Cover
Cover | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K/A |
Document Period End Date | Jun. 30, 2023 |
Current Fiscal Year End Date | --12-31 |
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 | Göteborg |
Entity Address, Country | SE |
Amendment Flag | false |
Entity Central Index Key | 0001884082 |
Consolidated Statement of Loss
Consolidated Statement of Loss and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of comprehensive income [abstract] | ||||
Revenue | $ 685,247 | $ 589,070 | $ 1,231,265 | $ 1,041,297 |
Cost of sales | (686,057) | (528,389) | (1,213,654) | (987,881) |
Gross profit/(loss) | (810) | 60,681 | 17,611 | 53,416 |
Selling, general and administrative expense | (259,627) | (234,227) | (448,632) | (446,781) |
Research and development expense | (45,610) | (66,670) | (81,311) | (98,755) |
Other operating income (expense), net | 31,697 | (14,733) | 38,581 | (20,742) |
Listing expense | 0 | (372,318) | 0 | (372,318) |
Operating loss | (274,350) | (627,267) | (473,751) | (885,180) |
Finance income | 7,037 | 434 | 12,489 | 774 |
Finance expense | (64,436) | (38,908) | (90,516) | (51,427) |
Fair value change - Earn-out rights | 26,800 | 418,707 | 232,995 | 418,707 |
Fair value change - Class C Shares | 3,500 | 21,531 | 10,750 | 21,531 |
Loss before income taxes | (301,449) | (225,503) | (308,033) | (495,595) |
Income tax expense | (2,608) | (2,741) | (5,002) | (7,139) |
Net loss | $ (304,057) | $ (228,244) | $ (313,035) | $ (502,734) |
Net loss per share (in U.S. dollars) | ||||
Net loss per share - basic (in dollars per share) | $ (0.14) | $ (0.12) | $ (0.15) | $ (0.26) |
Net loss per share - diluted (in dollars per share) | $ (0.14) | $ (0.12) | $ (0.15) | $ (0.26) |
Items that may be subsequently reclassified to the Consolidated Statement of Loss: | ||||
Exchange rate differences from translation of foreign operations | $ (27,206) | $ 13,304 | $ (26,735) | $ 10,659 |
Total other comprehensive income/(loss) | (27,206) | 13,304 | (26,735) | 10,659 |
Total comprehensive loss | $ (331,263) | $ (214,940) | $ (339,770) | $ (492,075) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Intangible assets and goodwill | $ 1,466,317 | $ 1,396,477 |
Property, plant, and equipment | 254,462 | 258,048 |
Vehicles under operating leases | 103,116 | 92,198 |
Other non-current assets | 4,575 | 5,306 |
Deferred tax asset | 17,581 | 7,755 |
Other investments | 2,248 | 2,333 |
Total non-current assets | 1,848,299 | 1,762,117 |
Current assets | ||
Cash and cash equivalents | 1,057,412 | 973,877 |
Trade receivables | 196,133 | 246,107 |
Trade receivables - related parties | 90,053 | 74,996 |
Accrued income - related parties | 13,010 | 49,060 |
Inventories | 867,499 | 658,559 |
Current tax assets | 8,889 | 7,184 |
Assets held for sale | 53,094 | 63,224 |
Other current assets | 120,856 | 107,327 |
Total current assets | 2,406,946 | 2,180,334 |
Total assets | 4,255,245 | 3,942,451 |
Equity | ||
Share capital | (21,167) | (21,165) |
Other contributed capital | (3,586,888) | (3,584,232) |
Foreign currency translation reserve | 39,000 | 12,265 |
Accumulated deficit | 4,039,810 | 3,726,775 |
Total equity | 470,755 | 133,643 |
Non-current liabilities | ||
Non-current contract liabilities | (58,267) | (50,252) |
Deferred tax liabilities | (458) | (476) |
Other non-current provisions | (103,646) | (73,985) |
Other non-current liabilities | (50,039) | (14,753) |
Earn-out liability | (365,575) | (598,570) |
Other non-current interest-bearing liabilities | (75,793) | (85,556) |
Total non-current liabilities | (653,778) | (823,592) |
Current liabilities | ||
Trade payables | (97,632) | (98,458) |
Trade payables - related parties | (824,000) | (957,497) |
Accrued expenses - related parties | (148,041) | (164,902) |
Advance payments from customers | (42,847) | (40,869) |
Current provisions | (60,208) | (74,907) |
Liabilities to credit institutions | (1,623,433) | (1,328,752) |
Current tax liabilities | (15,767) | (10,617) |
Interest-bearing current liabilities | (27,658) | (21,545) |
Interest-bearing current liabilities - related parties | (779,283) | (16,690) |
Current contract liabilities | (61,642) | (46,217) |
Class C Shares liability | (17,250) | (28,000) |
Other current liabilities | (342,189) | (393,790) |
Other current liabilities - related parties | (32,272) | (70,258) |
Total current liabilities | (4,072,222) | (3,252,502) |
Total liabilities | (4,726,000) | (4,076,094) |
Total equity and liabilities | $ (4,255,245) | $ (3,942,451) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (313,035) | $ (502,734) |
Adjustments to reconcile net loss to net cash flows: | ||
Depreciation and amortization expense | 57,074 | 70,700 |
Warranties | 36,003 | 0 |
Inventory impairment | 11,795 | 0 |
Finance income | (12,489) | (774) |
Finance expense | 90,516 | 51,427 |
Fair value change - Earn-out rights | (232,995) | (418,707) |
Fair value change - Class C Shares | (10,750) | (21,531) |
Listing expense | 0 | 372,318 |
Income tax expense | 5,002 | 7,139 |
Other non-cash expense (income) | 19,252 | (17,362) |
Change in operating assets and liabilities: | ||
Inventories | (206,373) | 219,935 |
Contract liabilities | 24,673 | 8,008 |
Trade receivables, prepaid expenses and other assets | 72,372 | 25,698 |
Trade payables, accrued expenses and other liabilities | (154,206) | (162,437) |
Interest received | 12,489 | 775 |
Interest paid | (48,667) | (34,381) |
Taxes paid | (11,401) | 0 |
Cash used for operating activities | (660,740) | (401,926) |
Cash flows from investing activities | ||
Additions to property, plant and equipment | (42,948) | (1,624) |
Additions to intangible assets | (239,850) | (510,301) |
Additions to other investments | 0 | (2,480) |
Proceeds from the sale of property, plant and equipment | 1,710 | 0 |
Cash used for investing activities | (281,088) | (514,405) |
Cash flows from financing activities | ||
Proceeds from short-term borrowings | 1,671,964 | 414,916 |
Principal repayments of short-term borrowings | (598,953) | (211,514) |
Principal repayments of lease liabilities | (9,045) | (6,124) |
Proceeds from the issuance of share capital and other contributed capital | 0 | 1,416,000 |
Transaction costs | 0 | (39,000) |
Cash provided by financing activities | 1,063,966 | 1,574,278 |
Effect of foreign exchange rate changes on cash and cash equivalents | (38,603) | (32,987) |
Net increase in cash and cash equivalents | 83,535 | 624,960 |
Cash and cash equivalents at beginning of period | 973,877 | 756,677 |
Cash and cash equivalents at end of period | $ 1,057,412 | $ 1,381,637 |
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, 2021 | $ 122,496 | $ 1,865,909 | $ 35,231 | $ (16,784) | $ (1,761,860) | ||||||
Net loss | 502,734 | 502,734 | |||||||||
Other comprehensive income (loss) | (10,659) | (10,659) | |||||||||
Total comprehensive loss | 492,075 | 0 | 0 | (10,659) | 502,734 | ||||||
Changes in the consolidated group | (1,512) | 1,846,472 | (1,846,472) | (1,512) | |||||||
Issuance of Volvo Cars Preference Shares | (588,826) | (589) | (588,237) | ||||||||
Issuance to Convertible Note holders | 0 | (43) | 43 | ||||||||
Issuance of new shares | $ (250,000) | $ (522,107) | $ (265) | $ (822) | $ (249,735) | $ (521,285) | |||||
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 | (4,342) | 0 | (4,342) | ||||||||
Ending balance at Jun. 30, 2022 | (170,015) | 21,156 | 3,578,674 | (6,125) | (3,763,720) | ||||||
Beginning balance at Dec. 31, 2022 | (133,643) | 21,165 | 3,584,232 | (12,265) | (3,726,775) | ||||||
Net loss | 313,035 | 313,035 | |||||||||
Other comprehensive income (loss) | 26,735 | 26,735 | |||||||||
Total comprehensive loss | 339,770 | 0 | 0 | 26,735 | 313,035 | ||||||
Equity-settled share-based payment | 2,658 | 2 | 2,656 | ||||||||
Ending balance at Jun. 30, 2023 | $ (470,755) | $ 21,167 | $ 3,586,888 | $ (39,000) | $ (4,039,810) |
Significant accounting policies
Significant accounting policies and judgements | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of List Of Accounting Policies [Abstract] | |
Significant accounting policies and judgements | Note 1 - 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, 418 78 Göteborg, Sweden. As of June 30, 2023, related parties own 88.3% of the Group. Of related party ownership, Snita Holding B.V. owns 48.3%, PSD Investment Limited owns 39.2%, and various other entities own 0.8%. The remaining 11.7% of the Group is owned by external investors. Basis of preparation The Unaudited Condensed Consolidated Financial Statements in this interim report of Polestar Group are prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting (“IAS 34”), as adopted by the International Accounting Standards Board (“IASB”). The Unaudited Condensed 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 interim 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 Unaudited Condensed Consolidated 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 2024-2028 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 Unaudited Condensed 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, credit facilities from related parties, 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 three months ended June 30, 2023 and 2022 amounted to $304,057 and $228,244, respectively. Net losses for the six months ended June 30, 2023 and 2022 amounted to $313,035 and $502,734, respectively. Negative operating and investing cash flows for the six months ended June 30, 2023 and 2022 amounted to $941,828 and $916,331, 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 2024-2028 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, credit facilities from 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 Unaudited Condensed Consolidated Financial Statements do not include any adjustments to factor for the going concern uncertainty. Adoption of new and revised standards In May 2023, the IASB issued amendments to IAS 12, Income taxes: International Tax Reform – Pillar Two Model Rules , to clarify the application of IAS 12, Income Taxes , to income taxes arising from tax law enacted or substantively enacted to implement the Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes). The amendments introduce: (i) a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, which was effective immediately upon issuance of the amendment, and (ii) disclosure requirements for affected entities to help users of the financial statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before the effective date of the Pillar Two model rules, which apply for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or before December 31, 2023. For a detailed assessment of the Group’s adoption of other new and revised standards, refer to Note 1 - Significant accounting policies and judgments of the Consolidated Financial Statements for Polestar Automotive Holding Limited, as of December 31, 2022, and 2021, and for the three years ended December 31, 2022, that were included in the Form 20-F filed with the United States Securities and Exchange Commission (“SEC”) on April 14, 2023. Management has concluded the adoption of new and revised accounting pronouncements has not or will not have a material impact on the Group’s Unaudited Condensed Consolidated Financial Statements. The adoptions of accounting pronouncements issued, but not effective, for the six months ended June 30, 2023, will not have a material impact on the Group’s Unaudited Condensed Consolidated Financial Statements. Presentation, basis of consolidation, segment reporting, and foreign currency For a detailed description of the Group’s presentation, basis of consolidation, segment reporting, and foreign currency, including currency risk, refer to Note 1 - Significant accounting policies and judgements and Note 2 - Financial risk management of the Consolidated Financial Statements for Polestar Automotive Holding UK PLC, as of December 31, 2022 and 2021, and for the three years ended December 31, 2022, that were included in the Form 20-F filed with the SEC on April 14, 2023. There are no changes for the periods presented in these Unaudited Condensed Consolidated Financial Statements. The following tables show the breakdown of the Group’s revenue from external customers and non-current assets by geographical location where the Polestar company recognizing the revenue is located: For the three months ended June 30, For the six months ended June 30, Revenue 2023 2022 2023 2022 UK 134,412 67,917 291,584 137,218 USA 122,525 134,393 231,737 214,231 Sweden 107,197 59,334 157,043 155,157 Germany 65,402 59,641 117,399 102,209 Canada 40,056 17,836 63,122 24,169 Netherlands 33,567 30,383 50,483 55,938 Australia 24,448 19,130 48,463 23,032 Belgium 31,837 22,932 47,786 42,707 Norway 13,264 54,853 31,194 116,522 Italy 16,082 — 28,226 — Denmark 15,809 24,151 28,009 38,928 Finland 11,446 11,716 24,283 19,058 China 10,795 27,491 18,447 31,643 Other regions 1 58,407 59,293 93,489 80,485 Total $ 685,247 $ 589,070 $ 1,231,265 $ 1,041,297 1 - Other regions primarily consist of Austria, Korea, Spain and Switzerland in 2023. Other regions primarily consist of Korea, Switzerland and Austria in 2022. As of June 30, 2023 As of December 31, 2022 Non-current assets 2 Sweden 1,224,294 1,151,920 China 472,782 474,301 Germany 66,112 36,747 United Kingdom 21,860 22,777 USA 10,064 37,752 Other regions 3 33,358 28,532 Total $ 1,828,470 $ 1,752,029 2 - Non-current assets: excludes Deferred tax asset and Other investments. 3 - Other regions primarily consist of Switzerland, Belgium, Netherlands and Australia in 2023. Other regions primarily consist of Belgium, Switzerland and Australia in 2022. Restatement of certain comparative period items Net loss per share for the six months ended June 30, 2022 has been restated to reflect the number of equivalent shares issued by the Parent to the Former Parent in connection with the merger with Gores Guggenheim, Inc. on June 23, 2022. The adjustment is based on the number of shares outstanding on the reporting date multiplied by the exchange ratio of 8.335. In the Unaudited Condensed Consolidated Statement of Changes in Equity as of June 30, 2022, the lines previously presented as Merger with Gores Guggenheim Inc. and Changes in the consolidated group amounting to an equity impact of $199,628 have been adjusted to present each individual item related to the merger that impacted equity, resulting in an aggregate restated equity impact of $199,564. Accounting policies Polestar Group continues to apply the same accounting policies, methods, estimates and judgements as described in Note 1 - Significant accounting policies and judgements of the Consolidated Financial Statements for Polestar Automotive Holding UK PLC, as of December 31, 2022 and 2021, and for the three years ended December 31, 2022, that were included in the Form 20-F filed with the SEC on April 14, 2023. Use of estimates and judgements The preparation of these Unaudited Condensed Consolidated Financial Statements, in accordance with IAS 34, 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. Actual results could differ materially from those estimates using different assumptions or under different conditions. The Group did not have any events requiring the application of new critical estimates and judgements during the six months ended June 30, 2023. 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 Convertible Credit Facility with Volvo Cars If the instrument is converted, the number of shares issued on the date of the conversion 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. Fair value measurement 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 Unaudited Condensed 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 June 30, 2023, the fair value of the Class C-2 Shares was determined to equal $3,105 by leveraging the closing price of the Class C-1 Shares on the Nasdaq of $0.69 per share, an implied volatility of 94%, a risk-free rate of 4.27%, a dividend yield of 0%, and a 1,000 time-steps for the binomial lattice option pricing model. Refer to Note 8 - 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 Unaudited Condensed 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 4.48 years, the five earn-out tranches, and the probability of the Class A Shares in ListCo 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 ListCo to the Former Parent. As of June 30, 2023, the fair value of the earn-out was determined to equal $365,575 by leveraging an implied volatility of 75% and a risk-free rate of 4.18%. 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 8 - 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 April 3, 2023 was determined by reference to the Group’s closing share price of $3.79 on the business day immediately preceding the grant date (i.e., $3.79 per RSU). The fair value of PSUs granted was determined by calculating the weighted-average fair value of the 368,732 units linked to market-based vesting conditions and the 1,106,195 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 closing share price of $3.79 on the business day immediately preceding the grant date (i.e., $3.79 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 market-based vesting conditions was determined to be $3.33 by leveraging an implied volatility of 75%, a peer group historical average volatility of 63.5%, a risk-free rate of 3.8%, a simulation term of 2.7 years, a dividend yield of 0%, and 100,000 simulation iterations. As such, the weighted-average fair value per PSU was calculated to be $3.68. Refer to Note 3 - Share-based payment for more detail on the 2022 Omnibus Incentive Plan. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Revenue | Note 2 - 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 three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Sales of vehicles 1 669,241 578,398 1,198,973 1,016,817 Sales of software and performance engineered kits 5,686 6,333 12,440 10,862 Sales of carbon credits 532 145 532 1,313 Vehicle leasing revenue 3,287 3,060 7,493 7,934 Other revenue 6,501 1,134 11,827 4,371 Total $ 685,247 $ 589,070 $ 1,231,265 $ 1,041,297 1 - Revenue related to sales of vehicles are inclusive of extended and connected services recognized over time. For the three and six months ended June 30, 2023 and 2022, 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 and software performance upgrades. The Group's largest customer that is not a related party accounted for $155,820 (23%) and $271,246 (22%) of revenue, respectively, for the three and six months ended June 30, 2023. For the three and six months ended June 30, 2022, no sole customer, that is not a related party, exceeded 10% of total revenue. Refer to Note 11 - Related party transactions for further details on revenues from related parties. Contract liabilities Sales generated obligation Deferred revenue - extended service Deferred revenue - connected service Deferred revenue - operating leases & other Total Balance as of January 1, 2023 13,069 40,792 30,093 12,515 96,469 Provided for during the period 32,647 15,760 8,466 16,615 73,488 Settled during the period (26,695) — — — (26,695) Released during the period — (10,300) (2,463) (9,280) (22,043) Effect of foreign currency exchange rate differences (91) (96) (1,279) 156 (1,310) Balance as of June 30, 2023 $ 18,930 $ 46,156 $ 34,817 $ 20,006 $ 119,909 of which current 18,930 22,057 5,216 15,439 61,642 of which non-current — 24,099 29,601 4,567 58,267 |
Share-based payment
Share-based payment | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payment | Note 3 - Share-based payment As noted in Note 1 - Significant accounting policies and judgements , Polestar granted shares to employees under the 2022 Omnibus Plan as part of the Group’s employee compensation. Under the 2022 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. For more details on the terms of each program, refer to Note 7 - Share-based payments in the Consolidated Financial Statements for Polestar Automotive Holding UK PLC, as of December 31, 2022 and 2021, and for the three years ended December 31, 2022 that were included in the Form 20-F filed with the SEC on April 14, 2023. The following table illustrates share activity for the six months ended June 30, 2023: Number of PSUs Number of RSUs Number of Free Shares Total Outstanding as of January 1, 2023 858,821 458,620 4,222 1,321,663 Granted 1,474,927 428,840 — 1,903,767 Vested — (169,853) (4,222) (174,075) Forfeited (6,954) (8,639) — (15,593) Outstanding as of June 30, 2023 2,326,794 708,968 — 3,035,762 The following table illustrates total share-based compensation expense for the three and six months ended June 30, 2023 and 2022 by function: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Selling, general and administrative expense 1,430 4,342 2,533 4,342 Research and development expense 69 — 125 — Total $ 1,499 $ 4,342 $ 2,658 $ 4,342 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 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 were vested as of December 31, 2022. During the three months ended June 30, 2023, 31,250 Class A Shares vested, and the Group incurred a share-based compensation expense of $114. During the six months ended June 30, 2023 62,500 Class A Shares vested, and the Group incurred a share-based compensation expense of $290. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Lease liabilities [abstract] | |
Leases | Note 4 - Leases Polestar Group as 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, 2023 89,609 45,416 135,025 Additions 19,149 — 19,149 Cancellations (11,020) — (11,020) Effect of foreign currency exchange rate differences (1,245) (2,280) (3,525) Balance as of June 30, 2023 $ 96,493 $ 43,136 $ 139,629 Accumulated depreciation Balance as of January 1, 2023 (18,934) (20,768) (39,702) Depreciation expense (8,347) (2,392) (10,739) Effect of foreign currency exchange rate differences 706 1,114 1,820 Balance as of June 30, 2023 $ (26,575) $ (22,046) $ (48,621) Carrying amount as of June 30, 2023 $ 69,918 $ 21,090 $ 91,008 Amounts related to leases recognized in the Unaudited Condensed Consolidated Statement of Loss and Comprehensive Loss were as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Income from sub-leasing right-of-use assets 252 235 527 615 Expense relating to short-term leases 247 343 495 835 Expense relating to leases of low value assets — 1,899 6 1,911 Interest expense on leases 1,138 1,090 2,166 1,700 The current and non-current portion of the Group’s lease liabilities were as follows: As of June 30, 2023 As of December 31, 2022 Current lease liability 27,658 21,545 Non-current lease liability 75,793 85,556 Total $ 103,451 $ 107,101 Expected future lease payments to be made to satisfy the Group’s lease liabilities are as follows: As of June 30, 2023 As of December 31, 2022 Within 1 year 28,353 21,717 Between 1 and 2 years 28,929 24,484 Between 2 and 3 years 23,631 20,739 Between 3 and 4 years 22,140 17,924 Between 4 and 5 years 8,614 5,987 Later than 5 years 16,985 29,613 Total $ 128,652 $ 120,464 For the six months ended June 30, 2023 and 2022, total cash outflows for leases amounted to $11,436 and $6,124, respectively. Polestar Group as Lessor As a lessor, revenue recognized from operating leases was as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Vehicle leasing revenue $ 3,287 $ 3,060 $ 7,493 $ 7,934 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, 2023 105,000 Reclassification from inventory 39,877 Reclassification to inventory (37,585) Effect of foreign currency exchange rate differences 1,695 Balance as of June 30, 2023 $ 108,987 Accumulated depreciation Balance as of January 1, 2023 (12,802) Depreciation expense (2,341) Reclassification to inventory 9,250 Effect of foreign currency exchange rate differences 22 Balance as of June 30, 2023 $ (5,871) Carrying amount as of June 30, 2023 $ 103,116 |
Net loss per share
Net loss per share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Net loss per share | Note 5 - Net loss per share The following table presents the computation of basic and diluted net loss per share for the three and six months ended June 30, 2023 and 2022: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Class A and B Shares Class A and B Shares Net loss attributable to common shareholders (304,057) (228,244) (313,035) (502,734) Weighted-average number of common shares outstanding: Basic and diluted 2,109,975,806 1,950,335,837 2,109,952,338 1,943,759,914 Net loss per share (in ones): Basic and diluted $ (0.14) $ (0.12) $ (0.15) $ (0.26) Loss per share for the six months ended June 30, 2022 is 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 date multiplied by the exchange ratio of 8.335. For detail on the equity exchange ratio related to the merger with Gores Guggenheim, Inc. ("GGI"), refer to Note 20 - Equity in the Consolidated Financial Statements for Polestar Automotive Holding UK PLC, as of December 31, 2022, and for the three years ended December 31, 2022 that were included in the Form 20-F filed with the SEC on April 14, 2023. The following table presents shares that were not included in the calculation of diluted earnings per share as their effects would have been antidilutive for the three and six months ended June 30, 2023 and 2022: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Earn-out Shares 158,177,609 158,177,609 158,177,609 158,177,609 Class C-1 Shares 20,499,965 15,999,965 20,499,965 15,999,965 Class C-2 Shares 4,500,000 9,000,000 4,500,000 9,000,000 PSUs 2,326,794 858,821 2,326,794 858,821 RSUs 708,968 629,303 708,968 629,303 Marketing consulting services agreement 62,500 187,500 62,500 187,500 Total antidilutive shares 186,275,836 184,853,198 186,275,836 184,853,198 |
Intangible assets and goodwill
Intangible assets and goodwill | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Assets [Abstract] | |
Intangible assets and goodwill | Note 6 - Intangible assets and goodwill The following table depicts the split between Polestar Group’s intangible assets, goodwill and trademarks: As of June 30, 2023 As of December 31, 2022 Intangible assets 1,419,347 1,347,709 Goodwill and trademarks 46,970 48,768 Total $ 1,466,317 $ 1,396,477 Intangible assets were as follows: Internally developed IP Software Acquired IP Total Acquisition cost Balance as of January 1, 2023 217,600 1,114 1,569,395 1,788,109 Additions 1 49,807 — 125,411 175,218 Divestments and disposals — — (353) (353) Effect of foreign currency exchange rate differences (9,332) (46) (68,833) (78,211) Balance as of June 30, 2023 $ 258,075 $ 1,068 $ 1,625,620 $ 1,884,763 Accumulated amortization and impairment Balance as of January 1, 2023 (14,856) (389) (425,155) (440,400) Amortization expense (340) (69) (44,347) (44,756) Divestments and disposals — — 303 303 Effect of foreign currency exchange rate differences 556 18 18,863 19,437 Balance as of June 30, 2023 $ (14,640) $ (440) $ (450,336) $ (465,416) Carrying amount as of June 30, 2023 $ 243,435 $ 628 $ 1,175,284 $ 1,419,347 1 – Of $175,218 in additions for the six months ended June 30, 2023, $53,132 has been settled in cash. These $53,132 are included in the $239,850 cash used for investing activities related to additions to intangible assets, and the remaining $186,718 relates to increases in Trade payables - related parties from prior years which were settled in cash during the six months ended June 30, 2023. Additions to internally developed IP are primarily related to the Polestar 5 and various other internal programs, such as model year changes, for the six months ended June 30, 2023. Additions of acquired IP during the six months ended June 30, 2023 were primarily related to acquisition of the Polestar 2 and Polestar 3 IP from Volvo Cars. Polestar also acquired IP related to Polestar 4 from Geely. Refer to Note 11 - Related party transactions for further details. Changes to the carrying amount of goodwill and trademarks during the period were as follows: Goodwill Trademarks Total Balance as of January 1, 2023 46,460 2,308 48,768 Effect of foreign currency exchange rate differences (1,713) (85) (1,798) Balance as of June 30, 2023 $ 44,747 $ 2,223 $ 46,970 |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Financial instruments | Note 7 - 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: June 30, 2023 December 31, 2022 Assets measured at FVTPL Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other investments — — 2,248 2,248 — — 2,333 2,333 Total assets $ — $ — $ 2,248 $ 2,248 $ — $ — $ 2,333 $ 2,333 Liabilities measured at FVTPL Earn-out rights — — 365,575 365,575 — — 598,570 598,570 Class C-1 Shares 14,145 — — 14,145 17,920 — — 17,920 Class C-2 Shares — 3,105 — 3,105 — 10,080 — 10,080 Total liabilities $ 14,145 $ 3,105 $ 365,575 $ 382,825 $ 17,920 $ 10,080 $ 598,570 $ 626,570 |
Reverse recapitalization
Reverse recapitalization | 6 Months Ended |
Jun. 30, 2023 | |
Reverse Recapitalization [Abstract] | |
Reverse recapitalization | Note 8 - Reverse recapitalization Polestar underwent a reverse recapitalization through the merger with GGI and related arrangements on June 23, 2022. For more detail on the reverse recapitalization, including the net assets of GGI assumed by the Group and the Class C Shares and Earn-out rights issued in connection with the merger that are accounted for as derivative liabilities in accordance with IAS 32, Financial Instruments: Presentation (“IAS 32”) , and IFRS 9, Financial Instruments (“IFRS 9”), refer to Note 1 - Significant accounting policies and judgements and Note 16 - Reverse recapitalization in the Consolidated Financial Statements for Polestar Automotive Holding UK PLC, as of December 31, 2022 and 2021, and for the years ended December 31, 2022, that were included in the Form 20-F filed with the SEC on April 14, 2023. Class C Shares 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 for further details on the valuation methodology utilized to determine the fair value of the Class C-2 Shares. On March 22, 2023, 4,500,000 Class C-2 Shares with a fair value of $3,285 were converted to 4,500,000 Class C-1 Shares with the same fair value following the election by the respective holders of the Class C-2 Shares and approval from the Board of Directors. As of June 30, 2023 As of December 31, 2022 Liability Fair Value Number Outstanding Liability Fair Value Number Outstanding Class C-1 Shares 14,145 20,499,965 17,920 15,999,965 Class C-2 Shares 3,105 4,500,000 10,080 9,000,000 Total 17,250 24,999,965 28,000 24,999,965 Class C-1 Shares As of January 1, 2023 17,920 Class C-2 Shares converted to Class C-1 Shares 3,285 Changes in fair value measurement (7,060) As of June 30, 2023 $ 14,145 Class C-2 Shares As of January 1, 2023 10,080 Class C-2 Shares converted to Class C-1 Shares (3,285) Changes in fair value measurement (3,690) As of June 30, 2023 $ 3,105 The fair value change for the Class C Shares was as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Fair value change - Class C-1 Shares 2,870 13,760 3,775 13,760 Fair value change - Class C-2 Shares 630 7,771 6,975 7,771 Fair value change - Class C Shares $ 3,500 $ 21,531 $ 10,750 $ 21,531 Earn-out rights 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, 2023 598,570 Changes in fair value measurement (232,995) As of June 30, 2023 $ 365,575 The fair value change for the Earn-out rights was as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Fair value change - Earn-out rights $ 26,800 $ 418,707 $ 232,995 $ 418,707 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Equity | Note 9 - Equity Changes in the Group's equity during the six months ended June 30, 2023 were as follows: Class A Shares Class B Shares Share capital Other contributed capital Balance as of January 1, 2023 467,677,673 1,642,233,575 (21,165) (3,584,232) Equity-settled share-based payment 236,575 — (2) (2,656) Balance as of June 30, 2023 467,914,248 1,642,233,575 $ (21,167) $ (3,586,888) The following instruments of the Parent were issued and outstanding in the form of American depositary shares as of June 30, 2023: • 467,914,248 Class A Shares with a par value of $0.01, of which 221,357,712 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; • 20,499,965 Class C-1 Shares with a par value of $0.10; • 4,500,000 Class C-2 Shares with a par value of $0.10; and • 50,000 Redeemable Preferred Shares with a par value of GBP 1.00. As of June 30, 2023, there were an additional 4,532,085,752 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. Holders of Class A Shares in Parent are entitled to one vote per share and holders of Class B Shares in 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 Parent. Additionally, holders of GBP Redeemable Preferred Shares in Parent have no voting rights. Any dividends or other distributions paid by Parent shall be issued to holders of outstanding Class A Shares and Class B Shares in Parent. Holders of Class C Shares and GBP Redeemable Preferred Shares in Parent are not entitled to participate in any dividends or other distributions. Refer to Note 8 - Reverse recapitalization for additional information on the Class C Shares which are accounted for as derivative financial liabilities in accordance with IAS 32 and IFRS 9. |
Liabilities to credit instituti
Liabilities to credit institutions | 6 Months Ended |
Jun. 30, 2023 | |
Borrowing costs [abstract] | |
Liabilities to credit institutions | Note 10 - Liabilities to credit institutions The carrying amount of Polestar Group’s liabilities to credit institutions as of June 30, 2023 and December 31, 2022 were as follows: Liabilities to credit institutions As of June 30, 2023 As of December 31, 2022 Working capital loans from banks 1,562,847 1,300,108 Floorplan facilities 43,820 16,925 Sale-leaseback facilities 16,766 11,719 Total $ 1,623,433 $ 1,328,752 The Group had the following working capital loans outstanding as of June 30, 2023: Currency Term Security Interest Nominal amount in respective currency (thousands) Amount in USD (thousands) CNY August 2022 - August 2023 Unsecured 12-month LPR 1 plus 0.05%, settled quarterly 716,000 98,626 USD August 2022 - August 2023 Unsecured 2 3-month LPR plus 2.3%, settled quarterly 147,000 147,000 USD September 2022 - September 2023 Unsecured 2 3-month LPR plus 2.3%, settled quarterly 255,000 255,000 USD September 2022 - September 2023 Secured 3 4.48% per annum, settled quarterly 133,000 133,000 USD September 2022 - September 2023 Unsecured 2 3-month SOFR 4 plus 2.4%, settled quarterly 100,000 100,000 USD December 2022 - December 2023 Unsecured 2 7.5% per annum, settled quarterly 200,000 200,000 EUR February 2023 - February 2024 Secured 5 3-month EURIBOR 6 plus 2.3% and an arrangement fee of 0.15% 382,312 417,312 USD March 2023 - March 2024 Unsecured 2 7.35% per annum, settled quarterly 100,000 100,000 CNY March 2023 - March 2024 Unsecured 2 12-month LPR plus 0.05%, settled quarterly 260,000 35,814 CNY April 2023 - April 2024 Unsecured 2 12-month LPR plus 0.05%, settled quarterly 11,430 1,575 CNY May 2023 - May 2024 Unsecured 2 12-month LPR plus 0.45%, settled quarterly 231,000 31,819 CNY June 2023 - June 2024 Unsecured 2 12-month LPR plus 1.3%, settled monthly 310,000 42,701 Total $ 1,562,847 1 - People’s Bank of China (“PBOC”) Loan Prime Rate (“LPR"). 2 - Letters of keep well from both Volvo Cars and Geely. 3 - Secured by Geely, including letters of keep well from both Volvo Cars and Geely. 4 - Secured Overnight Financing Rate (“SOFR”). 5 - 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. 6 - Euro Interbank Offered Rate (“EURIBOR”). 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 June 30, 2023 and December 31, 2022, the aggregate amounts outstanding under these arrangements were $73,103 and $33,615, 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 Unaudited Condensed Consolidated Statement of Financial Position. Of the amounts above, the aggregate amounts outstanding as of June 30, 2023 and December 31, 2022 due to related parties were $29,283 and $16,690, respectively. Refer to Note 11 - Related party transactions for further details. Sale-leaseback facilities Polestar has also entered 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 repurchase the vehicles. Accordingly, the consideration received for these transactions was recorded as a financing transaction. As of June 30, 2023 and December 31, 2022, the aggregate amount outstanding under these arrangements was $16,766 and $11,719, 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 December 31, 2022 and 2021, and for the three years ended December 31, 2022 that were included in the Form 20-F filed with the SEC on April 14, 2023. There are no changes in terms of risk management policies for the periods presented in these Unaudited Condensed Consolidated Financial Statements. |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions [abstract] | |
Related party transactions | Note 11 - Related party transactions For a detailed description of the Group’s related parties and related party transactions, refer to Note 25 - Related party transactions of the Consolidated Financial Statements, as of December 31, 2022 and 2021, and for the three years ended December 31, 2022, that were included in the Form 20-F filed with the SEC on April 14, 2023. There are no changes to the Group’s related parties for the periods presented in these Unaudited Condensed Consolidated Financial Statements. Related party activity during the six months ended June 30, 2023 and 2022 and balances as of June 30, 2023 and December 31, 2022 are presented below. Financing In May 2021, the Group entered into a working capital credit facility with Volvo Cars and subsequently drew down on the facility, which has a maturity of one year. As of June 30, 2023, $29,283 of this financing arrangement remained outstanding, which is included in Interest-bearing current liabilities - related parties on the Unaudited Condensed Consolidated Statement of Financial Position. Refer to Note 10 - Liabilities to credit institutions for further details. Convertible Credit Facility with Volvo Cars 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 June 30, 2023, the Group had principal draws of $750,000 outstanding under the facility and the fair value of the financial liability related to Volvo Cars' conversion right was $0. Sale of goods, services and other The total revenue recognized for each related party was as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Volvo Cars 34,403 20,931 49,768 44,452 Volvofinans Bank AB 14,311 18,627 21,754 39,115 Geely 1,245 — 1,245 — Total $ 49,959 $ 39,558 $ 72,767 $ 83,567 For the three months ended June 30, 2023 and 2022, revenue from related parties was $49,959 (7.29%) and $39,558 (6.72%) of total revenue, respectively. For the six months ended June 30, 2023 and 2022, revenue from related parties was $72,767 (5.91%) and $83,567 (8.03%) of total revenue, respectively. Purchases of goods, services and other The total purchases of goods, services and other for each related party were as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Volvo Cars 598,959 232,448 1,241,837 752,493 Volvofinans Bank AB 227 64 312 334 Geely 46,447 24,914 91,736 106,862 Total $ 645,633 $ 257,426 $ 1,333,885 $ 859,689 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 Polestar 2, Polestar 3, and Polestar 4. In 2020, the Group entered into similar agreements with Volvo Cars to acquire technology leveraged in the development of the Polestar 1, Polestar 2, and Polestar 3. 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 June 30, 2023 was $1,175,284, of which acquisitions attributable to 2023 were $125,411. As of December 31, 2022, the recognized asset associated with these agreements was $1,144,240, of which acquisitions attributable to 2022 were $218,031. Amounts due to related parties Amounts due to related parties were as follows: Trade payables - related parties, accrued expenses, other current liabilities and interest-bearing current liabilities to related parties As of June 30, 2023 As of December 31, 2022 Volvo Cars 1,691,224 1,136,746 Geely 91,231 71,212 Volvofinans Bank AB 1,141 1,389 Total $ 1,783,596 $ 1,209,347 In addition to current liabilities to related parties, Polestar had non-current lease liabilities to related parties amounting to $35,041 as of June 30, 2023 and $27,123 as of December 31, 2022 included in Other non-current interest-bearing liabilities. The Group’s interest expense from related party liabilities was as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Interest expense - related parties $ 17,755 $ 12,248 $ 25,948 $ 24,275 Amounts due from related parties Amounts due from related parties were as follows: Trade receivables - related parties and accrued income - related parties As of June 30, 2023 As of December 31, 2022 Volvo Cars 97,340 120,302 Geely 1,340 3,751 Volvofinans Bank AB 4,383 3 Total $ 103,063 $ 124,056 |
Assets held for sale
Assets held for sale | 6 Months Ended |
Jun. 30, 2023 | |
Assets Held For Sale [Abstract] | |
Assets held for sale | Note 12 - Assets held for sale In December 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 Polestar 1 and special edition Polestar 2 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 the sale by July 31, 2023. The assets related to the Chengdu Plant that have been classified as held for sale have a net value of $53,094. The cumulative expense related to exchange rate differences from translation of the disposal group that are included in other comprehensive income amount to $4,260. Prior to December 2022, the Group did not hold any assets classified as held for sale. As of June 30, 2023, the disposal group was stated at the Group's carrying value and was comprised of the following: Property, plant and equipment 53,080 Other current assets 14 Assets held for sale $ 53,094 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Commitments and contingencies | Note 13 - Commitments and contingencies Commitments As of June 30, 2023, commitments to acquire PPE and intangible assets were $143,961 and $148,802, respectively. As of December 31, 2022, commitments to acquire PPE and intangible assets were $179,690 and $216,572, respectively. These commitments are contractual obligations to invest in PPE and intangible assets for the production of upcoming vehicle models Polestar 3 and Polestar 4. For the production of Polestar 3 and Polestar 2, 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. 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. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2023 | |
Events After Reporting Period [Abstract] | |
Subsequent events | Note 14 - Subsequent events Management has evaluated events subsequent to June 30, 2023 and through August 31, 2023, the date these Unaudited Condensed Consolidated Financial Statements were authorized for issuance by the Board of Directors. The following events which occurred subsequent to June 30, 2023 merited disclosure in these Unaudited Condensed Consolidated Financial Statements. Management determined that no adjustments were required to the figures presented as a result of these events. On July 7, 2023, the Group drew down the remaining $50,000 of the $800,000 aggregate principal amount under its 18-month credit facility with Volvo Cars that was secured on November 3, 2022. Refer to Note 11 - Related party transactions for further details on the facility with Volvo Cars. On August 1, 2023, the Group completed the sale of the Chengdu manufacturing plant held by its subsidiary, Polestar New Energy Vehicle Co. Ltd., to Zhejiang Geely Property Investment Holding Co. Ltd. The total consideration received from the sale of the plant was $71,043. On August 24, 2023, the Group entered into a 12-month working capital loan for $320,000 with a bank in China. This loans carries interest at the 12-month Secured Overnight Financing Rate plus 0.9% and is secured by Geely. This loan benefits from letters of comfort from Volvo Cars and Geely. On August 24, 2023, the Group entered into an unsecured 12-month working capital loan for $82,000 with a bank in China. This loans carries interest at the 12-month Secured Overnight Financing Rate plus 1.1%. This loan benefits from letters of comfort from Volvo Cars and Geely. On August 30, 2023, the Group entered into an unsecured 12-month working capital loan for $402,000 with a bank in China. This loans carries interest at the 3-month Secured Overnight Financing Rate plus 2.3%. This loan benefits from letters of comfort from Volvo Cars and Geely. |
Significant accounting polici_2
Significant accounting policies and judgements (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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, 418 78 Göteborg, Sweden. |
Basis of preparation | Basis of preparation The Unaudited Condensed Consolidated Financial Statements in this interim report of Polestar Group are prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting (“IAS 34”), as adopted by the International Accounting Standards Board (“IASB”). The Unaudited Condensed 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 interim 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 | Going concern Polestar Group’s Unaudited Condensed Consolidated 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 2024-2028 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 Unaudited Condensed 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, credit facilities from related parties, 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 three months ended June 30, 2023 and 2022 amounted to $304,057 and $228,244, respectively. Net losses for the six months ended June 30, 2023 and 2022 amounted to $313,035 and $502,734, respectively. Negative operating and investing cash flows for the six months ended June 30, 2023 and 2022 amounted to $941,828 and $916,331, 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 2024-2028 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, credit facilities from 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 Unaudited Condensed Consolidated Financial Statements do not include any adjustments to factor for the going concern uncertainty. |
Adoption of new and revised standards | Adoption of new and revised standards In May 2023, the IASB issued amendments to IAS 12, Income taxes: International Tax Reform – Pillar Two Model Rules , to clarify the application of IAS 12, Income Taxes , to income taxes arising from tax law enacted or substantively enacted to implement the Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes). The amendments introduce: (i) a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, which was effective immediately upon issuance of the amendment, and (ii) disclosure requirements for affected entities to help users of the financial statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before the effective date of the Pillar Two model rules, which apply for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or before December 31, 2023. For a detailed assessment of the Group’s adoption of other new and revised standards, refer to Note 1 - Significant accounting policies and judgments of the Consolidated Financial Statements for Polestar Automotive Holding Limited, as of December 31, 2022, and 2021, and for the three years ended December 31, 2022, that were included in the Form 20-F filed with the United States Securities and Exchange Commission (“SEC”) on April 14, 2023. Management has concluded the adoption of new and revised accounting pronouncements has not or will not have a material impact on the Group’s Unaudited Condensed Consolidated Financial Statements. The adoptions of accounting pronouncements issued, but not effective, for the six months ended June 30, 2023, will not have a material impact on the Group’s Unaudited Condensed Consolidated Financial Statements. |
Presentation | Presentation, basis of consolidation, segment reporting, and foreign currency For a detailed description of the Group’s presentation, basis of consolidation, segment reporting, and foreign currency, including currency risk, refer to Note 1 - Significant accounting policies and judgements and Note 2 - Financial risk management of the Consolidated Financial Statements for Polestar Automotive Holding UK PLC, as of December 31, 2022 and 2021, and for the three years ended December 31, 2022, that were included in the Form 20-F filed with the SEC on April 14, 2023. There are no changes for the periods presented in these Unaudited Condensed Consolidated Financial Statements. |
Basis of consolidation | Presentation, basis of consolidation, segment reporting, and foreign currency For a detailed description of the Group’s presentation, basis of consolidation, segment reporting, and foreign currency, including currency risk, refer to Note 1 - Significant accounting policies and judgements and Note 2 - Financial risk management of the Consolidated Financial Statements for Polestar Automotive Holding UK PLC, as of December 31, 2022 and 2021, and for the three years ended December 31, 2022, that were included in the Form 20-F filed with the SEC on April 14, 2023. There are no changes for the periods presented in these Unaudited Condensed Consolidated Financial Statements. |
Segment reporting | Presentation, basis of consolidation, segment reporting, and foreign currency For a detailed description of the Group’s presentation, basis of consolidation, segment reporting, and foreign currency, including currency risk, refer to Note 1 - Significant accounting policies and judgements and Note 2 - Financial risk management of the Consolidated Financial Statements for Polestar Automotive Holding UK PLC, as of December 31, 2022 and 2021, and for the three years ended December 31, 2022, that were included in the Form 20-F filed with the SEC on April 14, 2023. There are no changes for the periods presented in these Unaudited Condensed Consolidated Financial Statements. |
Foreign currency | Presentation, basis of consolidation, segment reporting, and foreign currency For a detailed description of the Group’s presentation, basis of consolidation, segment reporting, and foreign currency, including currency risk, refer to Note 1 - Significant accounting policies and judgements and Note 2 - Financial risk management of the Consolidated Financial Statements for Polestar Automotive Holding UK PLC, as of December 31, 2022 and 2021, and for the three years ended December 31, 2022, that were included in the Form 20-F filed with the SEC on April 14, 2023. There are no changes for the periods presented in these Unaudited Condensed Consolidated Financial Statements. |
Use of estimates and judgments | Use of estimates and judgements The preparation of these Unaudited Condensed Consolidated Financial Statements, in accordance with IAS 34, 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. Actual results could differ materially from those estimates using different assumptions or under different conditions. The Group did not have any events requiring the application of new critical estimates and judgements during the six months ended June 30, 2023. |
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 Convertible Credit Facility with Volvo Cars If the instrument is converted, the number of shares issued on the date of the conversion 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. |
Fair value measurement | Fair value measurement 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 Unaudited Condensed 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 June 30, 2023, the fair value of the Class C-2 Shares was determined to equal $3,105 by leveraging the closing price of the Class C-1 Shares on the Nasdaq of $0.69 per share, an implied volatility of 94%, a risk-free rate of 4.27%, a dividend yield of 0%, and a 1,000 time-steps for the binomial lattice option pricing model. Refer to Note 8 - 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 Unaudited Condensed 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 4.48 years, the five earn-out tranches, and the probability of the Class A Shares in ListCo 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 ListCo to the Former Parent. As of June 30, 2023, the fair value of the earn-out was determined to equal $365,575 by leveraging an implied volatility of 75% and a risk-free rate of 4.18%. 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 8 - 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 April 3, 2023 was determined by reference to the Group’s closing share price of $3.79 on the business day immediately preceding the grant date (i.e., $3.79 per RSU). The fair value of PSUs granted was determined by calculating the weighted-average fair value of the 368,732 units linked to market-based vesting conditions and the 1,106,195 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 closing share price of $3.79 on the business day immediately preceding the grant date (i.e., $3.79 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 market-based vesting conditions was determined to be $3.33 by leveraging an implied volatility of 75%, a peer group historical average volatility of 63.5%, a risk-free rate of 3.8%, a simulation term of 2.7 years, a dividend yield of 0%, and 100,000 simulation iterations. As such, the weighted-average fair value per PSU was calculated to be $3.68. Refer to Note 3 - Share-based payment for more detail on the 2022 Omnibus Incentive Plan. |
Significant accounting polici_3
Significant accounting policies and judgements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of List Of Accounting Policies [Abstract] | |
Disclosure of geographical areas | The following tables show the breakdown of the Group’s revenue from external customers and non-current assets by geographical location where the Polestar company recognizing the revenue is located: For the three months ended June 30, For the six months ended June 30, Revenue 2023 2022 2023 2022 UK 134,412 67,917 291,584 137,218 USA 122,525 134,393 231,737 214,231 Sweden 107,197 59,334 157,043 155,157 Germany 65,402 59,641 117,399 102,209 Canada 40,056 17,836 63,122 24,169 Netherlands 33,567 30,383 50,483 55,938 Australia 24,448 19,130 48,463 23,032 Belgium 31,837 22,932 47,786 42,707 Norway 13,264 54,853 31,194 116,522 Italy 16,082 — 28,226 — Denmark 15,809 24,151 28,009 38,928 Finland 11,446 11,716 24,283 19,058 China 10,795 27,491 18,447 31,643 Other regions 1 58,407 59,293 93,489 80,485 Total $ 685,247 $ 589,070 $ 1,231,265 $ 1,041,297 1 - Other regions primarily consist of Austria, Korea, Spain and Switzerland in 2023. Other regions primarily consist of Korea, Switzerland and Austria in 2022. As of June 30, 2023 As of December 31, 2022 Non-current assets 2 Sweden 1,224,294 1,151,920 China 472,782 474,301 Germany 66,112 36,747 United Kingdom 21,860 22,777 USA 10,064 37,752 Other regions 3 33,358 28,532 Total $ 1,828,470 $ 1,752,029 2 - Non-current assets: excludes Deferred tax asset and Other investments. 3 - Other regions primarily consist of Switzerland, Belgium, Netherlands and Australia in 2023. Other regions primarily consist of Belgium, Switzerland and Australia in 2022. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Sales of vehicles 1 669,241 578,398 1,198,973 1,016,817 Sales of software and performance engineered kits 5,686 6,333 12,440 10,862 Sales of carbon credits 532 145 532 1,313 Vehicle leasing revenue 3,287 3,060 7,493 7,934 Other revenue 6,501 1,134 11,827 4,371 Total $ 685,247 $ 589,070 $ 1,231,265 $ 1,041,297 1 - Revenue related to sales of vehicles are inclusive of extended and connected services recognized over time. |
Schedule of Contract Liabilities | Contract liabilities Sales generated obligation Deferred revenue - extended service Deferred revenue - connected service Deferred revenue - operating leases & other Total Balance as of January 1, 2023 13,069 40,792 30,093 12,515 96,469 Provided for during the period 32,647 15,760 8,466 16,615 73,488 Settled during the period (26,695) — — — (26,695) Released during the period — (10,300) (2,463) (9,280) (22,043) Effect of foreign currency exchange rate differences (91) (96) (1,279) 156 (1,310) Balance as of June 30, 2023 $ 18,930 $ 46,156 $ 34,817 $ 20,006 $ 119,909 of which current 18,930 22,057 5,216 15,439 61,642 of which non-current — 24,099 29,601 4,567 58,267 |
Share-based payment (Tables)
Share-based payment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2023: Number of PSUs Number of RSUs Number of Free Shares Total Outstanding as of January 1, 2023 858,821 458,620 4,222 1,321,663 Granted 1,474,927 428,840 — 1,903,767 Vested — (169,853) (4,222) (174,075) Forfeited (6,954) (8,639) — (15,593) Outstanding as of June 30, 2023 2,326,794 708,968 — 3,035,762 |
Schedule of share-based payment arrangements | The following table illustrates total share-based compensation expense for the three and six months ended June 30, 2023 and 2022 by function: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Selling, general and administrative expense 1,430 4,342 2,533 4,342 Research and development expense 69 — 125 — Total $ 1,499 $ 4,342 $ 2,658 $ 4,342 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 89,609 45,416 135,025 Additions 19,149 — 19,149 Cancellations (11,020) — (11,020) Effect of foreign currency exchange rate differences (1,245) (2,280) (3,525) Balance as of June 30, 2023 $ 96,493 $ 43,136 $ 139,629 Accumulated depreciation Balance as of January 1, 2023 (18,934) (20,768) (39,702) Depreciation expense (8,347) (2,392) (10,739) Effect of foreign currency exchange rate differences 706 1,114 1,820 Balance as of June 30, 2023 $ (26,575) $ (22,046) $ (48,621) Carrying amount as of June 30, 2023 $ 69,918 $ 21,090 $ 91,008 Amounts related to leases recognized in the Unaudited Condensed Consolidated Statement of Loss and Comprehensive Loss were as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Income from sub-leasing right-of-use assets 252 235 527 615 Expense relating to short-term leases 247 343 495 835 Expense relating to leases of low value assets — 1,899 6 1,911 Interest expense on leases 1,138 1,090 2,166 1,700 The current and non-current portion of the Group’s lease liabilities were as follows: As of June 30, 2023 As of December 31, 2022 Current lease liability 27,658 21,545 Non-current lease liability 75,793 85,556 Total $ 103,451 $ 107,101 As a lessor, revenue recognized from operating leases was as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Vehicle leasing revenue $ 3,287 $ 3,060 $ 7,493 $ 7,934 Vehicles under operating leases Acquisition cost Balance as of January 1, 2023 105,000 Reclassification from inventory 39,877 Reclassification to inventory (37,585) Effect of foreign currency exchange rate differences 1,695 Balance as of June 30, 2023 $ 108,987 Accumulated depreciation Balance as of January 1, 2023 (12,802) Depreciation expense (2,341) Reclassification to inventory 9,250 Effect of foreign currency exchange rate differences 22 Balance as of June 30, 2023 $ (5,871) Carrying amount as of June 30, 2023 $ 103,116 |
Disclosure of maturity analysis of operating lease payments | Expected future lease payments to be made to satisfy the Group’s lease liabilities are as follows: As of June 30, 2023 As of December 31, 2022 Within 1 year 28,353 21,717 Between 1 and 2 years 28,929 24,484 Between 2 and 3 years 23,631 20,739 Between 3 and 4 years 22,140 17,924 Between 4 and 5 years 8,614 5,987 Later than 5 years 16,985 29,613 Total $ 128,652 $ 120,464 |
Net loss per share (Tables)
Net loss per share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Earnings per share | The following table presents the computation of basic and diluted net loss per share for the three and six months ended June 30, 2023 and 2022: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Class A and B Shares Class A and B Shares Net loss attributable to common shareholders (304,057) (228,244) (313,035) (502,734) Weighted-average number of common shares outstanding: Basic and diluted 2,109,975,806 1,950,335,837 2,109,952,338 1,943,759,914 Net loss per share (in ones): Basic and diluted $ (0.14) $ (0.12) $ (0.15) $ (0.26) For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Earn-out Shares 158,177,609 158,177,609 158,177,609 158,177,609 Class C-1 Shares 20,499,965 15,999,965 20,499,965 15,999,965 Class C-2 Shares 4,500,000 9,000,000 4,500,000 9,000,000 PSUs 2,326,794 858,821 2,326,794 858,821 RSUs 708,968 629,303 708,968 629,303 Marketing consulting services agreement 62,500 187,500 62,500 187,500 Total antidilutive shares 186,275,836 184,853,198 186,275,836 184,853,198 |
Intangible assets and goodwill
Intangible assets and goodwill (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 As of December 31, 2022 Intangible assets 1,419,347 1,347,709 Goodwill and trademarks 46,970 48,768 Total $ 1,466,317 $ 1,396,477 Intangible assets were as follows: Internally developed IP Software Acquired IP Total Acquisition cost Balance as of January 1, 2023 217,600 1,114 1,569,395 1,788,109 Additions 1 49,807 — 125,411 175,218 Divestments and disposals — — (353) (353) Effect of foreign currency exchange rate differences (9,332) (46) (68,833) (78,211) Balance as of June 30, 2023 $ 258,075 $ 1,068 $ 1,625,620 $ 1,884,763 Accumulated amortization and impairment Balance as of January 1, 2023 (14,856) (389) (425,155) (440,400) Amortization expense (340) (69) (44,347) (44,756) Divestments and disposals — — 303 303 Effect of foreign currency exchange rate differences 556 18 18,863 19,437 Balance as of June 30, 2023 $ (14,640) $ (440) $ (450,336) $ (465,416) Carrying amount as of June 30, 2023 $ 243,435 $ 628 $ 1,175,284 $ 1,419,347 1 – Of $175,218 in additions for the six months ended June 30, 2023, $53,132 has been settled in cash. These $53,132 are included in the $239,850 cash used for investing activities related to additions to intangible assets, and the remaining $186,718 relates to increases in Trade payables - related parties from prior years which were settled in cash during the six months ended June 30, 2023. Changes to the carrying amount of goodwill and trademarks during the period were as follows: Goodwill Trademarks Total Balance as of January 1, 2023 46,460 2,308 48,768 Effect of foreign currency exchange rate differences (1,713) (85) (1,798) Balance as of June 30, 2023 $ 44,747 $ 2,223 $ 46,970 |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, 2023 December 31, 2022 Assets measured at FVTPL Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other investments — — 2,248 2,248 — — 2,333 2,333 Total assets $ — $ — $ 2,248 $ 2,248 $ — $ — $ 2,333 $ 2,333 Liabilities measured at FVTPL Earn-out rights — — 365,575 365,575 — — 598,570 598,570 Class C-1 Shares 14,145 — — 14,145 17,920 — — 17,920 Class C-2 Shares — 3,105 — 3,105 — 10,080 — 10,080 Total liabilities $ 14,145 $ 3,105 $ 365,575 $ 382,825 $ 17,920 $ 10,080 $ 598,570 $ 626,570 |
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: June 30, 2023 December 31, 2022 Assets measured at FVTPL Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other investments — — 2,248 2,248 — — 2,333 2,333 Total assets $ — $ — $ 2,248 $ 2,248 $ — $ — $ 2,333 $ 2,333 Liabilities measured at FVTPL Earn-out rights — — 365,575 365,575 — — 598,570 598,570 Class C-1 Shares 14,145 — — 14,145 17,920 — — 17,920 Class C-2 Shares — 3,105 — 3,105 — 10,080 — 10,080 Total liabilities $ 14,145 $ 3,105 $ 365,575 $ 382,825 $ 17,920 $ 10,080 $ 598,570 $ 626,570 |
Reverse recapitalization (Table
Reverse recapitalization (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Reverse Recapitalization [Abstract] | |
Reverse Recapitalization, Share Activity | Class C Shares 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 for further details on the valuation methodology utilized to determine the fair value of the Class C-2 Shares. On March 22, 2023, 4,500,000 Class C-2 Shares with a fair value of $3,285 were converted to 4,500,000 Class C-1 Shares with the same fair value following the election by the respective holders of the Class C-2 Shares and approval from the Board of Directors. As of June 30, 2023 As of December 31, 2022 Liability Fair Value Number Outstanding Liability Fair Value Number Outstanding Class C-1 Shares 14,145 20,499,965 17,920 15,999,965 Class C-2 Shares 3,105 4,500,000 10,080 9,000,000 Total 17,250 24,999,965 28,000 24,999,965 Class C-1 Shares As of January 1, 2023 17,920 Class C-2 Shares converted to Class C-1 Shares 3,285 Changes in fair value measurement (7,060) As of June 30, 2023 $ 14,145 Class C-2 Shares As of January 1, 2023 10,080 Class C-2 Shares converted to Class C-1 Shares (3,285) Changes in fair value measurement (3,690) As of June 30, 2023 $ 3,105 The fair value change for the Class C Shares was as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Fair value change - Class C-1 Shares 2,870 13,760 3,775 13,760 Fair value change - Class C-2 Shares 630 7,771 6,975 7,771 Fair value change - Class C Shares $ 3,500 $ 21,531 $ 10,750 $ 21,531 |
Reverse Recapitalization, Summary Of Earn-Out Rights | Earn-out rights As of January 1, 2023 598,570 Changes in fair value measurement (232,995) As of June 30, 2023 $ 365,575 The fair value change for the Earn-out rights was as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Fair value change - Earn-out rights $ 26,800 $ 418,707 $ 232,995 $ 418,707 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of classes of share capital | Changes in the Group's equity during the six months ended June 30, 2023 were as follows: Class A Shares Class B Shares Share capital Other contributed capital Balance as of January 1, 2023 467,677,673 1,642,233,575 (21,165) (3,584,232) Equity-settled share-based payment 236,575 — (2) (2,656) Balance as of June 30, 2023 467,914,248 1,642,233,575 $ (21,167) $ (3,586,888) |
Liabilities to credit institu_2
Liabilities to credit institutions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Borrowing costs [abstract] | |
Disclosure of detailed information about borrowings | The carrying amount of Polestar Group’s liabilities to credit institutions as of June 30, 2023 and December 31, 2022 were as follows: Liabilities to credit institutions As of June 30, 2023 As of December 31, 2022 Working capital loans from banks 1,562,847 1,300,108 Floorplan facilities 43,820 16,925 Sale-leaseback facilities 16,766 11,719 Total $ 1,623,433 $ 1,328,752 The Group had the following working capital loans outstanding as of June 30, 2023: Currency Term Security Interest Nominal amount in respective currency (thousands) Amount in USD (thousands) CNY August 2022 - August 2023 Unsecured 12-month LPR 1 plus 0.05%, settled quarterly 716,000 98,626 USD August 2022 - August 2023 Unsecured 2 3-month LPR plus 2.3%, settled quarterly 147,000 147,000 USD September 2022 - September 2023 Unsecured 2 3-month LPR plus 2.3%, settled quarterly 255,000 255,000 USD September 2022 - September 2023 Secured 3 4.48% per annum, settled quarterly 133,000 133,000 USD September 2022 - September 2023 Unsecured 2 3-month SOFR 4 plus 2.4%, settled quarterly 100,000 100,000 USD December 2022 - December 2023 Unsecured 2 7.5% per annum, settled quarterly 200,000 200,000 EUR February 2023 - February 2024 Secured 5 3-month EURIBOR 6 plus 2.3% and an arrangement fee of 0.15% 382,312 417,312 USD March 2023 - March 2024 Unsecured 2 7.35% per annum, settled quarterly 100,000 100,000 CNY March 2023 - March 2024 Unsecured 2 12-month LPR plus 0.05%, settled quarterly 260,000 35,814 CNY April 2023 - April 2024 Unsecured 2 12-month LPR plus 0.05%, settled quarterly 11,430 1,575 CNY May 2023 - May 2024 Unsecured 2 12-month LPR plus 0.45%, settled quarterly 231,000 31,819 CNY June 2023 - June 2024 Unsecured 2 12-month LPR plus 1.3%, settled monthly 310,000 42,701 Total $ 1,562,847 1 - People’s Bank of China (“PBOC”) Loan Prime Rate (“LPR"). 2 - Letters of keep well from both Volvo Cars and Geely. 3 - Secured by Geely, including letters of keep well from both Volvo Cars and Geely. 4 - Secured Overnight Financing Rate (“SOFR”). 5 - 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. 6 - Euro Interbank Offered Rate (“EURIBOR”). |
Related party transactions (Tab
Related party transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions [abstract] | |
Disclosure of transactions between related parties | The total revenue recognized for each related party was as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Volvo Cars 34,403 20,931 49,768 44,452 Volvofinans Bank AB 14,311 18,627 21,754 39,115 Geely 1,245 — 1,245 — Total $ 49,959 $ 39,558 $ 72,767 $ 83,567 For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Volvo Cars 598,959 232,448 1,241,837 752,493 Volvofinans Bank AB 227 64 312 334 Geely 46,447 24,914 91,736 106,862 Total $ 645,633 $ 257,426 $ 1,333,885 $ 859,689 Amounts due to related parties were as follows: Trade payables - related parties, accrued expenses, other current liabilities and interest-bearing current liabilities to related parties As of June 30, 2023 As of December 31, 2022 Volvo Cars 1,691,224 1,136,746 Geely 91,231 71,212 Volvofinans Bank AB 1,141 1,389 Total $ 1,783,596 $ 1,209,347 In addition to current liabilities to related parties, Polestar had non-current lease liabilities to related parties amounting to $35,041 as of June 30, 2023 and $27,123 as of December 31, 2022 included in Other non-current interest-bearing liabilities. The Group’s interest expense from related party liabilities was as follows: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Interest expense - related parties $ 17,755 $ 12,248 $ 25,948 $ 24,275 Amounts due from related parties Amounts due from related parties were as follows: Trade receivables - related parties and accrued income - related parties As of June 30, 2023 As of December 31, 2022 Volvo Cars 97,340 120,302 Geely 1,340 3,751 Volvofinans Bank AB 4,383 3 Total $ 103,063 $ 124,056 |
Assets held for sale (Tables)
Assets held for sale (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Assets Held For Sale [Abstract] | |
Summary of Assets-Held-For Sale And Disposal Groups | As of June 30, 2023, the disposal group was stated at the Group's carrying value and was comprised of the following: Property, plant and equipment 53,080 Other current assets 14 Assets held for sale $ 53,094 |
Significant accounting polici_4
Significant accounting policies and judgements - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 USD ($) tranche iteration market | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares tranche iteration market $ / shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jun. 23, 2022 USD ($) | |
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Number of markets | market | 27 | 27 | ||||
Net loss | $ (304,057) | $ (228,244) | $ (313,035) | $ (502,734) | ||
Cash flows from (used in) operating and investing activities | $ 941,828 | 916,331 | ||||
Exchange ratio | 8.335 | |||||
Reverse recapitalization, equity impact | 199,628 | |||||
Reverse recapitalization, adjusted equity impact | $ 199,564 | |||||
Restricted Stock Units | ||||||
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Weighted average share price, share options granted (in usd per share) | $ / shares | $ 3.79 | |||||
Performance Stock Units | ||||||
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | 3.68 | |||||
Weighted average share price, share options granted (in usd per share) | $ / shares | $ 3.79 | |||||
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 | 368,732,000 | |||||
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 | $ 3.33 | |||||
Number of instruments granted in share-based payment arrangement (in shares) | shares | 1,106,195 | |||||
Gores Guggenheim, Inc. Business Combination Agreement (BCA) | ||||||
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Earn-out rights | $ 365,575 | $ 598,570 | ||||
Binomial Lattice Option Pricing Model | ||||||
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Implied volatility, share options granted | 94% | |||||
Risk free interest rate, share options granted | 4.27% | |||||
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 | 4.18% | |||||
Earn-out rights, term | 4 years 5 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 | 75% | |||||
Risk free interest rate, share options granted | 3.80% | |||||
Historical average volatility, share options granted | 0.635 | |||||
Simulation term, share options granted | 2 years 8 months 12 days | |||||
Number of simulation iterations | iteration | 100,000 | 100,000 | ||||
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 | 88.30% | |||||
External Investors | Polestar Automotive Holding UK PLC ("Parent") | ||||||
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Proportion of ownership interest in joint venture | 11.70% | |||||
Snita Holding B.V. | Polestar Automotive Holding UK PLC ("Parent") | ||||||
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Proportion of ownership interest in joint venture | 48.30% | |||||
PSD Investment Limited | Polestar Automotive Holding UK PLC ("Parent") | ||||||
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Proportion of ownership interest in joint venture | 39.20% | |||||
Other Entities | Polestar Automotive Holding UK PLC ("Parent") | ||||||
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Proportion of ownership interest in joint venture | 0.80% | |||||
Class C-2 American Depositary Shares | ||||||
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Fair value of shares issued | $ 3,105 | $ 3,105 | 10,080 | $ (3,285) | ||
Class C-1 Ordinary Shares | ||||||
Disclosure Of List Of Accounting Policies [Line Items] | ||||||
Closing share price (in usd per share) | $ / shares | $ 0.69 | |||||
Fair value of shares issued | $ 14,145 | $ 14,145 | $ 17,920 | $ 3,285 |
Significant accounting polici_5
Significant accounting policies and judgements - Schedule of Revenue and Non-Current Assets by Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | $ 685,247 | $ 589,070 | $ 1,231,265 | $ 1,041,297 | |
Non-current receivables from contracts with customers | 1,828,470 | 1,828,470 | $ 1,752,029 | ||
UK | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 134,412 | 67,917 | 291,584 | 137,218 | |
Non-current receivables from contracts with customers | 21,860 | 21,860 | 22,777 | ||
USA | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 122,525 | 134,393 | 231,737 | 214,231 | |
Non-current receivables from contracts with customers | 10,064 | 10,064 | 37,752 | ||
Sweden | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 107,197 | 59,334 | 157,043 | 155,157 | |
Non-current receivables from contracts with customers | 1,224,294 | 1,224,294 | 1,151,920 | ||
Germany | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 65,402 | 59,641 | 117,399 | 102,209 | |
Non-current receivables from contracts with customers | 66,112 | 66,112 | 36,747 | ||
Canada | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 40,056 | 17,836 | 63,122 | 24,169 | |
Netherlands | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 33,567 | 30,383 | 50,483 | 55,938 | |
Australia | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 24,448 | 19,130 | 48,463 | 23,032 | |
Belgium | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 31,837 | 22,932 | 47,786 | 42,707 | |
Norway | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 13,264 | 54,853 | 31,194 | 116,522 | |
Italy | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 16,082 | 0 | 28,226 | 0 | |
Denmark | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 15,809 | 24,151 | 28,009 | 38,928 | |
Finland | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 11,446 | 11,716 | 24,283 | 19,058 | |
China | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 10,795 | 27,491 | 18,447 | 31,643 | |
Non-current receivables from contracts with customers | 472,782 | 472,782 | 474,301 | ||
Other regions | |||||
Disclosure Of List Of Accounting Policies [Line Items] | |||||
Revenue from contracts with customers | 58,407 | $ 59,293 | 93,489 | $ 80,485 | |
Non-current receivables from contracts with customers | $ 33,358 | $ 33,358 | $ 28,532 |
Revenue - Schedule of Revenue D
Revenue - Schedule of Revenue Disaggregation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | $ 685,247 | $ 589,070 | $ 1,231,265 | $ 1,041,297 |
Sales of vehicles | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 669,241 | 578,398 | 1,198,973 | 1,016,817 |
Sales of software and performance engineered kits | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 5,686 | 6,333 | 12,440 | 10,862 |
Sales of carbon credits | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 532 | 145 | 532 | 1,313 |
Vehicle leasing revenue | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | 3,287 | 3,060 | 7,493 | 7,934 |
Other revenue | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | $ 6,501 | $ 1,134 | $ 11,827 | $ 4,371 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | $ 685,247 | $ 589,070 | $ 1,231,265 | $ 1,041,297 | |
Contract liabilities | 119,909 | 119,909 | $ 96,469 | ||
Revenue | Unrelated Customer | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | $ 155,820 | $ 271,246 | |||
Concentration risk, percentage | 23% | 22% | |||
Sales generated obligation | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Contract liabilities | $ 18,930 | $ 18,930 | $ 13,069 | ||
Deferred Revenue | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Contract liabilities | $ 100,979 | $ 100,979 |
Revenue - Schedule of Contract
Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Beginning balance, contract liabilities | $ 96,469 | |
Provided for during the period | 73,488 | |
Settled during the period | (26,695) | |
Released during the period | (22,043) | |
Effect of foreign currency exchange rate differences | (1,310) | |
Ending balance, contract liabilities | 119,909 | |
Current contract liabilities | 61,642 | $ 46,217 |
Non-current contract liabilities | 58,267 | $ 50,252 |
Sales generated obligation | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Beginning balance, contract liabilities | 13,069 | |
Provided for during the period | 32,647 | |
Settled during the period | (26,695) | |
Released during the period | 0 | |
Effect of foreign currency exchange rate differences | (91) | |
Ending balance, contract liabilities | 18,930 | |
Current contract liabilities | 18,930 | |
Non-current contract liabilities | 0 | |
Deferred revenue - extended service | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Beginning balance, contract liabilities | 40,792 | |
Provided for during the period | 15,760 | |
Settled during the period | 0 | |
Released during the period | (10,300) | |
Effect of foreign currency exchange rate differences | (96) | |
Ending balance, contract liabilities | 46,156 | |
Current contract liabilities | 22,057 | |
Non-current contract liabilities | 24,099 | |
Deferred revenue - connected services | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Beginning balance, contract liabilities | 30,093 | |
Provided for during the period | 8,466 | |
Settled during the period | 0 | |
Released during the period | (2,463) | |
Effect of foreign currency exchange rate differences | (1,279) | |
Ending balance, contract liabilities | 34,817 | |
Current contract liabilities | 5,216 | |
Non-current contract liabilities | 29,601 | |
Deferred revenue - operating leases & other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Beginning balance, contract liabilities | 12,515 | |
Provided for during the period | 16,615 | |
Settled during the period | 0 | |
Released during the period | (9,280) | |
Effect of foreign currency exchange rate differences | 156 | |
Ending balance, contract liabilities | 20,006 | |
Current contract liabilities | 15,439 | |
Non-current contract liabilities | $ 4,567 |
Share-based payment - Share Act
Share-based payment - Share Activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2023 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of units outstanding, beginning of the year (in shares) | 1,321,663 |
Granted (in shares) | 1,903,767 |
Vested (in shares) | (174,075) |
Forfeited (in shares) | (15,593) |
Number of units outstanding, end of the year (in shares) | 3,035,762 |
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) | 858,821 |
Granted (in shares) | 1,474,927 |
Vested (in shares) | 0 |
Forfeited (in shares) | (6,954) |
Number of units outstanding, end of the year (in shares) | 2,326,794 |
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) | 458,620 |
Granted (in shares) | 428,840 |
Vested (in shares) | (169,853) |
Forfeited (in shares) | (8,639) |
Number of units outstanding, end of the year (in shares) | 708,968 |
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) | 4,222 |
Granted (in shares) | 0 |
Vested (in shares) | (4,222) |
Forfeited (in shares) | 0 |
Number of units outstanding, end of the year (in shares) | 0 |
Share-based payment - Schedule
Share-based payment - Schedule of Share-Based Payment Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
IFRS 2 Listing Expense | $ 1,499 | $ 4,342 | $ 2,658 | $ 4,342 |
Selling, general and administrative expense | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
IFRS 2 Listing Expense | 1,430 | 4,342 | 2,533 | 4,342 |
Research and development expense | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
IFRS 2 Listing Expense | $ 69 | $ 0 | $ 125 | $ 0 |
Share-based payment - Narrative
Share-based payment - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Aug. 31, 2022 shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 1,903,767,000 | |||
Vested (in shares) | 174,075,000 | |||
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) | 250,000,000 | 250,000,000 | ||
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] | ||||
Number of share options vested in share-based payment arrangement (in shares) | 375,000,000 | |||
Granted (in shares) | 500,000,000 | |||
Weighted average fair value at measurement date, other equity instruments vested | $ | $ 4,946 | |||
Vested (in shares) | 31,250 | 62,500 | ||
Share-based compensation | $ | $ 114 | $ 290 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Lease liabilities [abstract] | |
Cash outflow for leases | $ 6,124 |
Leases - Summary of Change in R
Leases - Summary of Change in Right-of-Use Assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Right-of-use assets | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, ending balance | $ 91,008 |
Buildings and land | Right-of-use assets | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, ending balance | 69,918 |
Machinery and equipment | Right-of-use assets | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, ending balance | 21,090 |
Vehicles under operating leases | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, ending balance | 103,116 |
Acquisition cost | Right-of-use assets | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, beginning balance | 135,025 |
Additions | 19,149 |
Cancellations | (11,020) |
Effect of foreign currency exchange rate differences | (3,525) |
Gross lease liabilities, ending balance | 139,629 |
Acquisition cost | Buildings and land | Right-of-use assets | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, beginning balance | 89,609 |
Additions | 19,149 |
Cancellations | (11,020) |
Effect of foreign currency exchange rate differences | (1,245) |
Gross lease liabilities, ending balance | 96,493 |
Acquisition cost | Machinery and equipment | Right-of-use assets | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, beginning balance | 45,416 |
Additions | 0 |
Cancellations | 0 |
Effect of foreign currency exchange rate differences | (2,280) |
Gross lease liabilities, ending balance | 43,136 |
Acquisition cost | Vehicles under operating leases | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, beginning balance | 105,000 |
Additions | 39,877 |
Reclassification to inventory | (37,585) |
Effect of foreign currency exchange rate differences | 1,695 |
Gross lease liabilities, ending balance | 108,987 |
Accumulated depreciation | Right-of-use assets | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, beginning balance | (39,702) |
Effect of foreign currency exchange rate differences | 1,820 |
Depreciation expense | (10,739) |
Gross lease liabilities, ending balance | (48,621) |
Accumulated depreciation | Buildings and land | Right-of-use assets | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, beginning balance | (18,934) |
Effect of foreign currency exchange rate differences | 706 |
Depreciation expense | (8,347) |
Gross lease liabilities, ending balance | (26,575) |
Accumulated depreciation | Machinery and equipment | Right-of-use assets | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, beginning balance | (20,768) |
Effect of foreign currency exchange rate differences | 1,114 |
Depreciation expense | (2,392) |
Gross lease liabilities, ending balance | (22,046) |
Accumulated depreciation | Vehicles under operating leases | |
Reconciliation Of Changes In Leases [Roll Forward] | |
Gross lease liabilities, beginning balance | (12,802) |
Reclassification to inventory | 9,250 |
Effect of foreign currency exchange rate differences | 22 |
Depreciation expense | (2,341) |
Gross lease liabilities, ending balance | $ (5,871) |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Lease liabilities [abstract] | ||||
Income from sub-leasing right-of-use assets | $ 252 | $ 235 | $ 527 | $ 615 |
Expense relating to short-term leases | 247 | 343 | 495 | 835 |
Expense relating to leases of low value assets | 0 | 1,899 | 6 | 1,911 |
Interest expense on leases | $ 1,138 | $ 1,090 | $ 2,166 | $ 1,700 |
Leases - Current and Noncurrent
Leases - Current and Noncurrent Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Lease liabilities [abstract] | ||
Current lease liability | $ 27,658 | $ 21,545 |
Non-current lease liability | 75,793 | 85,556 |
Total | $ 103,451 | $ 107,101 |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | $ 128,652 | $ 120,464 |
Within 1 year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | 28,353 | 21,717 |
Between 1 and 2 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | 28,929 | 24,484 |
Between 2 and 3 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | 23,631 | 20,739 |
Between 3 and 4 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | 22,140 | 17,924 |
Between 4 and 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | 8,614 | 5,987 |
Later than 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability, payment, due | $ 16,985 | $ 29,613 |
Leases - Income from Operating
Leases - Income from Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Lease liabilities [abstract] | ||||
Vehicle leasing revenue | $ 3,287 | $ 3,060 | $ 7,493 | $ 7,934 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [abstract] | ||||
Net loss attributable to common share holders, basic | $ (304,057) | $ (228,244) | $ (313,035) | $ (502,734) |
Net loss attributable to common share holders, diluted | $ (304,057) | $ (228,244) | $ (313,035) | $ (502,734) |
Weighted-average number of common shares outstanding, basic (in shares) | 2,109,975,806 | 1,950,335,837 | 2,109,952,338 | 1,943,759,914 |
Weighted-average number of common shares outstanding, diluted (in shares) | 2,109,975,806 | 1,950,335,837 | 2,109,952,338 | 1,943,759,914 |
Net loss per share - basic (in dollars per share) | $ (0.14) | $ (0.12) | $ (0.15) | $ (0.26) |
Net loss per share - diluted (in dollars per share) | $ (0.14) | $ (0.12) | $ (0.15) | $ (0.26) |
Net loss per share - Narrative
Net loss per share - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Exchange ratio | 8.335 |
Net loss per share - Summary of
Net loss per share - Summary of Antidilutive Shares (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [line items] | ||||
Earn-out Shares (in shares) | 158,177,609 | 158,177,609 | 158,177,609 | 158,177,609 |
Performance Stock Units (in shares) | 2,326,794 | 858,821 | 2,326,794 | 858,821 |
Restricted Stock Units (in shares) | 708,968 | 629,303 | 708,968 | 629,303 |
Marketing consulting services agreement (in shares) | 62,500 | 187,500 | 62,500 | 187,500 |
Total antidilutive shares (in shares) | 186,275,836 | 184,853,198 | 186,275,836 | 184,853,198 |
Class C-1 Ordinary Shares | ||||
Earnings per share [line items] | ||||
Class C Shares (in shares) | 20,499,965 | 15,999,965 | 20,499,965 | 15,999,965 |
Class C-2 American Depositary Shares | ||||
Earnings per share [line items] | ||||
Class C Shares (in shares) | 4,500,000 | 9,000,000 | 4,500,000 | 9,000,000 |
Intangible assets and goodwil_2
Intangible assets and goodwill - Summary of Intangible Assets, Goodwill And Trademarks (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Intangible Assets [Abstract] | ||
Intangible assets | $ 1,419,347 | $ 1,347,709 |
Goodwill and trademarks | 46,970 | 48,768 |
Total intangible assets, goodwill and trademarks | $ 1,466,317 | $ 1,396,477 |
Intangible assets and goodwil_3
Intangible assets and goodwill - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, beginning balance | $ 1,347,709 | ||
Intangible assets other than goodwill, ending balance | 1,419,347 | $ 1,347,709 | |
Cash-settled additions | 53,132 | ||
Additions to intangible assets | 239,850 | $ 510,301 | |
Operating Activities | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Cash-settled additions | 186,718 | ||
Internally developed IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, ending balance | 243,435 | ||
Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, ending balance | 628 | ||
Acquired IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, beginning balance | 1,144,240 | ||
Intangible assets other than goodwill, ending balance | 1,175,284 | 1,144,240 | |
Acquisition cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, beginning balance | 1,788,109 | ||
Additions | 175,218 | ||
Divestments and disposals | (353) | ||
Effect of foreign currency exchange rate differences | (78,211) | ||
Intangible assets other than goodwill, ending balance | 1,884,763 | 1,788,109 | |
Acquisition cost | Internally developed IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, beginning balance | 217,600 | ||
Additions | 49,807 | ||
Divestments and disposals | 0 | ||
Effect of foreign currency exchange rate differences | (9,332) | ||
Intangible assets other than goodwill, ending balance | 258,075 | 217,600 | |
Acquisition cost | Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, beginning balance | 1,114 | ||
Additions | 0 | ||
Divestments and disposals | 0 | ||
Effect of foreign currency exchange rate differences | (46) | ||
Intangible assets other than goodwill, ending balance | 1,068 | 1,114 | |
Acquisition cost | Acquired IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, beginning balance | 1,569,395 | ||
Additions | 125,411 | 218,031 | |
Divestments and disposals | (353) | ||
Effect of foreign currency exchange rate differences | (68,833) | ||
Intangible assets other than goodwill, ending balance | 1,625,620 | 1,569,395 | |
Accumulated depreciation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, beginning balance | (440,400) | ||
Divestments and disposals | 303 | ||
Effect of foreign currency exchange rate differences | 19,437 | ||
Amortization expense | (44,756) | ||
Intangible assets other than goodwill, ending balance | (465,416) | (440,400) | |
Accumulated depreciation | Internally developed IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, beginning balance | (14,856) | ||
Divestments and disposals | 0 | ||
Effect of foreign currency exchange rate differences | 556 | ||
Amortization expense | (340) | ||
Intangible assets other than goodwill, ending balance | (14,640) | (14,856) | |
Accumulated depreciation | Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, beginning balance | (389) | ||
Divestments and disposals | 0 | ||
Effect of foreign currency exchange rate differences | 18 | ||
Amortization expense | (69) | ||
Intangible assets other than goodwill, ending balance | (440) | (389) | |
Accumulated depreciation | Acquired IP | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets other than goodwill, beginning balance | (425,155) | ||
Divestments and disposals | 303 | ||
Effect of foreign currency exchange rate differences | 18,863 | ||
Amortization expense | (44,347) | ||
Intangible assets other than goodwill, ending balance | $ (450,336) | $ (425,155) |
Intangible assets and goodwil_4
Intangible assets and goodwill - Summary of Goodwill and Trademarks (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Goodwill and trademarks, beginning balance | $ 48,768 |
Effect of foreign currency exchange rate differences | (1,798) |
Goodwill and trademarks, ending balance | 46,970 |
Goodwill | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Goodwill and trademarks, beginning balance | 46,460 |
Effect of foreign currency exchange rate differences | (1,713) |
Goodwill and trademarks, ending balance | 44,747 |
Trademarks | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |
Goodwill and trademarks, beginning balance | 2,308 |
Effect of foreign currency exchange rate differences | (85) |
Goodwill and trademarks, ending balance | $ 2,223 |
Financial instruments - Schedul
Financial instruments - Schedule of Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | $ 2,248 | $ 2,333 |
Financial liabilities, at fair value | 382,825 | 626,570 |
Earn-out rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 365,575 | 598,570 |
Ordinary shares | Class C-1 Shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 14,145 | 17,920 |
Ordinary shares | Class C-2 Shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 3,105 | 10,080 |
Other investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 2,248 | 2,333 |
Level 1 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | 0 | 0 |
Financial liabilities, at fair value | 14,145 | 17,920 |
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 | 14,145 | 17,920 |
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 | 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 | 3,105 | 10,080 |
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 | 3,105 | 10,080 |
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 | 2,248 | 2,333 |
Financial liabilities, at fair value | 365,575 | 598,570 |
Level 3 | Earn-out rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, at fair value | 365,575 | 598,570 |
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 | Other investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, at fair value | $ 2,248 | $ 2,333 |
Reverse recapitalization - Sche
Reverse recapitalization - Schedule of Reverse Recapitalization Share Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jun. 23, 2022 | |
Class C-1 Ordinary Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Fair value of shares issued | $ 14,145 | $ 14,145 | $ 17,920 | $ 3,285 | ||
Number of shares outstanding (in shares) | 20,499,965 | 20,499,965 | 15,999,965 | |||
Changes in fair value measurement | $ (7,060) | |||||
Net changes in fair value measurement | $ 2,870 | $ 13,760 | 3,775 | $ 13,760 | ||
Class C-2 American Depositary Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Fair value of shares issued | $ 3,105 | $ 3,105 | $ 10,080 | $ (3,285) | ||
Number of shares outstanding (in shares) | 4,500,000 | 4,500,000 | 9,000,000 | |||
Changes in fair value measurement | $ (3,690) | |||||
Net changes in fair value measurement | $ 630 | 7,771 | 6,975 | 7,771 | ||
Class C Shares | ||||||
Reverse Recapitalization [Line Items] | ||||||
Fair value of shares issued | $ 17,250 | $ 17,250 | $ 28,000 | |||
Number of shares outstanding (in shares) | 24,999,965 | 24,999,965 | 24,999,965 | |||
Net changes in fair value measurement | $ 3,500 | $ 21,531 | $ 10,750 | $ 21,531 |
Reverse recapitalization - Narr
Reverse recapitalization - Narrative (Details) - USD ($) $ in Thousands | Mar. 22, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 23, 2022 |
Class C-2 American Depositary Shares | ||||
Reverse Recapitalization [Line Items] | ||||
Stock converted during the period (in shares) | (4,500,000) | |||
Fair value of shares issued | $ 3,105 | $ 10,080 | $ (3,285) | |
Class C-1 Ordinary Shares | ||||
Reverse Recapitalization [Line Items] | ||||
Stock converted during the period (in shares) | 4,500,000 | |||
Fair value of shares issued | $ 14,145 | $ 17,920 | $ 3,285 |
Reverse recapitalization - Summ
Reverse recapitalization - Summary of Earn-Out Rights (Details) - Gores Guggenheim, Inc. Business Combination Agreement (BCA) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Reverse Recapitalization [Line Items] | |||||
Earn-out rights | $ 365,575 | $ 598,570 | |||
Changes in fair value measurement | $ (26,800) | $ (418,707) | $ (232,995) | $ (418,707) |
Equity - Reverse Recapitalizati
Equity - Reverse Recapitalization Share Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Changes in equity [abstract] | ||
Beginning balance | $ (133,643) | $ 122,496 |
Equity-settled share-based payment | (2,658) | 4,342 |
Ending balance | $ (470,755) | (170,015) |
Class A Shares | ||
Reconciliation of number of shares outstanding [abstract] | ||
Number of shares outstanding (in shares) | 467,677,673 | |
Equity settled share-based payment (in shares) | 236,575 | |
Number of shares outstanding (in shares) | 467,914,248 | |
Class B Shares | ||
Reconciliation of number of shares outstanding [abstract] | ||
Number of shares outstanding (in shares) | 1,642,233,575 | |
Equity settled share-based payment (in shares) | 0 | |
Number of shares outstanding (in shares) | 1,642,233,575 | |
Share capital | ||
Changes in equity [abstract] | ||
Beginning balance | $ 21,165 | 1,865,909 |
Equity-settled share-based payment | (2) | 0 |
Ending balance | 21,167 | 21,156 |
Other contributed capital | ||
Changes in equity [abstract] | ||
Beginning balance | 3,584,232 | 35,231 |
Equity-settled share-based payment | (2,656) | 4,342 |
Ending balance | $ 3,586,888 | $ 3,578,674 |
Equity - Narrative (Details)
Equity - Narrative (Details) | Jun. 30, 2023 vote $ / shares shares | Jun. 30, 2023 vote £ / shares shares | Dec. 31, 2022 shares |
Class A Shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 467,914,248 | 467,914,248 | 467,677,673 |
Class B Shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 1,642,233,575 | 1,642,233,575 | 1,642,233,575 |
Class A Shares | |||
Disclosure of classes of share capital [line items] | |||
Number of additional shares authorised (in shares) | 4,532,085,752 | 4,532,085,752 | |
Number of votes per share | vote | 1 | 1 | |
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 | ||
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) | 221,357,712 | 221,357,712 | |
Class B Shares | |||
Disclosure of classes of share capital [line items] | |||
Number of additional shares authorised (in shares) | 135,133,164 | 135,133,164 | |
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 | ||
Class C-1 Ordinary Shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 20,499,965 | 20,499,965 | 15,999,965 |
Number of shares issued (in shares) | 20,499,965 | ||
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 | ||
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 | 9,000,000 |
Number of shares issued (in shares) | 4,500,000 | 4,500,000 | |
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 | ||
Redeemable Preferred Shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 50,000 | 50,000 | |
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 | ||
Class C Shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 24,999,965 | 24,999,965 | 24,999,965 |
Number of additional shares authorised (in shares) | 0 | 0 |
Liabilities to credit institu_3
Liabilities to credit institutions - Liabilities to Credit Institutions (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,623,433 | $ 1,328,752 |
Working capital loans from banks | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 1,562,847 | 1,300,108 |
Floorplan facilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 73,103 | 33,615 |
Floorplan facilities | Liabilities to credit institutions | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 43,820 | 16,925 |
Sale-leaseback facilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 16,766 | $ 11,719 |
Liabilities to credit institu_4
Liabilities to credit institutions - Summary of Working Capital Loans (Details) € in Thousands, ¥ in Thousands, $ in Thousands | Jun. 30, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||
Loans received | $ 1,562,847 | ||
12 Month Loan Prime Rate Plus 0.05% | |||
Disclosure of detailed information about borrowings [line items] | |||
Unsecured bank loans received | ¥ 716,000 | $ 98,626 | |
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] | |||
Secured bank loans received | $ 133,000 | ||
Borrowings, interest rate | 4.48% | 4.48% | 4.48% |
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] | |||
Unsecured bank loans received | $ 200,000 | ||
Borrowings, interest rate | 7.50% | 7.50% | 7.50% |
3 Month Euro Interbank Offered Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Secured bank loans received | $ 417,312 | € 382,312 | |
Borrowings, arrangement fee, percentage | 0.0015 | 0.0015 | 0.0015 |
3 Month Euro Interbank Offered Rate | Euro Interbank Offered Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, adjustment to interest rate basis | 2.30% | 2.30% | 2.30% |
Unsecured 7.35% Working Capital Loan | |||
Disclosure of detailed information about borrowings [line items] | |||
Unsecured bank loans received | $ 100,000 | ||
Borrowings, interest rate | 7.35% | 7.35% | 7.35% |
March 12 Month Loan Prime Rate Plus 0.05% | |||
Disclosure of detailed information about borrowings [line items] | |||
Unsecured bank loans received | ¥ 260,000 | $ 35,814 | |
March 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% |
April 12 Month Loan Prime Rate Plus 0.05% | |||
Disclosure of detailed information about borrowings [line items] | |||
Unsecured bank loans received | ¥ 11,430 | $ 1,575 | |
April 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% |
May 12 Month Loan Prime Rate Plus 0.45% | |||
Disclosure of detailed information about borrowings [line items] | |||
Unsecured bank loans received | ¥ 231,000 | $ 31,819 | |
May 12 Month Loan Prime Rate Plus 0.45% | Loan Prime Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, adjustment to interest rate basis | 0.45% | 0.45% | 0.45% |
June 12 Month Loan Prime Rate Plus 1.3% | |||
Disclosure of detailed information about borrowings [line items] | |||
Unsecured bank loans received | ¥ 310,000 | $ 42,701 | |
June 12 Month Loan Prime Rate Plus 1.3% | Loan Prime Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, adjustment to interest rate basis | 1.30% | 1.30% | 1.30% |
Liabilities to credit institu_5
Liabilities to credit institutions - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,623,433 | $ 1,328,752 |
Floorplan facilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 73,103 | 33,615 |
Floorplan facilities | Related parties | Interest Bearing Current Liabilities -Related Parties | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 29,283 | 16,690 |
Sale-leaseback facilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 16,766 | $ 11,719 |
Related party transactions - Na
Related party transactions - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Nov. 03, 2022 USD ($) | |
Disclosure of transactions between related parties [line items] | ||||||
Borrowings | $ 1,623,433 | $ 1,623,433 | $ 1,328,752 | |||
Share capital | 21,167 | 21,167 | 21,165 | |||
Financial liabilities, at fair value | 382,825 | 382,825 | 626,570 | |||
Intangible assets | 1,419,347 | 1,419,347 | 1,347,709 | |||
Acquired IP | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Intangible assets | 1,175,284 | 1,175,284 | 1,144,240 | |||
Acquisition cost | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Intangible assets | 1,884,763 | 1,884,763 | 1,788,109 | |||
Additions | 175,218 | |||||
Acquisition cost | Acquired IP | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Intangible assets | 1,625,620 | 1,625,620 | 1,569,395 | |||
Additions | 125,411 | 218,031 | ||||
Related parties | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Revenue from sale of goods, related party transactions | $ 49,959 | $ 39,558 | $ 72,767 | $ 83,567 | ||
Revenue from sale of goods, related party transactions, percentage of total revenue | 0.0729 | 0.0672 | 0.0591 | 0.0803 | ||
Non-current payables to related parties | $ 35,041 | $ 35,041 | 27,123 | |||
Related parties | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of shares issued (in shares) | shares | 221,357,712 | 221,357,712 | ||||
Related parties | Volvo Cars | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Borrowings | $ 750,000 | $ 750,000 | ||||
Undrawn borrowing facilities | $ 800,000 | |||||
Share capital | $ 350,000 | |||||
Financial liabilities, at fair value | 0 | 0 | ||||
Revenue from sale of goods, related party transactions | 34,403 | $ 20,931 | 49,768 | $ 44,452 | ||
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 | $ 73,103 | $ 73,103 | $ 33,615 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of transactions between related parties [line items] | ||||
Revenue from sale of goods, related party transactions | $ 49,959 | $ 39,558 | $ 72,767 | $ 83,567 |
Purchases of goods, related party transactions | 645,633 | 257,426 | 1,333,885 | 859,689 |
Volvo Cars | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenue from sale of goods, related party transactions | 34,403 | 20,931 | 49,768 | 44,452 |
Purchases of goods, related party transactions | 598,959 | 232,448 | 1,241,837 | 752,493 |
Volvofinans Bank AB | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenue from sale of goods, related party transactions | 14,311 | 18,627 | 21,754 | 39,115 |
Purchases of goods, related party transactions | 227 | 64 | 312 | 334 |
Geely | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenue from sale of goods, related party transactions | 1,245 | 0 | 1,245 | 0 |
Purchases of goods, related party transactions | $ 46,447 | $ 24,914 | $ 91,736 | $ 106,862 |
Related party transactions - Am
Related party transactions - Amounts Due To And From Related Parties (Details) - Related parties - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | |||||
Amounts payable, related party transactions | $ 1,783,596 | $ 1,783,596 | $ 1,209,347 | ||
Interest expense on related party trade payables | 17,755 | $ 12,248 | 25,948 | $ 24,275 | |
Amounts receivable, related party transactions | 103,063 | 103,063 | 124,056 | ||
Volvo Cars | |||||
Disclosure of transactions between related parties [line items] | |||||
Amounts payable, related party transactions | 1,691,224 | 1,691,224 | 1,136,746 | ||
Amounts receivable, related party transactions | 97,340 | 97,340 | 120,302 | ||
Geely | |||||
Disclosure of transactions between related parties [line items] | |||||
Amounts payable, related party transactions | 91,231 | 91,231 | 71,212 | ||
Amounts receivable, related party transactions | 1,340 | 1,340 | 3,751 | ||
Volvofinans Bank AB | |||||
Disclosure of transactions between related parties [line items] | |||||
Amounts payable, related party transactions | 1,141 | 1,141 | 1,389 | ||
Amounts receivable, related party transactions | $ 4,383 | $ 4,383 | $ 3 |
Assets held for sale (Details)
Assets held for sale (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Property, plant, and equipment | $ 254,462 | $ 258,048 |
Other current assets | 120,856 | 107,327 |
Assets held for sale | 53,094 | $ 63,224 |
Discontinued Operations, Held-For-Sale | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Foreign exchange loss | (4,260) | |
Property, plant, and equipment | 53,080 | |
Other current assets | 14 | |
Assets held for sale | $ 53,094 |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of contingent liabilities [abstract] | ||
Commitments to acquire PPE | $ 143,961 | $ 179,690 |
Commitments to acquire intangible assets | $ 148,802 | $ 216,572 |
Subsequent events (Details)
Subsequent events (Details) - USD ($) $ in Thousands | Aug. 01, 2023 | Jul. 07, 2023 | Aug. 30, 2023 | Aug. 24, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Nov. 03, 2022 |
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings | $ 1,623,433 | $ 1,328,752 | |||||
Entering into significant commitments | 12 Month Working Capital Loan SOFR Plus 0.9% | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings | $ 320 | ||||||
Borrowings, adjustment to interest rate basis | 0.90% | ||||||
Entering into significant commitments | Unsecured 12 Month Working Capital Loan SOFR Plus 1.1% | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings | $ 82 | ||||||
Borrowings, adjustment to interest rate basis | 1.10% | ||||||
Entering into significant commitments | Unsecured 12 Month Working Capital Loan SOFR Plus 2.3% | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings | $ 402 | ||||||
Borrowings, adjustment to interest rate basis | 2.30% | ||||||
Other disposals of assets | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Portion of consideration paid (received) consisting of cash and cash equivalents | $ 71,043 | ||||||
Volvo Cars | Related parties | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Undrawn borrowing facilities | $ 800,000 | ||||||
Borrowing facility, term | 18 months | ||||||
Borrowings | $ 750,000 | ||||||
Volvo Cars | Related parties | Entering into significant commitments | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Proceeds from non-current borrowings | $ 50,000 |