 | 0 |
Research and development expense | Right-of-use assets | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 389 | 385 | 0 |
Research and development expense | Assets under operating leases | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 0 | 0 | 0 |
Research and development expense | Intangible assets | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 95,624 | 174,639 | 152,395 |
Selling, general and administrative expense | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 17,080 | 8,243 | 3,616 |
Selling, general and administrative expense | Property, plant and equipment | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 5,154 | 3,774 | 1,402 |
Selling, general and administrative expense | Right-of-use assets | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 11,926 | 4,404 | 2,170 |
Selling, general and administrative expense | Assets under operating leases | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | 0 | 0 | 0 |
Selling, general and administrative expense | Intangible assets | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortisation expense | $ 0 | $ 65 | $ 44 |
Employee benefits - Schedule Of
Employee benefits - Schedule Of Employee Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |||
Short-term employee benefits | $ 187,202 | $ 100,461 | $ 70,555 |
Post-employment benefits | 26,294 | 18,600 | 10,590 |
Share-based compensation | 4,958 | 0 | 0 |
Total employee benefits | 218,454 | 119,061 | 81,145 |
Executive Management Team (“EMT”) And Managing Directors | |||
Disclosure of defined benefit plans [line items] | |||
Short-term employee benefits | 8,486 | 5,094 | 5,788 |
Post-employment benefits | 996 | 525 | 351 |
Other long-term benefits | 228 | 417 | 600 |
Share-based compensation | 1,294 | 0 | 0 |
Total employee benefits | $ 11,004 | $ 6,036 | $ 6,739 |
Employee benefits - Narrative (
Employee benefits - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Benefits [Abstract] | |||
Post-employment benefit expense, defined contribution plans | $ 20,664 | $ 13,916 | $ 7,975 |
Share-based payment - Share Act
Share-based payment - Share Activity (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2022 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of units outstanding, beginning of the year (in shares) | 0 |
Granted (in shares) | 1,823,114 |
Vested (in shares) | (501,451) |
Cancelled (in shares) | 0 |
Number of units outstanding, end of the year (in shares) | 1,321,663 |
Performance Share Units (PSU) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of units outstanding, beginning of the year (in shares) | 0 |
Granted (in shares) | 858,821 |
Vested (in shares) | 0 |
Cancelled (in shares) | 0 |
Number of units outstanding, end of the year (in shares) | 858,821 |
Restricted Share Units (RSU) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of units outstanding, beginning of the year (in shares) | 0 |
Granted (in shares) | 629,303 |
Vested (in shares) | (170,683) |
Cancelled (in shares) | 0 |
Number of units outstanding, end of the year (in shares) | 458,620 |
Free Share Units | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of units outstanding, beginning of the year (in shares) | 0 |
Granted (in shares) | 334,990 |
Vested (in shares) | (330,768) |
Cancelled (in shares) | 0 |
Number of units outstanding, end of the year (in shares) | 4,222 |
Share-based payment - Schedule
Share-based payment - Schedule of Share-Based Payment Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
IFRS 2 Listing Expense | $ 9,909 | $ 0 | $ 0 |
Selling, general and administrative expense | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
IFRS 2 Listing Expense | 7,128 | 0 | 0 |
Research and development expense | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
IFRS 2 Listing Expense | $ 2,781 | $ 0 | $ 0 |
Share-based payment - Narrative
Share-based payment - Narrative (Details) shares in Thousands, $ in Thousands | 12 Months Ended | |
Aug. 31, 2022 shares | Dec. 31, 2022 USD ($) shares installment | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted (in shares) | 1,823,114 | |
Vested (in shares) | 501,451 | |
Free Share Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Holding period | 1 year | |
Restricted Share Units (RSU) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted (in shares) | 629,303 | |
Vested (in shares) | 170,683 | |
Performance Share Units (PSU) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted (in shares) | 858,821 | |
Vested (in shares) | 0 | |
Free Share Units | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted (in shares) | 334,990 | |
Vested (in shares) | 330,768 | |
Free Share Units | Free Share Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value at measurement date, other equity instruments granted | $ | $ 1,715 | |
Equity-Settled Share-Based Payment Arrangement | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested in share-based payment arrangement (in shares) | 250,000 | 250,000 |
Expense from equity-settled share-based payment transactions | $ | $ 5,308 | |
Equity-Settled Share-Based Payment Arrangement | Class A Shares | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted (in shares) | 500,000 | |
Weighted average fair value at measurement date, other equity instruments vested | $ | $ 4,946 | |
Number of share options vested in share-based payment arrangement (in shares) | 375,000 | |
Executives and Key Management | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of vesting installments | installment | 2 | |
Executives and Key Management | Post-Listing Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 3 years | |
Value creation, target percentage | 0.25 | |
Cash flow, target percentage | 0.25 | |
ESG target percentage | 0.20 | |
Operational target percentage | 0.30 | |
Executives and Key Management | Restricted Share Units (RSU) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted (in shares) | 517,220 | |
Weighted average fair value at measurement date, other equity instruments granted | $ | $ 3,476 | |
Vested (in shares) | 170,683 | |
Weighted average fair value at measurement date, other equity instruments vested | $ | $ 1,147 | |
Executives and Key Management | Restricted Share Units (RSU) | Post-Listing Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted (in shares) | 112,083 | |
Weighted average fair value at measurement date, other equity instruments granted | $ | $ 753 | |
Executives and Key Management | Performance Share Units (PSU) | Post-Listing Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted (in shares) | 858,821 | |
Weighted average fair value at measurement date, other equity instruments granted | $ | $ 6,031 | |
Share-based Payment Arrangement, Tranche One | Executives and Key Management | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payment arrangement, percent vested | 0.33 | |
Share-based Payment Arrangement, Tranche Two | Executives and Key Management | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payment arrangement, percent vested | 0.33 | |
Share-based Payment Arrangement, Tranche Three | Executives and Key Management | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payment arrangement, percent vested | 0.34 |
Supplemental cash flow inform_3
Supplemental cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of cash flows [abstract] | |||
Purchases of intangible assets in trade payables - related parties and accrued expenses - related parties | $ 74,781 | $ 357,760 | $ 143,986 |
Initial recognition of ROU assets and liabilities | 53,870 | 12,376 | 61,529 |
Purchases of property, plant and equipment in trade payables | 34,945 | 17,341 | 13,101 |
Prepaid assets and warrant liabilities assumed upon closing of the merger with GGI | $ 57,040 | $ 0 | $ 0 |
Other operating income and ex_3
Other operating income and expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |||
Net foreign exchange rate differences | $ 0 | $ 0 | $ 2,478 |
Sold services | 0 | 847 | 0 |
Other operating income | 4,724 | 1,776 | 1,598 |
Total | 4,724 | 2,623 | 4,076 |
Net foreign exchange rate differences | 3,595 | 49,298 | 0 |
Non-income tax | 1,502 | 1,064 | 1,347 |
Other operating expense | 1,192 | 314 | 963 |
Total | $ 6,289 | $ 50,676 | $ 2,310 |
Income taxes - Income Tax Expen
Income taxes - Income Tax Expense Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Current income tax for the year | $ (17,277) | $ (3,336) | $ (1,966) |
Deferred taxes | 4,210 | 5,517 | (4,422) |
Foreign taxes | (3,717) | (2,517) | (7,147) |
Income tax expense | $ (16,784) | $ (336) | $ (13,535) |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 | Dec. 31, 2022 HKD ($) | Sep. 30, 2020 USD ($) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 19% | 16.50% | 15.80% | ||
Tax losses | $ 479,926 | $ 339,389 | |||
Profit tax rate threshold, minimum | $ 2,000,000 | ||||
Profit tax rate threshold, minimum, percentage | 8.25% | ||||
Profit tax rate threshold, maximum | $ 2,000,000 | ||||
Profit tax rate threshold, maximum, percentage | 16.50% | ||||
Deferred tax liabilities | $ 476 | 509 | |||
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 251,566 | 40,544 | |||
Tax loss carryforwards as of December 31 | 2,202,008 | 1,553,313 | |||
Disposal groups classified as held for sale | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Tax loss carryforwards as of December 31 | 117,229 | ||||
SWEDEN | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Tax losses | 1,605,529 | 1,113,842 | $ 30,418 | ||
CHINA | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Tax losses | $ 585,299 | $ 430,035 |
Income taxes - Current Year Inc
Income taxes - Current Year Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Loss before tax for the year | $ (449,005) | $ (1,007,118) | $ (471,323) |
Tax according to the applicable Hong Kong tax rate | 85,311 | 166,174 | 74,449 |
Operating income/costs, non-taxable | 86,504 | (5,407) | (2,178) |
Effect of different tax rates | 17,142 | 64,384 | 34,700 |
Tax effect on deferred tax due to change of tax rate | 0 | 0 | (575) |
Withholding tax | (3,717) | (2,517) | (7,147) |
Non-recognition of deferred tax assets on temporary differences | (13,672) | (9,042) | (32,223) |
Not recognized loss carry-forward | (188,352) | (213,928) | (80,434) |
Other | 0 | 0 | (127) |
Income tax expense | $ (16,784) | $ (336) | $ (13,535) |
Applicable tax rate | 19% | 16.50% | 15.80% |
Expense from share-based payment transactions, tax | $ 70,740 | ||
Change in fair value of earn-out rights, tax | 171,393 | ||
Other non-tax deductible income (expense) | $ 14,148 |
Income taxes - Composition Of R
Income taxes - Composition Of Recognized Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, gross | $ 57,559 | $ 33,587 |
Deferred tax liabilities, gross | 50,280 | 30,246 |
Netting of asset and liability tax positions | (49,804) | (29,737) |
Deferred tax asset | 7,755 | 3,850 |
Deferred tax liabilities | 476 | 509 |
Tax loss carry-forwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, gross | 49,804 | 29,737 |
Other temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, gross | 7,755 | 3,850 |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities, gross | 41,452 | 28,753 |
Inventory | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities, gross | 7,890 | 408 |
Warranty | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities, gross | $ 938 | $ 1,085 |
Income taxes - Tax Loss Carryfo
Income taxes - Tax Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes [Abstract] | ||
2023 | $ 0 | $ 0 |
2024 | 67,221 | 74,736 |
2025 | 174,128 | 193,596 |
2026 | 142,496 | 158,427 |
2027 | 201,454 | 12,672 |
2028 onwards | 1,616,709 | 1,113,882 |
Tax credit carryforward | $ 2,202,008 | $ 1,553,313 |
Net loss per share - Narrative
Net loss per share - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Earnings per share [abstract] | |||
Dilutive effect of convertible instruments on number of ordinary shares (in shares) | 0 | 4,306,466 | 0 |
Exchange ratio | 8.335 |
Net loss per share - Computatio
Net loss per share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Net loss attributable to common share holders, basic | $ (465,789) | $ (1,007,454) | $ (484,858) |
Net loss attributable to common share holders, diluted | $ (465,789) | $ (1,007,454) | $ (484,858) |
Weighted-average number of common shares outstanding, basic (in shares) | 2,027,328,000 | 1,911,580,000 | 1,681,417,000 |
Weighted-average number of common shares outstanding, diluted (in shares) | 2,027,328,000 | 1,911,580,000 | 1,681,417,000 |
Net loss per share - basic (in dollars per share) | $ (0.23) | $ (0.53) | $ (0.29) |
Net loss per share - diluted (in dollars per share) | $ (0.23) | $ (0.53) | $ (0.29) |
Net loss per share - Summary of
Net loss per share - Summary of Antidilutive Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [line items] | |||
Earn-out Shares (in shares) | 158,177,609 | 0 | 0 |
Performance Stock Units (in shares) | 858,821 | 0 | 0 |
Restricted Stock Units (in shares) | 458,620 | 0 | 0 |
Marketing consulting services agreement (in shares) | 125,000 | 0 | 0 |
Convertible Notes (in shares) | 0 | 4,306,466 | 0 |
Total antidilutive shares (in shares) | 184,620,015 | 4,306,466 | 0 |
Class C-1 Ordinary Shares | |||
Earnings per share [line items] | |||
Class C Shares (in shares) | 15,999,965 | 0 | 0 |
Class C-2 American Depositary Shares | |||
Earnings per share [line items] | |||
Class C Shares (in shares) | 9,000,000 | 0 | 0 |
Intangible assets and goodwil_2
Intangible assets and goodwill - Summary of Intangible Assets, Goodwill And Trademarks (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible Assets [Abstract] | |||
Intangible assets | $ 1,347,709 | $ 1,312,427 | |
Goodwill and trademarks | 48,768 | 55,929 | $ 62,066 |
Total intangible assets, goodwill and trademarks | $ 1,396,477 | $ 1,368,356 |
Intangible assets and goodwil_3
Intangible assets and goodwill - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | $ 1,312,427 | ||
Intangible assets other than goodwill | 1,347,709 | $ 1,312,427 | |
Cash-settled additions | 238,463 | ||
Additions to intangible assets | (681,204) | (104,971) | $ (194,108) |
Operating Activities | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Cash-settled additions | 442,741 | ||
Investing Activities | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Cash-settled additions | 104,971 | ||
Internally developed IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | 136,225 | ||
Intangible assets other than goodwill | 202,744 | 136,225 | |
Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | 984 | ||
Intangible assets other than goodwill | 725 | 984 | |
Acquired IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | 1,175,218 | ||
Intangible assets other than goodwill | 1,144,240 | 1,175,218 | |
Acquisition cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | 1,695,006 | 1,318,659 | |
Additions | 313,244 | 462,731 | |
Effect of foreign currency exchange rate differences | (210,134) | (86,384) | |
Replacement cost development project | (10,007) | ||
Intangible assets other than goodwill | 1,788,109 | 1,695,006 | 1,318,659 |
Acquisition cost | Internally developed IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | 151,884 | 44,002 | |
Additions | 95,213 | 112,844 | |
Effect of foreign currency exchange rate differences | (19,490) | (4,962) | |
Replacement cost development project | (10,007) | ||
Intangible assets other than goodwill | 217,600 | 151,884 | 44,002 |
Acquisition cost | Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | 1,267 | 1,343 | |
Additions | 0 | 11 | |
Effect of foreign currency exchange rate differences | (153) | (87) | |
Replacement cost development project | 0 | ||
Intangible assets other than goodwill | 1,114 | 1,267 | 1,343 |
Acquisition cost | Acquired IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | 1,541,855 | 1,273,314 | |
Additions | 218,031 | 349,876 | |
Effect of foreign currency exchange rate differences | (190,491) | (81,335) | |
Replacement cost development project | 0 | ||
Intangible assets other than goodwill | 1,569,395 | 1,541,855 | 1,273,314 |
Depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | (382,579) | (209,388) | |
Effect of foreign currency exchange rate differences | 45,035 | 15,185 | |
Amortization expense | (102,856) | (188,376) | |
Intangible assets other than goodwill | (440,400) | (382,579) | (209,388) |
Depreciation and impairment | Internally developed IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | (15,659) | (16,246) | |
Effect of foreign currency exchange rate differences | 2,014 | 1,612 | |
Amortization expense | (1,211) | (1,025) | |
Intangible assets other than goodwill | (14,856) | (15,659) | (16,246) |
Depreciation and impairment | Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | (283) | (138) | |
Effect of foreign currency exchange rate differences | 38 | 12 | |
Amortization expense | (144) | (157) | |
Intangible assets other than goodwill | (389) | (283) | (138) |
Depreciation and impairment | Acquired IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill | (366,637) | (193,004) | |
Effect of foreign currency exchange rate differences | 42,983 | 13,561 | |
Amortization expense | (101,501) | (187,194) | |
Intangible assets other than goodwill | $ (425,155) | $ (366,637) | $ (193,004) |
Intangible assets and goodwil_4
Intangible assets and goodwill - Summary of Goodwill and Trademarks (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill and trademarks | $ 55,929 | $ 62,066 |
Effect of foreign currency exchange rate differences | (7,161) | (6,137) |
Goodwill and trademarks | 48,768 | 55,929 |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill and trademarks | 53,282 | 59,129 |
Effect of foreign currency exchange rate differences | (6,822) | (5,847) |
Goodwill and trademarks | 46,460 | 53,282 |
Trademarks | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill and trademarks | 2,647 | 2,937 |
Effect of foreign currency exchange rate differences | (339) | (290) |
Goodwill and trademarks | $ 2,308 | $ 2,647 |
Property, plant and equipment -
Property, plant and equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ 258,048 | $ 208,193 | |
Vehicles under operating leases | 92,198 | 120,626 | |
Additions to property, plant and equipment | 32,269 | 24,701 | $ 49,599 |
Acquisition cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 67,214 | 42,043 | |
Additions to property, plant and equipment | 32,269 | ||
Buildings and land | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vehicles under operating leases | 70,675 | 34,954 | |
Buildings and land | Acquisition cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 2,789 | 2,106 | |
Machinery and equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vehicles under operating leases | 24,648 | 34,652 | |
Machinery and equipment | Acquisition cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | $ 6,254 | $ 6,315 |
Property, plant and equipment_2
Property, plant and equipment - Disclosure of Detailed Information About Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | $ 138,587 | |
Property, plant and equipment | 162,725 | $ 138,587 |
Acquisition cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 227,873 | 182,177 |
Additions | 67,214 | 42,043 |
Divestments and disposals | (1,523) | |
Reclassifications | 42,504 | 0 |
Reclassified to Assets held for sale | (64,383) | |
Effect of foreign currency exchange rate differences | (16,220) | 3,653 |
Property, plant and equipment | 255,465 | 227,873 |
Cash-settled additions | 30,881 | 17,341 |
Amounts payable, related party transactions | 1,388 | 7,360 |
Depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (89,286) | (52,383) |
Divestments and disposals | 494 | |
Reclassifications | 0 | |
Reclassified to Assets held for sale | 11,008 | |
Effect of foreign currency exchange rate differences | 6,409 | (727) |
Depreciation expense | (21,365) | (36,176) |
Property, plant and equipment | (92,740) | (89,286) |
Buildings and land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 47,518 | |
Property, plant and equipment | 3,060 | 47,518 |
Buildings and land | Acquisition cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 52,230 | 48,820 |
Additions | 2,789 | 2,106 |
Divestments and disposals | (604) | |
Reclassifications | (1,976) | 0 |
Reclassified to Assets held for sale | (44,342) | |
Effect of foreign currency exchange rate differences | (4,027) | 1,304 |
Property, plant and equipment | 4,070 | 52,230 |
Buildings and land | Depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (4,712) | (2,376) |
Divestments and disposals | 47 | |
Reclassifications | 195 | |
Reclassified to Assets held for sale | 5,623 | |
Effect of foreign currency exchange rate differences | 938 | (70) |
Depreciation expense | (3,101) | (2,266) |
Property, plant and equipment | (1,010) | (4,712) |
Machinery and equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 63,403 | |
Property, plant and equipment | 75,771 | 63,403 |
Machinery and equipment | Acquisition cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 147,977 | 131,479 |
Additions | 6,254 | 6,315 |
Divestments and disposals | (919) | |
Reclassifications | 44,447 | 7,977 |
Reclassified to Assets held for sale | (20,041) | |
Effect of foreign currency exchange rate differences | (10,217) | 2,206 |
Property, plant and equipment | 167,501 | 147,977 |
Machinery and equipment | Depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (84,574) | (50,007) |
Divestments and disposals | 447 | |
Reclassifications | (195) | |
Reclassified to Assets held for sale | 5,385 | |
Effect of foreign currency exchange rate differences | 5,471 | (657) |
Depreciation expense | (18,264) | (33,910) |
Property, plant and equipment | (91,730) | (84,574) |
Machinery under development | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 27,666 | |
Property, plant and equipment | 83,894 | 27,666 |
Machinery under development | Acquisition cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 27,666 | 1,878 |
Additions | 58,171 | 33,622 |
Divestments and disposals | 0 | |
Reclassifications | 33 | (7,977) |
Reclassified to Assets held for sale | 0 | |
Effect of foreign currency exchange rate differences | (1,976) | 143 |
Property, plant and equipment | 83,894 | 27,666 |
Machinery under development | Depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 0 | 0 |
Divestments and disposals | 0 | |
Reclassifications | 0 | |
Reclassified to Assets held for sale | 0 | |
Effect of foreign currency exchange rate differences | 0 | 0 |
Depreciation expense | 0 | 0 |
Property, plant and equipment | $ 0 | $ 0 |
Financial instruments - Schedul
Financial instruments - Schedule of Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | $ 2,333 | $ 1,258 |
Financial liabilities, at fair value | 626,570 | 0 |
Earn-out rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 598,570 | 0 |
Ordinary shares | Class C-1 Shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 17,920 | 0 |
Ordinary shares | Class C-2 Shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 10,080 | 0 |
Marketable securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 1,258 |
Other investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 2,333 | 0 |
Level 1 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 1,258 |
Financial liabilities, at fair value | 17,920 | 0 |
Level 1 | Earn-out rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 | Ordinary shares | Class C-1 Shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 17,920 | 0 |
Level 1 | Ordinary shares | Class C-2 Shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 | Marketable securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 1,258 |
Level 1 | Other investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Financial liabilities, at fair value | 10,080 | 0 |
Level 2 | Earn-out rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 2 | Ordinary shares | Class C-1 Shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 2 | Ordinary shares | Class C-2 Shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 10,080 | 0 |
Level 2 | Marketable securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 2 | Other investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 2,333 | 0 |
Financial liabilities, at fair value | 598,570 | 0 |
Level 3 | Earn-out rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 598,570 | 0 |
Level 3 | Ordinary shares | Class C-1 Shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 | Ordinary shares | Class C-2 Shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 | Marketable securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 | Other investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | $ 2,333 | $ 0 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Purchase of investments other than investments accounted for using equity method | $ 2,500 | ||
Financial assets, at fair value | 2,333 | $ 1,258 | |
Interest revenue for financial assets measured at amortised cost | 7,658 | 1,396 | $ 3,199 |
Interest expense for financial liabilities measured at amortised cost | 77,510 | 42,482 | 24,379 |
Realized gain (loss) on derivatives | 0 | 0 | $ 554 |
Level 3 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | 2,333 | 0 | |
Other investments | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | 2,333 | 0 | |
Other investments | Level 3 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | $ 2,333 | $ 0 |
Financial instruments - Sched_2
Financial instruments - Schedule of Financial Assets and Liabilities at Amortized Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 381,003 | $ 970,799 |
Financial liabilities | 3,080,884 | 2,722,957 |
Financial liabilities at amortised cost, category | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 3,080,884 | 2,722,957 |
Financial liabilities at amortised cost, category | Trade payables and trade payables - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,055,955 | 1,541,974 |
Financial liabilities at amortised cost, category | Liabilities to credit institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,328,752 | 642,338 |
Financial liabilities at amortised cost, category | Accrued expenses and accrued expenses - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 367,005 | 502,809 |
Financial liabilities at amortised cost, category | Advance payments from customers | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 40,869 | |
Financial liabilities at amortised cost, category | Liabilities related to repurchase commitments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 79,501 | |
Financial liabilities at amortised cost, category | Interest-bearing current liabilities and interest-bearing current liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 38,235 | 24,072 |
Financial liabilities at amortised cost, category | Other current liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 70,258 | |
Financial liabilities at amortised cost, category | Other non-current liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 14,753 | 11,764 |
Financial liabilities at amortised cost, category | Other non-current interest-bearing liabilities and other non-current interest-bearing liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 85,556 | |
Financial assets at amortised cost, category | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1,354,880 | 969,541 |
Financial assets at amortised cost, category | Trade receivables and trade receivables - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 321,103 | 172,441 |
Financial assets at amortised cost, category | Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 973,877 | 756,677 |
Financial assets at amortised cost, category | Accrued income - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 49,060 | |
Financial assets at amortised cost, category | Other current receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 10,840 | 38,741 |
Financial assets at amortised cost, category | Other non-current receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 1,682 |
Financial instruments - Sched_3
Financial instruments - Schedule of Maturities of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 381,003 | $ 970,799 |
Financial liabilities | 3,080,884 | 2,722,957 |
Trade payables and trade payables - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,055,955 | 1,541,974 |
Liabilities to credit institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,328,752 | 642,338 |
Accrued expenses and accrued expenses - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 367,005 | 502,809 |
Advance payments from customers | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 40,869 | |
Liabilities related to repurchase commitments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 79,501 | |
Interest-bearing current liabilities and interest-bearing current liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 38,235 | 24,072 |
Other current liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 70,258 | |
Other non-current liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 14,753 | 11,764 |
Other non-current interest-bearing liabilities and other non-current interest-bearing liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 85,556 | |
Trade receivables and trade receivables - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 321,103 | 172,441 |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 756,677 | |
Marketable securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1,258 | |
Accrued income - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 49,060 | |
Other current receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 10,840 | 38,741 |
Other non-current receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 1,682 |
Due within 1 year | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 381,003 | 969,117 |
Financial liabilities | 2,980,575 | 2,711,193 |
Due within 1 year | Trade payables and trade payables - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,055,955 | 1,541,974 |
Due within 1 year | Liabilities to credit institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,328,752 | 642,338 |
Due within 1 year | Accrued expenses and accrued expenses - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 367,005 | 502,809 |
Due within 1 year | Advance payments from customers | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 40,869 | |
Due within 1 year | Liabilities related to repurchase commitments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 79,501 | |
Due within 1 year | Interest-bearing current liabilities and interest-bearing current liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 38,235 | 24,072 |
Due within 1 year | Other current liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 70,258 | |
Due within 1 year | Other non-current liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Due within 1 year | Other non-current interest-bearing liabilities and other non-current interest-bearing liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Due within 1 year | Trade receivables and trade receivables - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 321,103 | 172,441 |
Due within 1 year | Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 756,677 | |
Due within 1 year | Marketable securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1,258 | |
Due within 1 year | Accrued income - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 49,060 | |
Due within 1 year | Other current receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 10,840 | 38,741 |
Due within 1 year | Other non-current receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Due between 1 and 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 1,682 |
Financial liabilities | 100,309 | 11,764 |
Due between 1 and 5 years | Trade payables and trade payables - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Due between 1 and 5 years | Liabilities to credit institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Due between 1 and 5 years | Accrued expenses and accrued expenses - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Due between 1 and 5 years | Advance payments from customers | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Due between 1 and 5 years | Liabilities related to repurchase commitments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Due between 1 and 5 years | Interest-bearing current liabilities and interest-bearing current liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Due between 1 and 5 years | Other current liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Due between 1 and 5 years | Other non-current liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 14,753 | 11,764 |
Due between 1 and 5 years | Other non-current interest-bearing liabilities and other non-current interest-bearing liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 85,556 | |
Due between 1 and 5 years | Trade receivables and trade receivables - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Due between 1 and 5 years | Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | |
Due between 1 and 5 years | Marketable securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | |
Due between 1 and 5 years | Accrued income - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | |
Due between 1 and 5 years | Other current receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Due between 1 and 5 years | Other non-current receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 1,682 |
Due beyond 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Financial liabilities | 0 | 0 |
Due beyond 5 years | Trade payables and trade payables - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Due beyond 5 years | Liabilities to credit institutions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Due beyond 5 years | Accrued expenses and accrued expenses - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Due beyond 5 years | Advance payments from customers | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Due beyond 5 years | Liabilities related to repurchase commitments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Due beyond 5 years | Interest-bearing current liabilities and interest-bearing current liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Due beyond 5 years | Other current liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Due beyond 5 years | Other non-current liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Due beyond 5 years | Other non-current interest-bearing liabilities and other non-current interest-bearing liabilities - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | |
Due beyond 5 years | Trade receivables and trade receivables - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Due beyond 5 years | Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | |
Due beyond 5 years | Marketable securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | |
Due beyond 5 years | Accrued income - related parties | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | |
Due beyond 5 years | Other current receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | 0 |
Due beyond 5 years | Other non-current receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 0 | $ 0 |
Trade receivables (Details)
Trade receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Receivables [Line Items] | ||
Gross trade receivables | $ 246,107 | $ 157,753 |
Trade receivables - related parties | 74,996 | 14,688 |
Net trade receivables | 321,103 | 172,441 |
Not overdue | ||
Trade Receivables [Line Items] | ||
Gross trade receivables | 130,718 | 89,348 |
Trade receivables - related parties | 61,293 | 7,210 |
Net trade receivables | 192,011 | 96,558 |
1-30 days overdue | ||
Trade Receivables [Line Items] | ||
Gross trade receivables | 93,371 | 53,289 |
Trade receivables - related parties | 12,786 | 7,310 |
Net trade receivables | 106,157 | 60,599 |
30-90 days overdue | ||
Trade Receivables [Line Items] | ||
Gross trade receivables | 19,034 | 14,403 |
Trade receivables - related parties | 519 | 0 |
Net trade receivables | 19,553 | 14,403 |
>90 days overdue | ||
Trade Receivables [Line Items] | ||
Gross trade receivables | 2,984 | 713 |
Trade receivables - related parties | 398 | 168 |
Net trade receivables | $ 3,382 | $ 881 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories [Abstract] | ||
Work in progress | $ 1,387 | $ 3,586 |
Finished goods and good for resale | 704,929 | 610,124 |
Provision for impairment | (47,757) | (67,967) |
Inventories | $ 658,559 | $ 545,743 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventories [Abstract] | |||
Cost of inventories recognised as expense during period | $ 2,179,958 | $ 1,234,062 | $ 551,508 |
Write-downs (reversals of write-downs) of inventories | $ 27,877 | $ 67,967 | $ 35,984 |
Other current assets (Details)
Other current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Value added tax receivables | $ 58,516 | $ 63,698 |
Prepaid expenses and accrued income | 34,635 | 40,077 |
Advances to suppliers | 3,336 | 6,424 |
Other current assets | 10,840 | 10,003 |
Other current assets | $ 107,327 | $ 120,202 |
Current and non-current provi_3
Current and non-current provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in other provisions [abstract] | ||
Other provisions, beginning balance | $ 82,753 | $ 54,116 |
Additions | 126,023 | 79,801 |
Utilization | (44,278) | (46,037) |
Reversals | (10,994) | (5,127) |
Unwinding of discount and effect in changes due to discount rate | (4,612) | |
Other provisions, ending balance | 148,892 | 82,753 |
Other current provisions | 74,907 | 44,042 |
Other non-current provisions | 73,985 | 38,711 |
Warranties | ||
Changes in other provisions [abstract] | ||
Other provisions, beginning balance | 64,087 | 34,305 |
Additions | 100,389 | 68,081 |
Utilization | (25,239) | (33,332) |
Reversals | (10,785) | (4,967) |
Unwinding of discount and effect in changes due to discount rate | (4,612) | |
Other provisions, ending balance | 123,840 | 64,087 |
Other current provisions | 53,595 | 28,660 |
Other non-current provisions | 70,245 | 35,427 |
Provision for employee benefits | ||
Changes in other provisions [abstract] | ||
Other provisions, beginning balance | 7,628 | 5,128 |
Additions | 16,647 | 6,867 |
Utilization | (8,608) | (4,207) |
Reversals | (192) | (160) |
Unwinding of discount and effect in changes due to discount rate | 0 | |
Other provisions, ending balance | 15,475 | 7,628 |
Other current provisions | 15,379 | 6,325 |
Other non-current provisions | 96 | 1,303 |
Other provisions | ||
Changes in other provisions [abstract] | ||
Other provisions, beginning balance | 11,038 | 14,683 |
Additions | 8,987 | 4,853 |
Utilization | (10,431) | (8,498) |
Reversals | (17) | 0 |
Unwinding of discount and effect in changes due to discount rate | 0 | |
Other provisions, ending balance | 9,577 | 11,038 |
Other current provisions | 5,933 | 9,057 |
Other non-current provisions | $ 3,644 | $ 1,981 |
Other current liabilities (Deta
Other current liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Accrued expenses | $ 199,489 | $ 186,748 | |
Liabilities related to repurchase commitments | 79,501 | $ 92,421 | |
Accrued interest | 2,614 | 305 | |
Personnel related liabilities | 28,816 | 19,642 | |
VAT liabilities | 78,954 | 46,464 | |
Other liabilities | 4,416 | 19,082 | |
Other current liabilities | $ 393,790 | $ 364,662 |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of contingent liabilities [abstract] | |||
Commitments to acquire PPE | $ 179,690 | $ 235,573 | |
Commitments to acquire intangible assets | $ 216,572 | $ 501,207 | |
Potential total claim | $ 2,530 |
Subsequent events (Details)
Subsequent events (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||||||||
Apr. 03, 2023 shares | Mar. 22, 2023 shares | Mar. 16, 2023 USD ($) | Feb. 28, 2023 EUR (€) | Feb. 27, 2023 USD ($) | Feb. 26, 2023 EUR (€) | Dec. 31, 2022 USD ($) shares | Mar. 30, 2023 USD ($) | Nov. 03, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 31, 2020 | Jul. 31, 2018 | |
Events After Reporting Period [Line Items] | ||||||||||||
Borrowings | $ | $ 1,328,752 | $ 642,338 | ||||||||||
Granted (in shares) | 1,823,114,000 | |||||||||||
Performance Share Units (PSU) | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Granted (in shares) | 858,821,000 | |||||||||||
Restricted Share Units (RSU) | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Granted (in shares) | 629,303,000 | |||||||||||
Class C-2 American Depositary Shares | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Number of shares outstanding (in shares) | 4,500,000 | |||||||||||
Volvo Cars | Related parties | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Undrawn borrowing facilities | $ | $ 800,000 | |||||||||||
Borrowings, interest rate | 3.48% | 3.45% | ||||||||||
Entering into significant commitments | Volvo Cars | Related parties | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Borrowings, term | 18 months | |||||||||||
Borrowings | $ | $ 150,000 | $ 150,000 | ||||||||||
Major ordinary share transactions | 2022 Omnibus Incentive Plan | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Granted (in shares) | 1,607,582 | |||||||||||
Vesting period | 3 years | |||||||||||
Major ordinary share transactions | 2022 Omnibus Incentive Plan | Performance Share Units (PSU) | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Granted (in shares) | 1,202,569 | |||||||||||
Major ordinary share transactions | 2022 Omnibus Incentive Plan | Restricted Share Units (RSU) | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Granted (in shares) | 405,013 | |||||||||||
Major ordinary share transactions | Class C-1 Ordinary Shares | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Stock converted during the period (in shares) | 4,500,000 | |||||||||||
Major ordinary share transactions | Class C-2 American Depositary Shares | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Stock converted during the period (in shares) | (4,500,000) | |||||||||||
Revolving Credit Facility | Entering into significant commitments | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Borrowings, term | 90 days | 12 months | ||||||||||
Borrowings | € | € 250,000 | € 350,000 | ||||||||||
Borrowings, extension period | 12 months | |||||||||||
Revolving Credit Facility | Entering into significant commitments | Interbank Offered Rate | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Borrowings, adjustment to interest rate basis | 2.30% | |||||||||||
12-Month China CITIC Bank Corporation Limited Working Capital Loan | Entering into significant commitments | ||||||||||||
Events After Reporting Period [Line Items] | ||||||||||||
Borrowings, term | 12 months | |||||||||||
Secured bank loans received | $ | $ 100,000 | |||||||||||
Borrowings, interest rate | 7.35% |
Finance income and expense (Det
Finance income and expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance Income And Expense [Abstract] | |||
Net foreign exchange rate gains on financial activities | $ 0 | $ 31,574 | $ 0 |
Interest income on bank deposits | 7,658 | 1,396 | 3,199 |
Other finance income | 894 | 0 | 0 |
Finance income | 8,552 | 32,970 | 3,199 |
Interest expense on credit facilities and financing obligations | 33,331 | 11,681 | 13,169 |
Interest expense to related parties | 37,978 | 30,801 | 11,210 |
Net foreign exchange rate losses on financial activities | 30,920 | 0 | 7,527 |
Interest expense related to lease liabilities | 6,201 | 2,377 | 2,122 |
Credit facility expenses | 0 | 377 | 0 |
Other finance expenses | 5 | 13 | 6 |
Finance expense | $ 108,435 | $ 45,249 | $ 34,034 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Principal repayments of lease liabilities | $ 18,905 | $ 8,578 | $ 2,298 |
Land | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lessee, term of contract | 50 years | ||
Minimum | Buildings and land | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lessee, term of contract | 2 years | ||
Minimum | Machinery and equipment | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lessee, term of contract | 2 years | ||
Maximum | Buildings and land | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lessee, term of contract | 15 years | ||
Maximum | Machinery and equipment | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lessee, term of contract | 6 years |
Leases - Summary of Change in R
Leases - Summary of Change in Right-of-Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation Of Changes In Leases [Roll Forward] | |||
Additions | $ 53,870 | $ 12,376 | $ 61,529 |
Effect of foreign currency exchange rate differences | 0 | (39) | (584) |
Right-of-use assets | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | 69,606 | ||
Gross lease liabilities, ending balance | 95,323 | 69,606 | |
Buildings and land | Right-of-use assets | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | 34,954 | ||
Gross lease liabilities, ending balance | 70,675 | 34,954 | |
Machinery and equipment | Right-of-use assets | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | 34,652 | ||
Gross lease liabilities, ending balance | 24,648 | 34,652 | |
Vehicles under operating leases | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | 120,626 | ||
Gross lease liabilities, ending balance | 92,198 | 120,626 | |
Acquisition cost | Right-of-use assets | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | 95,212 | 82,911 | |
Additions | 53,870 | 12,376 | |
Reclassification to Assets held for sale | (4,975) | ||
Effect of foreign currency exchange rate differences | (9,082) | (75) | |
Gross lease liabilities, ending balance | 135,025 | 95,212 | 82,911 |
Acquisition cost | Buildings and land | Right-of-use assets | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | 45,113 | 33,965 | |
Additions | 53,870 | 12,345 | |
Reclassification to Assets held for sale | (4,975) | ||
Effect of foreign currency exchange rate differences | (4,399) | (1,197) | |
Gross lease liabilities, ending balance | 89,609 | 45,113 | 33,965 |
Acquisition cost | Machinery and equipment | Right-of-use assets | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | 50,099 | 48,946 | |
Additions | 0 | 31 | |
Reclassification to Assets held for sale | 0 | ||
Effect of foreign currency exchange rate differences | (4,683) | 1,122 | |
Gross lease liabilities, ending balance | 45,416 | 50,099 | 48,946 |
Acquisition cost | Vehicles under operating leases | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | 124,764 | 0 | |
Additions | 41,134 | 124,764 | |
Reclassification to inventories | (58,581) | ||
Effect of foreign currency exchange rate differences | (2,317) | ||
Gross lease liabilities, ending balance | 105,000 | 124,764 | 0 |
Depreciation and impairment | Right-of-use assets | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | (25,606) | (11,034) | |
Reclassification to Assets held for sale | 430 | ||
Effect of foreign currency exchange rate differences | 5,641 | 39 | |
Depreciation expense | (20,167) | (14,611) | |
Gross lease liabilities, ending balance | (39,702) | (25,606) | (11,034) |
Depreciation and impairment | Buildings and land | Right-of-use assets | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | (10,159) | (4,196) | |
Reclassification to Assets held for sale | 430 | ||
Effect of foreign currency exchange rate differences | 3,184 | 217 | |
Depreciation expense | (12,389) | (6,180) | |
Gross lease liabilities, ending balance | (18,934) | (10,159) | (4,196) |
Depreciation and impairment | Machinery and equipment | Right-of-use assets | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | (15,447) | (6,838) | |
Reclassification to Assets held for sale | 0 | ||
Effect of foreign currency exchange rate differences | 2,457 | (178) | |
Depreciation expense | (7,778) | (8,431) | |
Gross lease liabilities, ending balance | (20,768) | (15,447) | (6,838) |
Depreciation and impairment | Vehicles under operating leases | |||
Reconciliation Of Changes In Leases [Roll Forward] | |||
Gross lease liabilities, beginning balance | (4,138) | 0 | |
Reclassification to inventories | 4,578 | ||
Effect of foreign currency exchange rate differences | 762 | ||
Depreciation expense | (14,004) | (4,138) | |
Gross lease liabilities, ending balance | $ (12,802) | $ (4,138) | $ 0 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease liabilities [abstract] | |||
Income from sub-leasing right-of-use assets | $ 1,415 | $ 0 | $ 0 |
Expense relating to short-term leases | (1,598) | (1,300) | (1,390) |
Expense relating to lease of low value assets | (4,454) | (4,218) | (25) |
Interest expense on leases | (6,201) | (2,377) | (2,122) |
Effect of foreign currency exchange rate differences | $ 0 | $ 39 | $ 584 |
Leases - Current and Noncurrent
Leases - Current and Noncurrent Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lease liabilities [abstract] | ||
Current lease liability | $ 21,545 | $ 10,250 |
Non-current lease liability | 85,556 | 66,575 |
Total | $ 107,101 | $ 76,825 |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | $ 120,464 | $ 89,329 |
Within 1 year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | 21,717 | 10,250 |
Between 1 and 2 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | 24,484 | 11,715 |
Between 2 and 3 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | 20,739 | 10,375 |
Between 3 and 4 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | 17,924 | 8,596 |
Between 4 and 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | 5,987 | 42,032 |
Later than 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | $ 29,613 | $ 6,361 |
Leases - Income from Operating
Leases - Income from Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease liabilities [abstract] | |||
Vehicle leasing revenue | $ 16,719 | $ 6,217 | $ 0 |
Equity - Reverse Recapitalizati
Equity - Reverse Recapitalization Share Activity (Details) - USD ($) $ in Thousands | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 23, 2022 | Dec. 31, 2020 | Dec. 31, 2022 | Jun. 23, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in equity [abstract] | |||||||
Beginning balance | $ 122,496 | $ 122,496 | $ 580,711 | $ 591,162 | |||
Changes in the consolidated group | 1,512 | 5,801 | |||||
Issuance of new shares | 547,157 | 438,340 | |||||
Issuance of Volvo Cars Preference Shares | 588,826 | ||||||
Listing expense | 372,318 | 0 | 0 | ||||
Transaction costs | $ 97,953 | ||||||
Equity-settled share-based payment | 9,909 | ||||||
Ending balance | $ 580,711 | $ (133,643) | (133,643) | $ 122,496 | $ 580,711 | ||
Gores Guggenheim, Inc. Business Combination Agreement (BCA) | |||||||
Changes in equity [abstract] | |||||||
Listing expense | 372,318 | ||||||
PIPE Investors | |||||||
Changes in equity [abstract] | |||||||
Issuance of new shares | 250,000 | ||||||
Gores Guggenheim, Inc. | |||||||
Changes in equity [abstract] | |||||||
Issuance of new shares | $ 522,107 | ||||||
Transaction costs | $ 59,050 | ||||||
Class A Shares | |||||||
Reconciliation of number of shares outstanding [abstract] | |||||||
Number of shares outstanding (in shares) | 197,026,729 | 197,026,729 | 197,026,729 | 214,371,808 | 0 | ||
Changes in the consolidated group (in shares) | 200,000,000 | ||||||
Issuance during the year (in shares) | 14,371,808,000 | 0 | 0 | 14,371,808 | |||
Issuance of Volvo Cars Preference Shares (in shares) | 58,882,610 | 58,882,610 | |||||
Issuance of Convertible Notes (in shares) | 4,306,466 | 0 | |||||
Transaction cost (in shares) | 0 | ||||||
Equity settled share-based payment (in shares) | 876,451 | ||||||
Number of shares outstanding (in shares) | 197,026,729 | 214,371,808 | 467,677,673 | 197,026,729 | 467,677,673 | 197,026,729 | 214,371,808 |
Class A Shares | Gores Guggenheim, Inc. Business Combination Agreement (BCA) | |||||||
Reconciliation of number of shares outstanding [abstract] | |||||||
Listing expense (in shares) | 0 | ||||||
Class A Shares | PIPE Investors | |||||||
Reconciliation of number of shares outstanding [abstract] | |||||||
Issuance during the year (in shares) | 26,540,835 | ||||||
Class A Shares | Gores Guggenheim, Inc. | |||||||
Reconciliation of number of shares outstanding [abstract] | |||||||
Issuance during the year (in shares) | 82,193,962 | ||||||
Class B Shares | |||||||
Reconciliation of number of shares outstanding [abstract] | |||||||
Number of shares outstanding (in shares) | 35,377,866 | 35,377,866 | 35,377,866 | 0 | 0 | ||
Changes in the consolidated group (in shares) | 0 | ||||||
Issuance during the year (in shares) | 0 | 18,032,787 | 0 | ||||
Issuance of Volvo Cars Preference Shares (in shares) | 0 | ||||||
Issuance of Convertible Notes (in shares) | 0 | 0 | |||||
Transaction cost (in shares) | 0 | ||||||
Equity settled share-based payment (in shares) | 0 | ||||||
Number of shares outstanding (in shares) | 35,377,866 | 0 | 1,642,233,575 | 35,377,866 | 1,642,233,575 | 35,377,866 | 0 |
Class B Shares | Gores Guggenheim, Inc. Business Combination Agreement (BCA) | |||||||
Reconciliation of number of shares outstanding [abstract] | |||||||
Listing expense (in shares) | 0 | ||||||
Class B Shares | PIPE Investors | |||||||
Reconciliation of number of shares outstanding [abstract] | |||||||
Issuance during the year (in shares) | 0 | ||||||
Class B Shares | Gores Guggenheim, Inc. | |||||||
Reconciliation of number of shares outstanding [abstract] | |||||||
Issuance during the year (in shares) | 0 | ||||||
Share capital | |||||||
Changes in equity [abstract] | |||||||
Beginning balance | $ 1,865,909 | $ 1,865,909 | $ 1,865,909 | $ 1,318,752 | $ 0 | ||
Changes in the consolidated group | (1,846,472) | 880,412 | |||||
Issuance of new shares | 0 | 547,157 | 438,340 | ||||
Issuance of Convertible Notes | 0 | ||||||
Issuance of Volvo Cars Preference Shares | 589 | 589 | |||||
Issuance to Convertible Note holders | 43 | ||||||
Transaction costs | 0 | ||||||
Equity-settled share-based payment | 9 | 9 | |||||
Ending balance | $ 1,865,909 | $ 1,318,752 | 21,165 | 1,865,909 | 21,165 | 1,865,909 | 1,318,752 |
Share capital | Gores Guggenheim, Inc. Business Combination Agreement (BCA) | |||||||
Changes in equity [abstract] | |||||||
Listing expense | 0 | ||||||
Share capital | PIPE Investors | |||||||
Changes in equity [abstract] | |||||||
Issuance of new shares | 265 | 265 | |||||
Share capital | Gores Guggenheim, Inc. | |||||||
Changes in equity [abstract] | |||||||
Issuance of new shares | 822 | 822 | |||||
Other contributed capital | |||||||
Changes in equity [abstract] | |||||||
Beginning balance | 35,231 | 35,231 | 35,231 | 0 | 879,232 | ||
Changes in the consolidated group | 1,846,472 | (879,232) | |||||
Issuance of new shares | 0 | 0 | 0 | ||||
Issuance of Convertible Notes | 35,231 | ||||||
Issuance of Volvo Cars Preference Shares | 588,237 | 588,237 | |||||
Issuance to Convertible Note holders | (43) | ||||||
Transaction costs | (38,903) | ||||||
Equity-settled share-based payment | 9,900 | 9,900 | |||||
Ending balance | $ 35,231 | $ 0 | 3,584,232 | $ 35,231 | 3,584,232 | $ 35,231 | $ 0 |
Other contributed capital | Gores Guggenheim, Inc. Business Combination Agreement (BCA) | |||||||
Changes in equity [abstract] | |||||||
Listing expense | 372,318 | ||||||
Other contributed capital | PIPE Investors | |||||||
Changes in equity [abstract] | |||||||
Issuance of new shares | 249,735 | 249,735 | |||||
Other contributed capital | Gores Guggenheim, Inc. | |||||||
Changes in equity [abstract] | |||||||
Issuance of new shares | $ 521,285 | $ 521,285 |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Aug. 31, 2022 shares | Jun. 23, 2022 USD ($) $ / shares shares | Jul. 28, 2021 USD ($) shares | Jul. 31, 2021 USD ($) shares | Mar. 31, 2021 $ / shares shares | Dec. 31, 2020 shares | Dec. 31, 2022 shares vote $ / shares | Jun. 23, 2022 $ / shares shares | Dec. 31, 2022 USD ($) shares vote $ / shares | Dec. 31, 2021 USD ($) shares $ / shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2022 shares vote £ / shares | Jun. 24, 2022 shares | Jun. 23, 2022 £ / shares shares | Jun. 22, 2022 shares | Dec. 31, 2019 shares | |
Disclosure of classes of share capital [line items] | ||||||||||||||||
Proceeds from issuing shares | $ | $ 1,417,973 | $ 1,417,973 | $ 582,388 | $ 438,340 | ||||||||||||
Share issue related cost | $ | $ 372,318 | $ 0 | $ 0 | |||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | 1,321,663,000 | 1,321,663,000 | 0 | 1,321,663,000 | ||||||||||||
Exchange ratio | 8.335 | |||||||||||||||
Issuance of Convertible Notes | $ | $ 35,231 | $ 35,231 | $ 0 | $ 35,231 | ||||||||||||
Vested (in shares) | (501,451,000) | |||||||||||||||
Minimum | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issue of equity | $ | 50,000 | |||||||||||||||
Equity-Settled Share-Based Payment Arrangement | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of share options vested in share-based payment arrangement (in shares) | 250,000,000 | 250,000,000 | ||||||||||||||
Class A Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance during the year (in shares) | 14,371,808,000 | 0 | 0 | 14,371,808 | ||||||||||||
Number of shares outstanding (in shares) | 197,026,729 | 214,371,808 | 467,677,673 | 197,026,729 | 467,677,673 | 197,026,729 | 214,371,808 | 467,677,673 | 197,026,729 | 0 | ||||||
Shares issued to convertible note holders (in shares) | 4,306,466 | 0 | ||||||||||||||
Exchange ratio | 8.335 | |||||||||||||||
Class B Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance during the year (in shares) | 0 | 18,032,787 | 0 | |||||||||||||
Number of shares outstanding (in shares) | 35,377,866 | 0 | 1,642,233,575 | 35,377,866 | 1,642,233,575 | 35,377,866 | 0 | 1,642,233,575 | 35,377,866 | 0 | ||||||
Shares issued to convertible note holders (in shares) | 0 | 0 | ||||||||||||||
Exchange ratio | 8.335 | |||||||||||||||
Geely | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance of Convertible Notes | $ | $ 9,531 | |||||||||||||||
Geely | Class B Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance during the year (in shares) | 4,262,295,000 | |||||||||||||||
Gores Guggenheim, Inc. | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Proceeds from issuing shares | $ | $ 638,197 | |||||||||||||||
Gores Guggenheim, Inc. | Class A Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance during the year (in shares) | 82,193,962 | |||||||||||||||
Gores Guggenheim, Inc. | Class B Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance during the year (in shares) | 0 | |||||||||||||||
PIPE Investors | Class A Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance during the year (in shares) | 26,540,835 | |||||||||||||||
PIPE Investors | Class B Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance during the year (in shares) | 0 | |||||||||||||||
Related parties | Geely | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance of Convertible Notes | $ | $ 9,531 | |||||||||||||||
Redeemable Preferred Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Par value per share (in usd per share) | (per share) | $ 65 | $ 65 | £ 1 | |||||||||||||
Number of shares issued (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||
Redeemable Preferred Shares | Class A Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance during the year (in shares) | 0 | |||||||||||||||
Redeemable Preferred Shares | Class B Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issuance during the year (in shares) | 0 | |||||||||||||||
Redeemable Preferred Shares | Polestar Automotive Holding UK PLC ("Parent") | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Par value per share (in usd per share) | £ / shares | £ 1 | |||||||||||||||
Number of shares issued (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||
Class A Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of additional shares authorised (in shares) | 4,532,322,327 | 4,532,322,327 | 4,532,322,327 | |||||||||||||
Closing share price (in usd per share) | $ / shares | $ 18 | $ 8.04 | $ 6.15 | |||||||||||||
Shares issued to convertible note holders (in shares) | 4,306,466 | 4,306,466,000 | ||||||||||||||
Number of votes per share | vote | 1 | 1 | 1 | |||||||||||||
Class A Shares | Minimum | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Closing share price (in usd per share) | $ / shares | $ 10 | |||||||||||||||
Class A Shares | Equity-Settled Share-Based Payment Arrangement | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of share options vested in share-based payment arrangement (in shares) | 375,000,000 | |||||||||||||||
Class A Shares | Polestar Automotive Holding UK PLC ("Parent") | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Par value per share (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||
Number of shares issued (in shares) | 294,877,349 | 294,877,349 | 294,877,349 | |||||||||||||
Shares issued to convertible note holders (in shares) | 4,306,466 | |||||||||||||||
Class A Shares | Related parties | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares issued (in shares) | 14,371,808,000 | 240,099,199 | 240,099,199 | 197,026,729 | 14,371,808,000 | 240,099,199 | 241,264,235 | 197,026,729 | ||||||||
Class A Shares | Related parties | Polestar Automotive Holding UK PLC ("Parent") | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares issued (in shares) | 240,099,199 | 240,099,199 | 240,099,199 | |||||||||||||
Class A Shares | Related parties | Geely | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares issued (in shares) | 35,526,575 | 35,526,575 | 0 | 35,526,575 | 36,691,611 | 0 | ||||||||||
Shares issued to convertible note holders (in shares) | 1,165,041,000 | |||||||||||||||
Class B Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of additional shares authorised (in shares) | 135,133,164 | 135,133,164 | 135,133,164 | |||||||||||||
Closing share price (in usd per share) | $ / shares | $ 30.50 | $ 8.04 | ||||||||||||||
Proceeds from issuing shares | $ | $ 550,000 | |||||||||||||||
Share issue related cost | $ | $ 2,843 | |||||||||||||||
Number of votes per share | vote | 10 | 10 | 10 | |||||||||||||
Class B Shares | Related parties | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares issued (in shares) | 18,032,787,000 | 1,642,233,575 | 1,642,233,575 | 21,607,374 | 1,642,233,575 | 1,642,233,575 | 21,607,374 | |||||||||
Class B Shares | Related parties | Polestar Automotive Holding UK PLC ("Parent") | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Par value per share (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||
Class B Shares | Related parties | Geely | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares issued (in shares) | 4,262,295,000 | 0 | 0 | 4,262,295 | 4,262,295,000 | 0 | 0 | 4,262,295 | ||||||||
Class C-1 Ordinary Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Closing share price (in usd per share) | $ / shares | $ 1.12 | |||||||||||||||
Number of shares issued (in shares) | 15,999,965 | 15,999,965 | 15,999,965 | |||||||||||||
Class C-1 Ordinary Shares | Polestar Automotive Holding UK PLC ("Parent") | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Par value per share (in usd per share) | $ / shares | $ 0.10 | $ 0.10 | ||||||||||||||
Number of shares issued (in shares) | 15,999,965,000 | 15,999,965,000 | 15,999,965,000 | |||||||||||||
Class C-2 American Depositary Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of shares outstanding (in shares) | 4,500,000 | 4,500,000 | 4,500,000 | |||||||||||||
Number of shares issued (in shares) | 9,000,000 | 9,000,000 | 9,000,000 | |||||||||||||
Class C-2 American Depositary Shares | Polestar Automotive Holding UK PLC ("Parent") | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Par value per share (in usd per share) | $ / shares | $ 0.10 | $ 0.10 | ||||||||||||||
Number of shares issued (in shares) | 9,000,000,000 | 9,000,000,000 | 9,000,000,000 | |||||||||||||
Class C Shares | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Number of additional shares authorised (in shares) | 0 | 0 | 0 | |||||||||||||
Number of votes per share | vote | 1 | 1 | 1 |
Assets held for sale (Details)
Assets held for sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Property, plant and equipment | $ 258,048 | $ 208,193 |
Other current assets | 107,327 | 120,202 |
Assets held for sale | 63,224 | $ 0 |
Discontinued Operations, Held-For-Sale | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Foreign exchange loss | (1,392) | |
Property, plant and equipment | 57,921 | |
Other current assets | 5,303 | |
Assets held for sale | $ 63,224 |
Liabilities to credit institu_3
Liabilities to credit institutions - Liabilities to Credit Institutions (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,328,752 | $ 642,338 |
Working capital loans from banks | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,300,108 | 609,209 |
Floorplan facilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 33,615 | 32,453 |
Floorplan facilities | Liabilities to credit institutions | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 16,925 | 18,664 |
Sale-leaseback facilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 11,719 | $ 14,465 |
Liabilities to credit institu_4
Liabilities to credit institutions - Summary of Working Capital Loans (Details) € in Thousands, ¥ in Thousands, $ in Thousands | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) |
Disclosure of detailed information about borrowings [line items] | |||||
Loans received | $ 1,300,108 | $ 609,209 | |||
3 Month Euro Interbank Offered Rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, arrangement fee, percentage | 0.0015 | 0.0015 | 0.0015 | ||
Secured bank loans received | € 270,095 | $ 288,746 | |||
3 Month Euro Interbank Offered Rate | Euro Interbank Offered Rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 2.10% | 2.10% | 2.10% | ||
12 Month Loan Prime Rate Plus 1.25% | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Unsecured bank loans received | $ 72,517 | ¥ 500,000 | |||
12 Month Loan Prime Rate Plus 1.25% | Loan Prime Rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 1.25% | 1.25% | 1.25% | ||
12 Month Loan Prime Rate Plus 0.05% | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Unsecured bank loans received | $ 103,845 | ¥ 716,000 | |||
12 Month Loan Prime Rate Plus 0.05% | Loan Prime Rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 0.05% | 0.05% | 0.05% | ||
August 3 Month Loan Prime Rate Plus 2.3% | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Unsecured bank loans received | $ 147,000 | ||||
August 3 Month Loan Prime Rate Plus 2.3% | Loan Prime Rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 2.30% | 2.30% | 2.30% | ||
September 3 Month Loan Prime Rate Plus 2.3% | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Unsecured bank loans received | $ 255,000 | ||||
September 3 Month Loan Prime Rate Plus 2.3% | Loan Prime Rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 2.30% | 2.30% | 2.30% | ||
Secured 4.48% Working Capital Loan | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, interest rate | 4.48% | 4.48% | 4.48% | ||
Secured bank loans received | $ 133,000 | ||||
3 Month Secured Overnight Financing Rate Plus 2.4% | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Unsecured bank loans received | $ 100,000 | ||||
3 Month Secured Overnight Financing Rate Plus 2.4% | Secured Overnight Financing Rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 2.40% | 2.40% | 2.40% | ||
Unsecured 7.5% Working Capital Loan | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, interest rate | 7.50% | 7.50% | 7.50% | ||
Unsecured bank loans received | $ 200,000 | ||||
Secured 1.883% Working Capital Loan | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, interest rate | 1.883% | 1.883% | 1.883% | ||
Secured bank loans received | 400,000 | ||||
Unsecured 3.915% Working Capital Loan | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, interest rate | 3.915% | 3.915% | 3.915% | ||
Unsecured bank loans received | 130,559 | ¥ 830,000 | |||
12 Month National Interbank Loan | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Unsecured bank loans received | $ 78,650 | ¥ 500,000 | |||
12 Month National Interbank Loan | National Interbank Loan Prime Offer Rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 1.10% | 1.10% | 1.10% |
Liabilities to credit institu_5
Liabilities to credit institutions - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,328,752 | $ 642,338 |
Floorplan facilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 33,615 | 32,453 |
Floorplan facilities | Related parties | Interest Bearing Current Liabilities -Related Parties | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 16,690 | 13,789 |
Sale-leaseback facilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 11,719 | $ 14,465 |
Borrowings, interest rate | 5.20% | 2.60% |
Related party transactions - Na
Related party transactions - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Jun. 23, 2022 shares | Jul. 28, 2021 USD ($) shares | Jul. 31, 2021 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 shares | Nov. 03, 2022 USD ($) | Jun. 24, 2022 shares | Jun. 22, 2022 shares | Mar. 31, 2021 USD ($) shares | Jul. 31, 2020 USD ($) | Jul. 31, 2018 USD ($) | |
Disclosure of transactions between related parties [line items] | |||||||||||||
Borrowings | $ 1,328,752 | $ 642,338 | |||||||||||
Loans received | 1,300,108 | 609,209 | |||||||||||
Interest expense on borrowings | 33,331 | 11,681 | $ 13,169 | ||||||||||
Share capital | 21,165 | 1,865,909 | |||||||||||
Issuance of Convertible Notes | $ 35,231 | $ 35,231 | 0 | 35,231 | |||||||||
Intangible assets | 1,347,709 | 1,312,427 | |||||||||||
Polestar Incentive Plan | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Lock-up period | 180 days | ||||||||||||
Acquired IP | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Intangible assets | 1,144,240 | 1,175,218 | |||||||||||
Acquisition cost | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Intangible assets | 1,788,109 | 1,695,006 | 1,318,659 | ||||||||||
Additions | 313,244 | 462,731 | |||||||||||
Acquisition cost | Acquired IP | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Intangible assets | 1,569,395 | 1,541,855 | 1,273,314 | ||||||||||
Additions | 218,031 | 349,876 | |||||||||||
Geely | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Issuance of Convertible Notes | $ 9,531 | ||||||||||||
Class A Shares | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Shares issued to convertible note holders (in shares) | shares | 4,306,466 | 4,306,466,000 | |||||||||||
Class A Shares | Polestar Automotive Holding UK PLC ("Parent") | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Shares issued to convertible note holders (in shares) | shares | 4,306,466 | ||||||||||||
Number of shares issued (in shares) | shares | 294,877,349 | ||||||||||||
Class A Shares | Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Number of shares issued (in shares) | shares | 1,117,390 | ||||||||||||
Related parties | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Revenue from sale of goods, related party transactions | $ 139,582 | $ 128,980 | $ 147,455 | ||||||||||
Revenue from sale of goods, related party transactions, percentage of total revenue | 0.0567 | 0.0965 | 0.2416 | ||||||||||
Non-current payables to related parties | $ 27,123 | $ 40,741 | |||||||||||
Related parties | Volvo Cars | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Loans received | $ 214,950 | $ 143,600 | |||||||||||
Borrowings, interest rate | 3.48% | 3.45% | |||||||||||
Interest expense on borrowings | 0 | 0 | $ 8,684 | ||||||||||
Undrawn borrowing facilities | $ 800,000 | ||||||||||||
Share capital | $ 350,000 | ||||||||||||
Revenue from sale of goods, related party transactions | 71,191 | 73,660 | 107,948 | ||||||||||
Related parties | Geely | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Issuance of Convertible Notes | $ 9,531 | ||||||||||||
Revenue from sale of goods, related party transactions | $ 0 | $ 2,347 | 9,340 | ||||||||||
Related parties | Executive Management Team (“EMT”) And Managing Directors | Polestar Incentive Plan | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Shares acquired by the incentive plan participants (in shares) | shares | 38,125,000 | ||||||||||||
Related parties | Executive Management Team (“EMT”) And Managing Directors | Polestar Incentive Plan | Polestar | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Proportion of ownership interests held by non-controlling interests | 16% | ||||||||||||
Related parties | Class A Shares | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Share capital | $ 438,340 | ||||||||||||
Number of shares issued (in shares) | shares | 240,099,199 | 197,026,729 | 14,371,808,000 | 241,264,235 | 197,026,729 | ||||||||
Related parties | Class A Shares | Polestar Automotive Holding UK PLC ("Parent") | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Number of shares issued (in shares) | shares | 240,099,199 | ||||||||||||
Related parties | Class A Shares | Volvo Cars | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Number of shares issued (in shares) | shares | 204,572,624 | 97,685,904 | |||||||||||
Related parties | Class A Shares | Geely | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Shares issued to convertible note holders (in shares) | shares | 1,165,041,000 | ||||||||||||
Number of shares issued (in shares) | shares | 35,526,575 | 0 | 36,691,611 | 0 | |||||||||
Related parties | Class A Shares | Snita Holding B.V. | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Share capital | $ 219,170 | ||||||||||||
Number of shares issued (in shares) | shares | 204,572,624 | 95,961,904 | 7,185,904,000 | ||||||||||
Related parties | Class A Shares | PSD Investment Limited | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Share capital | $ 219,170 | ||||||||||||
Number of shares issued (in shares) | shares | 0 | 99,340,825 | 7,185,904,000 | 0 | 99,340,825 | ||||||||
Related parties | Class B Shares | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Share capital | $ 550,000 | ||||||||||||
Number of shares issued (in shares) | shares | 1,642,233,575 | 21,607,374 | 1,642,233,575 | 21,607,374 | 18,032,787,000 | ||||||||
Related parties | Class B Shares | Volvo Cars | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Number of shares issued (in shares) | shares | 814,219,838 | 17,345,079 | |||||||||||
Related parties | Class B Shares | Geely | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Share capital | $ 130,000 | ||||||||||||
Number of shares issued (in shares) | shares | 0 | 4,262,295 | 4,262,295,000 | 0 | 4,262,295 | ||||||||
Related parties | Class B Shares | Snita Holding B.V. | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Number of shares issued (in shares) | shares | 814,219,838 | 17,345,079 | |||||||||||
Related parties | Class B Shares | PSD Investment Limited | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Number of shares issued (in shares) | shares | 828,013,737 | 0 | 828,013,737 | 0 | |||||||||
Related parties | Secured Overnight Financing Rate | Volvo Cars | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Borrowings, adjustment to interest rate basis | 4.90% | ||||||||||||
Floorplan facilities | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Borrowings | $ 33,615 | $ 32,453 | |||||||||||
Floorplan facilities | Related parties | Volvo Cars | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Borrowings | $ 16,690 | $ 13,789 |
Related party transactions - Su
Related party transactions - Summary of Revenue and Purchase of Goods, Services And Other for Related Party (Details) - Related parties - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Revenue from sale of goods, related party transactions | $ 139,582 | $ 128,980 | $ 147,455 |
Purchases of goods, related party transactions | 2,467,301 | 1,776,472 | 1,059,713 |
Volvo Cars | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from sale of goods, related party transactions | 71,191 | 73,660 | 107,948 |
Purchases of goods, related party transactions | 2,217,094 | 570,429 | 276,849 |
Volvofinans Bank AB | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from sale of goods, related party transactions | 68,391 | 52,973 | 30,167 |
Purchases of goods, related party transactions | 1,003 | 5,748 | 0 |
Geely | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from sale of goods, related party transactions | 0 | 2,347 | 9,340 |
Purchases of goods, related party transactions | $ 249,204 | $ 1,200,295 | $ 782,864 |
Related party transactions - Am
Related party transactions - Amounts Due To And From Related Parties (Details) - Related parties - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | $ 1,209,347 | $ 1,743,434 | |
Interest expense on related party trade payables | 37,957 | 30,801 | $ 11,210 |
Amounts receivable, related party transactions | 124,056 | 19,791 | |
Volvo Cars | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 1,136,746 | 1,507,308 | |
Amounts receivable, related party transactions | 120,302 | 15,457 | |
Geely | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 71,212 | 235,622 | |
Amounts receivable, related party transactions | 3,751 | 4,025 | |
Volvofinans Bank AB | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 1,389 | 504 | |
Amounts receivable, related party transactions | $ 3 | $ 309 |
Related party transactions - Re
Related party transactions - Related Party Share Activity (Details) - Related parties - shares | Dec. 31, 2022 | Jun. 24, 2022 | Jun. 22, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Class A Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 240,099,199 | 241,264,235 | 197,026,729 | 197,026,729 | 14,371,808,000 | |
Class B Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 1,642,233,575 | 1,642,233,575 | 21,607,374 | 21,607,374 | 18,032,787,000 | |
Geely | Class A Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 35,526,575 | 36,691,611 | 0 | 0 | ||
Geely | Class B Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 0 | 0 | 4,262,295 | 4,262,295 | 4,262,295,000 | |
Volvo Cars | Class A Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 204,572,624 | 97,685,904 | ||||
Volvo Cars | Class B Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 814,219,838 | 17,345,079 | ||||
PSD Investment Limited | Class A Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 0 | 0 | 99,340,825 | 99,340,825 | 7,185,904,000 | |
PSD Investment Limited | Class B Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 828,013,737 | 828,013,737 | 0 | 0 | ||
Snita Holding B.V. | Class A Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 204,572,624 | 95,961,904 | 7,185,904,000 | |||
Snita Holding B.V. | Class B Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 814,219,838 | 17,345,079 | ||||
PS Investment | Class A Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | 0 | 1,724,000 |
Reverse recapitalization - Narr
Reverse recapitalization - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jun. 23, 2022 USD ($) tranche $ / shares shares | Sep. 14, 2020 | Mar. 31, 2021 $ / shares | Dec. 31, 2022 USD ($) member $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | |
Reverse Recapitalization [Line Items] | ||||||
IFRS 2 Listing Expense | $ | $ 9,909 | $ 0 | $ 0 | |||
Number of tranches | tranche | 5 | |||||
Preference subscription shares, value | $ | $ 588,826 | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||||
Changes in the consolidated group | $ | $ 1,512 | 5,801 | ||||
Accumulated deficit | ||||||
Reverse Recapitalization [Line Items] | ||||||
Changes in the consolidated group | $ | $ 1,512 | 4,621 | ||||
Class C-1 Ordinary Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | $ 1.12 | |||||
Share redemption price | $ / shares | $ 0.01 | |||||
Number of shares issued (in shares) | 15,999,965 | |||||
Fair value of shares issued | $ | $ 40,320 | $ 17,920 | 0 | |||
Unrealized gains (losses) on change in fair value of shares issued | $ | $ 22,400 | $ 0 | $ 0 | |||
Class A Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | $ 18 | $ 8.04 | $ 6.15 | |||
Threshold trading days | 20 days | |||||
Threshold trading day period | 30 days | |||||
Shares Conversion, Registration Statement Threshold | 30 days | |||||
Shares issuable, threshold trading days | 20 days | |||||
Shares issuable, threshold trading day period | 30 days | |||||
Class A Shares | Volvo Cars | ||||||
Reverse Recapitalization [Line Items] | ||||||
Exercise price of outstanding share options (in usd per share) | $ / shares | $ 10 | |||||
Class A Shares | Business Combination Agreement, Tranche One | ||||||
Reverse Recapitalization [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | 13 | |||||
Class A Shares | Business Combination Agreement, Tranche Two | ||||||
Reverse Recapitalization [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | 15.50 | |||||
Class A Shares | Business Combination Agreement, Tranche Three | ||||||
Reverse Recapitalization [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | 18 | |||||
Class A Shares | Business Combination Agreement, Tranche Four | ||||||
Reverse Recapitalization [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | 20.50 | |||||
Class A Shares | Business Combination Agreement, Tranche Five | ||||||
Reverse Recapitalization [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | $ 23 | |||||
Class A Shares | Minimum | ||||||
Reverse Recapitalization [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | $ 10 | |||||
Class C-2 American Depositary Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of shares issued (in shares) | 9,000,000 | |||||
Fair value of shares issued | $ | $ 22,770 | $ 10,080 | $ 0 | |||
Unrealized gains (losses) on change in fair value of shares issued | $ | 12,690 | $ 0 | $ 0 | |||
Class B Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | $ 30.50 | $ 8.04 | ||||
Gores Guggenheim, Inc. Business Combination Agreement (BCA) | ||||||
Reverse Recapitalization [Line Items] | ||||||
IFRS 2 Listing Expense | $ | $ 372,318 | |||||
Closing share price (in usd per share) | $ / shares | $ 11.23 | |||||
Earn-out rights | $ | 1,500,638 | $ 598,570 | $ 0 | |||
Gains (losses) on change in fair value of earn-out rights | $ | $ 902,068 | $ 0 | $ 0 | |||
Gores Guggenheim, Inc. Business Combination Agreement (BCA) | Volvo Cars | ||||||
Reverse Recapitalization [Line Items] | ||||||
Preference subscription shares, value | $ | $ 588,826 | |||||
Gores Guggenheim, Inc. Business Combination Agreement (BCA) | Class C-1 Ordinary Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of options per share | 1 | |||||
Exercise price of outstanding share options (in usd per share) | $ / shares | $ 11.50 | |||||
Shares exercisable, threshold period | 30 days | |||||
Shares conversion, redemption notice period | 30 days | |||||
Polestar Automotive Holding Limited ("Former Parent") | ||||||
Reverse Recapitalization [Line Items] | ||||||
Proportion of voting rights held | 0.99 | |||||
Number of board of directors nominated | member | 4 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class A Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 24,078,638 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class A Shares | Business Combination Agreement, Tranche One | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 4,815,728 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class A Shares | Business Combination Agreement, Tranche Two | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 4,815,728 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class A Shares | Business Combination Agreement, Tranche Three | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 4,815,728 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class A Shares | Business Combination Agreement, Tranche Four | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 4,815,728 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class A Shares | Business Combination Agreement, Tranche Five | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 4,815,728 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class B Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of shares issued (in shares) | 1,642,233,575 | |||||
Number of earn-out rights (in shares) | 134,098,971 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class B Shares | Business Combination Agreement, Tranche One | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 26,819,794 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class B Shares | Business Combination Agreement, Tranche Two | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 26,819,794 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class B Shares | Business Combination Agreement, Tranche Three | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 26,819,794 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class B Shares | Business Combination Agreement, Tranche Four | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 26,819,794 | |||||
Polestar Automotive Holding Limited ("Former Parent") | Class B Shares | Business Combination Agreement, Tranche Five | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of earn-out rights (in shares) | 26,819,794 | |||||
Gores Guggenheim, Inc. | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of board of directors nominated | member | 1 | |||||
Polestar Automotive Holding UK PLC ("Parent") | Class C-1 Ordinary Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of shares issued (in shares) | 15,999,965,000 | |||||
Polestar Automotive Holding UK PLC ("Parent") | Class A Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of shares issued (in shares) | 294,877,349 | |||||
Polestar Automotive Holding UK PLC ("Parent") | Class A Shares | Volvo Cars | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of shares issued (in shares) | 1,117,390 | |||||
Polestar Automotive Holding UK PLC ("Parent") | Class C-2 American Depositary Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Number of shares issued (in shares) | 9,000,000,000 |
Reverse recapitalization - Summ
Reverse recapitalization - Summary of Identifiable Net Assets Acquired (Details) - Gores Guggenheim, Inc. Business Combination Agreement (BCA) $ in Thousands | Jun. 23, 2022 USD ($) |
Reverse Recapitalization [Line Items] | |
Cash and cash equivalents | $ 579,146 |
Prepaid assets | 6,050 |
Public warrant liability | (40,320) |
Private warrant liability | (22,770) |
Total GGI identifiable net assets at fair value | $ 522,106 |
Reverse recapitalization - Su_2
Reverse recapitalization - Summary Of IFRS 2 Listing Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 23, 2022 | |
Reverse Recapitalization [Line Items] | ||||
Listing expense | $ 372,318 | $ 0 | $ 0 | |
Gores Guggenheim, Inc. Business Combination Agreement (BCA) | ||||
Reverse Recapitalization [Line Items] | ||||
Fair value of Polestar | $ 22,183,823 | |||
Deemed cost of shares issued by Polestar | 1,131,375 | |||
Total GGI identifiable net assets at fair value | 522,106 | |||
Sponsor and third-party PIPE Cash | $ 236,951 | |||
Listing expense | $ 372,318 | |||
Gores Guggenheim, Inc. Business Combination Agreement (BCA) | Gores Guggenheim, Inc. | ||||
Reverse Recapitalization [Line Items] | ||||
Percentage of voting equity interests acquired | 5.10% | |||
Gores Guggenheim, Inc. Business Combination Agreement (BCA) | Polestar Automotive Holding Limited ("Former Parent") | ||||
Reverse Recapitalization [Line Items] | ||||
Percentage of voting equity interests acquired | 94.90% |
Reverse recapitalization - Sche
Reverse recapitalization - Schedule of Reverse Recapitalization Share Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 23, 2022 | |
Class C-1 Ordinary Shares | ||||
Reverse Recapitalization [Line Items] | ||||
Fair value of shares issued | $ 17,920 | $ 0 | $ 40,320 | |
Change in fair value measurement | (22,400) | 0 | $ 0 | |
Class C-2 American Depositary Shares | ||||
Reverse Recapitalization [Line Items] | ||||
Fair value of shares issued | 10,080 | 0 | $ 22,770 | |
Change in fair value measurement | (12,690) | 0 | 0 | |
Class C Shares | ||||
Reverse Recapitalization [Line Items] | ||||
Fair value of shares issued | 28,000 | |||
Change in fair value measurement | $ (35,090) | $ 0 | $ 0 |
Reverse recapitalization - Su_3
Reverse recapitalization - Summary of Earn-Out Rights (Details) - Gores Guggenheim, Inc. Business Combination Agreement (BCA) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 23, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reverse Recapitalization [Line Items] | ||||
Earn-out rights | $ 1,500,638 | $ 598,570 | $ 0 | |
Change in fair value measurement | $ (902,068) | $ 0 | $ 0 |
Uncategorized Items - psny-2022
Label | Element | Value |
Redeemable Preferred Shares [Member] | Other equity interest [member] | ||
Stock Issued During Period, Value, New Issues | psny_StockIssuedDuringPeriodValueNewIssues | $ (65,000) |
Redeemable Preferred Shares [Member] | Share capital [member] | ||
Stock Issued During Period, Value, New Issues | psny_StockIssuedDuringPeriodValueNewIssues | $ 65,000 |
Class B Shares [Member] | Class B American Depositary Shares [Member] | ||
Stock Converted During Period, Shares | psny_StockConvertedDuringPeriodShares | 17,345,079 |
Stock Converted During Period, Shares | psny_StockConvertedDuringPeriodShares | 1,642,233,575 |
Class B Shares [Member] | Class A Ordinary Shares [Member] | ||
Stock Converted During Period, Shares | psny_StockConvertedDuringPeriodShares | (197,026,729) |
Stock Converted During Period, Shares | psny_StockConvertedDuringPeriodShares | (17,345,079) |
Class B Shares [Member] | Other equity interest [member] | ||
Stock Converted During Period, Value | psny_StockConvertedDuringPeriodValue | $ 1,565,447,000 |
Stock Converted During Period, Value | psny_StockConvertedDuringPeriodValue | 0 |
Class B Shares [Member] | Share capital [member] | ||
Stock Converted During Period, Value | psny_StockConvertedDuringPeriodValue | 0 |
Stock Converted During Period, Value | psny_StockConvertedDuringPeriodValue | $ (1,565,447,000) |
Class A Shares [Member] | Class B American Depositary Shares [Member] | ||
Stock Converted During Period, Shares | psny_StockConvertedDuringPeriodShares | (35,377,866) |
Class A Shares [Member] | Class A Ordinary Shares [Member] | ||
Stock Converted During Period, Shares | psny_StockConvertedDuringPeriodShares | 294,877,349 |
Class A Shares [Member] | Other equity interest [member] | ||
Stock Converted During Period, Value | psny_StockConvertedDuringPeriodValue | $ 281,090,000 |
Class A Shares [Member] | Share capital [member] | ||
Stock Converted During Period, Value | psny_StockConvertedDuringPeriodValue | $ (281,090,000) |