Earnings call transcript Q1 2023

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Operator

Good day and thank you for standing by. Welcome to the Polestar Q1 2023 Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to Flint, conference please like speaker to now Bojana today, go will hand over the our I ahead.

Bojana Flint

our Thank Thank name you, for Relations. is My results joining you Bojana Flint operator. from Polestar Hello, QX XXXX everyone. call. Investor

our handle Thomas CFO opening some by housekeeping Before followed Johan shareholder and their and Ingenlath points. over Malmqvist, CEO, handing questions, remarks, analysts to our for I will

has the considered cause U.S. regarding uncertainties many like laws delivery outlook of of results guidance, our forward-looking to statements materially financial include statements will the and macroeconomic volumes, to and today that results company would subject initiatives industry under future events. been I financial are differ the be the securities future These and and what to statements and Polestar's and remind comments limited risks from performance forward-looking to production participants other but numerous operating are communicated. actual trends, of not company, may

effective Forward-looking undertakes of statements statements. made today the forward-looking update only as obligation to no today any Polestar and of are

some filed the discussion of of risk annual section our Form please review of to SEC. a factors the factor cause that the on report actual with For the results XX-F could differ,

of measures comparable non-GAAP earlier issued non-GAAP will management directly we reconciliation investor make and financial measures addition, most why In call. an measures, the GAAP references financial our discussion measures update this regarding today. information of to with A during use is financial presentation non-GAAP

go call to please to ahead. the turn that, like over I With Thomas,

Thomas Ingenlath

Bojana. you, Thank

and the of team's good work first The a quarter was commitment. example hard

has quarter with spend this. a as second XX% The as things momentum. would good first set quarter moments what record of that main enabled to of deliveries achieved up end year apart XX,XXX the few on like year-on-year, Polestar commercial brand. I reflecting this a and have cars We

XX of cars world. across As footprint strong operations in match by XXX,XXX the demand us complemented to manufactured adapt period our is a base production commercial middle the across date. stable growth, to the markets are first This that we creating to of and our over with quarter allows supply shows,

We have between a retail also well-balanced and customers. fleet mix

Hertz new with significant is XX,XXX partnership business, numbers significant brand see new business, a it provides entry cars step are out this to reduces the customers our how our us, the customers. for supply It our starting foundation opportunity pre-owned customers. a winning for young well maturing and provides like first costs. repeat This our as a with point we there, working is our to global as Our also on to customers. for experience we only for are another Reflecting reliance potential fantastic creating

remains say received. it Recently, The one they significant has happy X. the Polestar in upgrades selling North boundaries we launched introduced markets to XXX many been And BST that bets performance and edition the I'm of also and across reason Asia. special pushes the Europe, very of well top to America

latest markets to also to it from world. launched received in expect it X, generated fourth We our had our ago. and strong We in But deliveries quarter. interest start performance start North Polestar very performance in unveiled design-led its recently plan we where production few Polestar X, China And a the example debut weeks and interest. SUV capability the electric in successfully mid-XXXX. America design the of we around major other

premium from decoupling This that will luxury all our X% addition in focus the is sales across to In build we foundation car the Polestar's parts represents. we is and relative growth. our what by emissions brand sustainability emissions It our innovation, per to reduced business, is continue and XXXX, design of COX on. brand Polestar a sold

ambition and that important this to price our stability are as committed to We is such customers. belief totally

as Now, Polestar XXXX. now software for new time the in Chengdu for that today expected China to seen, that means all-electric need in the is additional early X. have This production Volvo complete basis announced also development our the they startup cars platform, you might which is early

the Importantly, Polestar platforms. on Polestar is does they track still Polestar manufacturing of impact not start the for And are adjustments Charleston, based mid-XXXX. on as to U.S.A., different X X,

through record outlook We industry. also of automotive deliveries to have rate global acknowledge the reasons, growth volume the of for last our to these XX,XXX cars an we annual XX,XXX XX,XXX of of both to year. vehicles, XX%, due expectations tougher following And a 'XX range adjusted representing economic XX%

our And a our headcount more. all We're including place group our we We structured and necessary cost a XX%. doing basis programs. markets, freeze in safeguarding by mid-XXXX, cost here, managed way this have more while hiring across since actions our These but that's are benefit will in why so XXXX. our intensifying we putting in wide do base actively efforts reducing need to our and

like financials. Johan would comment on to I ask our Now, to

Johan Malmqvist

you, again call of today. the Thank so and Hello, thank you you on to many everyone. the for on Thomas. us see great joining And It's webcast.

the of During XX% we globally, have the XX,XXX delivered year-on-year, cars reflecting markets in as strong U.S., Canada development up the first XXXX, such UK. key and volume quarter

nearly and XX well-established over X,XXX on sales locations in entered a points. with have markets second and the We four continents, global service quarter presence with XXX

economic focused highlights a industry. and that to Polestar prudently to emphasize by financial on order later the automotive the Arising tackle term extremely outlook to near are in we, moving echo Before from X faced production I Polestar Thomas's on points, to than anticipated positioning challenges. the and management quarterly tougher want starup

continue growth announcing support build deploy today. to protect momentum. efforts brand in to and a will well sales we management with as our maintain to marketing value compensated are and order cost activities as will We be This intensified

more to As six a say the we we we than actions to you and ago. and us macro heard take environment continue reminder, have before, in recognize challenging this have months and operate started

in see operating our especially in come We expenses. started that numbers the pleased to are those through to initiatives

not the taking by However, and to we of year, XXXX this out in term added rolls steps base to employees. around further around X,XXX us hence XXX to planned base are Polestar taking strengthen the cost be enough and that this taking were the near is back reduce

of actions, Polestar a are the time of while wide at and We safeguarding additional range X X. same undertaking the development Polestar

increased higher as slightly negative vehicle Moving primarily currency and as well model geographic highlights the quarter increases million by year major for due financial X the price to $XXX across the Despite to mix a the channel Revenue of and XXXX. markets first on decreased revenue million driven from sales effect. effect, to per 'XX. $XXX translation Polestar increases, price negative XX%

model higher increased XXXX effect. a second negative up by price the million and currency partially of established in was positive Profit alongside a increases $X a Gross transaction This from offset margin input reflecting XXXX a foreign million costs. the gross freight X.X%, half to positive and year $XX

cost active higher Selling, or were technologies. future Research XX% management. gross active general Development million expenses $XX were profit million up or driven and continued loss expenses due down with product $X administrative cost nearly by XX% by XX%, the and vehicles predominantly management. decreased million and for $XXX Operating and to at development

shareholder Polestar term cars inventory XXXX was investments. $XXX a from the mainly on investing of X first used provided Volvo of and short operating of offset as and loan Moving payables the $XXX activities used primarily principal down Cash million, repayments was Polestar was activities flow, for by which levels $XXX Cash to million, operating trade by loss, for was million X million, cash million. financing $XXX of million, quarter by partially driven of payments. cash intellectual result by drawn property activities of $XXX reflecting borrowings $XXX facility, higher

offerings stood $XXX our the and two closely million. With business cash growth. first and XXXX. fund to and exploring operations shareholders, monitoring equivalents potential At the end major at from continued of the and of equity market we're Cash quarter support debt

again to you And the from then the for top Thank And analysts. live questions by operator shareholders. Q&A for joining. will answer the we over

Operator

question. [Operator Please go the of Fox We will ahead. now Steven you. from Advisors. take from the Instructions] Thank Fox line first It's

Steven Fox

taking Thanks morning. question. good Hi, my for

further, I much relate to I'm you was in dissect forecast the year would for your the about given could on macro? your rest prior and to strategies for I off, of how the First trying going change a vehicle the the strategies further. you bit then what's year wondering the pricing then general follow-up? and And have understand you can in if in little talk in market

Johan Malmqvist

start? maybe So I

Thomas Ingenlath

Yes.

Johan Malmqvist

Okay. Hi, Steve.

previous of the deliveries we volumes So to introduction, of reflection the later Polestar both a the tougher originally anticipated market the the conditions. guidance compared -- the in and X of is as mentioned the than the lower combination

absence X us the call tougher the the can difficult coupled market provide range. Now, compensate Polestar That with with is it's we for the to is what volumes to the given haven't we and for incremental say disclosed led what a volumes economic climate, uncertainty Polestar X us breakdown, that down higher volumes. of

Steven Fox

in of terms And pricing?

Thomas Ingenlath

will -- have in and model explained model of the reason, combine as as price our of with with course expect stability and proceed we year. on the again before pricing one upgrade our of of week, the significant Polestar the starting feature customers 'XX This year tech statement our course that better hand see X next of of we the Polestar We this increase range, that increase the of that X. this persists. terms And of is that performance car the with well we supported we in for in

the to this that right the in for to intend just giving with mean, indeed, achieve opportunity any this are volume the corridor. prudent we the price what stability push our balance of corridor of linking gives into we and reasons market margins once I achieve products. and a we because we pass volume the one volume but indeed between achieve our terms and we not to again that us announced, Obviously, why price to maintain

Steven Fox

Great, you terms new? up? where that's better sales that sort seems today? branding just of Africa was we metrics an some think improving sales control potential between one countries And well, versus there about of sales just in in performing bring of the efficiencies. I the difference What's is in then when the XX What a region the really curious, regions that you're and terms through lower operating that's of like, And lot can you in, you're helpful. how

Thomas Ingenlath

our of at Well, breakdown sales. look regional if the you a have closer

of Because it's pretty of one example potential. develop call needs it's a I in indeed, some have I widespread it new good of its XX this, there -- think to now pretty full it is thing what that market, advantages to time established it's are markets. course,

broad cuts there in there base, damping you a which the country, other effect a incentives moment. The that for are if is compensate. in of happening have indeed of interest of regional quarters, customer a can naturally facilities you the in course, like But course have the

And in that this Scandinavian for exceptionally countries of in example, the away lot quite the quarter. in for of Nordic the was with good incentive Compensating sales them that having course, in reason, for UK example. a going

Of course, being a of that that indeed good very effect widespread. is

Steven Fox

Great, Thank that's all you. appreciate I color. helpful it. very

Thomas Ingenlath

you. Thank

Operator

Thank you.

next of Bank. from it's We the ahead. the go will question, now line from Please Dong Deutsche take Winnie

Winnie Dong

for down questions. Thanks appreciate region the talk my maybe taking that'd Thanks. the been Polestar the you've strengths question. first reasons that sort by for in so be and push breaking region That's my not appreciate you're trends macro can weakness about between, that by or of observing the you order X specific much challenges. any I But out guidance the of reduced it?

Thomas Ingenlath

for and very we cost a are, customers for And customers Yeah, in when the them them. book year it long working X with additional order bring an push with the we in to 'XX it campaign let's to that left model down, still 'XX Polestar rollout indeed, face we're production. brings will order to cars solid for book. -- obviously that sales that order a waiting strong have waiting obviously, be spring too not now the And

of said and For this again, macroeconomics car the price our the the good we war. to and of premium that achieve the into not obviously the to in enter pricing ambition and have Polestar potential that reason Having position maintain conviction X. our sales

reason, this for have that we outlook. course, Of prudent

year mentioned of and in beginning in become in beginning. I December XXXX, there us bit in quarter not the a helped in of sales for we that be course, But in obviously are to in see, anymore, their countries course Nordic December the was that And in Obviously, push normalization, reason, to 'XX lot. first normalize which countries. effects that expect the about for in where knowing this there incentives a you place the would of weaker this the differences Nordic people reasons beginning

in interest and have a well for purchase of X X qualifies reason, the the a I in more again, as of in the car the short end much via XXXX we the pickup well, for that the as Polestar slowdown And order started, that obviously didn't lease after pushing that we U.S. call incentives. the moment, course, We when for of Polestar fact program for qualify now U.S. and see of for in explaining it the had the incentives. 'XX the

effect, which another us the the that's Polestar for So course orders. positive outlook of X makes about

Winnie Dong

of thing result only management maybe are follow more reduction? you? Thanks, announced Can you. today. managing is reduction the all on that then for any side, My up as annualized cost more maybe that's the Thank it global and timing very of just XX% and on the a freeze helpful. headcount you that quantifiable or is the you And elaborate what parts business

Thomas Ingenlath

Winnie. thanks Yep,

So, as headcount communicated, often an implementing a base XX% we're X,XXX that's And around of reduction. we've employees. existing

would this the is then year. to through then us X,XXX intend employees, put this keep same So at would we that last And which year. we ended level

of the we're headcount specifics reduction. the So through working

half it expect with start savings you second full hundreds, next cost relates to those year. of rate As coming SG&A bond during through then see the effect and three the the this can year, to the

into course, XXX account even costs additional take then you reduction If year, for of planned are the the the higher. headcount those of

Winnie Dong

about. quantifiable we of savings that sort can Any rate think

Thomas Ingenlath

and little operations, XXX cash seen of regards of you upon a use we're car what that in the against XX with I in also in X commercial efficiencies markets, specifics numbers. levels and still in headcount to versus -- our more on it where course, such the We're our the to can additional the how repairs. a company, we the bit we've improvements out programs, Polestar Winnie. development initiatives costs lower to becoming XXX those the the should cost, we're we working certain warranty touched leading example, gains of reduction of for to proxy quality the established. actual efficiency that XXX also But as And improving through mention conserve working simply trimming that, operate before now there, drive

are examples those the we're of company actions So additional across that taking.

Winnie Dong

much. Got it. That's you Thank very so helpful.

Thomas Ingenlath

welcome. You're

Operator

you. Thank

from ahead. from go of take the Tobias We will question. the next It's now Please line Beith Redburn.

Tobias Beith

okay. if orders further than two is what orders the less how bottom doing year. than new to I was Hi, I year-to-date to at good I now afternoon. of I Thanks have could which the we million this end customers units, intake. orders in new And on have just to from comment that's that if may been stimulate for time guided through again declined annualized taking less payments follow-ups my maybe audit wondering have And units guess perhaps gross if your to $XX if questions. back return sequentially, suggesting period from I $XX corridor. Any XX,XXX your the have and look trended balance sheet, advanced XX,XXX you're million,

Thomas Ingenlath

read an well audiobook bits you course, Strong this that long indication might always very well, to well of we a just wait audible just as able for delivery. quite isn't is to normalizing last had the indeed This mean, especially faster our that as in what very is as year customer customers? as that that customers deliver is sides good numbers as for in be the means to two effect. Well, shrinking it these the it nice simply the has it. to I yes, simply

picking And That's regions going it and this that 'XX. than with see that of varying intake is generally you Again, automotive is where, would yeah, we up number year, first So for the off spring, will industry the year. generally as in second again over the the is have order is quarter we is trend in again, happening. intense the in the in But something and exactly this now half of that see that fatigueness course, this into across effect January-February reason well in down. course something don't interest interpret less

Johan Malmqvist

your even done reason be second that expect Polestar And which phasing, towards the drive just forget, we more half. X. weighted that's Tobias on the with growth. And absence anticipate the part of the as communicated on higher do to case, the back is of a volumes X we before, And 'XX, then we don't Polestar of will year the also model

Tobias Beith

Indicative that the to question And second anticipated. I'd you to Porsche still and you that my do given investors And of than or you. think X. BMW announced Thank comparisons was lower Or think Do the attempting think prior Polestar comparison sense? should that the the a Polestar of Porsche Polestar Auto cool. Okay, you to now Mercedes Shanghai the makes Show disrupt Macan price, $XX,XXX, little relates Benz? between is

Thomas Ingenlath

a look I slow? with direct very, -- referring XX,XXX, and leave You here, clear deal. of a was where model that you our not our a very much bit materialize. at kind business sales the list price It's I don't go has company, go a and thinking was that a a, pricing mean, that it's that don't it's into comparable. shop material good mean, having it doesn't you

that if the this. So into equation well, you little a to you I have as think bit compare put

does it. For not XX,XXX, addition have again, it's certain car the spec the and probably that performance on

can easily up spec you this car. So

range the if is Model not say, where Polestar Y, guidance give Tesla that guidance the it's indeed with us for And car important it but that, people is Model much, is helpful does much a Y. Having for where very give which, little to isn't that Tesla immediately look think Porsche It to that understand that to said this it very you for bit compete position. to comparison, X its it? at closer put would price than car to into you to I too us Macan compete expensive a to with in directly

I out copy. we are there mean, brand, have we Porsche not our Macan to build own the

something We bit in a for is Model where it are it a us there, order way Y as is our which give that again, not mistaking people in helpful And that's little product of positioning putting competitor. new. Tesla to for a

Tobias Beith

X, motor should And the having announced of price the you. top-end your point I it expensive X equivalent cheaper, variants we just the pack large future a Polestar of thank point, $XX,XXX may the being future? be dual or quick think clarification, variance, Polestar so Okay, guess is variants more of and in the is

Thomas Ingenlath

In at indeed, actually Auto why explicit I that a presentation was there call the X XX point. price were And very rarely the time I Polestar for already. -- we mean in that about cover exclusively, make very, it And range Shanghai, Polestar X $XX,XXX. you between price where sure, will it pick this early the of $XX,XXX very now and the similar is the think range I --that's price now,

let when into as that is to just you So that was it I you remember get mentioned. which obviously broader me than we to then range, that think, translate to dollars, you you RMBXXX,XXX and RMBXXX,XXX, try have much actually, see price the $XX,XXX

Tobias Beith

I'll Thank I look line. missed at the have pass the Okay, the I'll you must that. answers. presentation. for

Operator

Thank you.

the it's go from take next ahead. from now question, Please of the line the Dan will Levy Barclays. We

Dan Levy

a facility. in us taking a sense or quarterly quarter, deliveries, just demand of that think was the [Indiscernible] you of And back if function function first to the I the could questions. to output give the units the was at Good a go to the you. pace volume. Thanks for Hi. just of XX,XXX Wanted afternoon from that of maybe

of that of in And volume, the increasing, sort so more you're a that a coming more guidance is the or function output demand was providing, seasonality, just of that online? just up function with step

Thomas Ingenlath

stock, think of in 'XX. of were If was we the well you're of cars sold indeed, a quarter Because of last both. unhappy, it lacking then year, the having if lots very indeed beginning mix the I as in this

and in able being there. didn't of in talked much have issues supply well, stock first chain not as This Because is the of case to issues, is many chain cars was indeed, indeed amazing. Because call a enough more not because not this that degree certain deliver anymore. topic supply a have cars So normalizing course, funnily we time, this that for I the year. the not about which think we

the rest for the will issue. obviously of be this yeah, not the So

is it and business always past on you would Seasonality, mentioned country, then in quarter an indeed, the that, the automotive and three in in probably effect still two, four. you quarter and quarter less in again, one have happening

exactly same 'XX So again. will in indeed be that the

Johan Malmqvist

can tight a Thomas that is a year. little going I Yeah, said bit supply what echo into only this of

basis, driven, with Dan. to to So demand on a half the start a go combination But It's I is them, of 'XX. second as we more and don't delivery forward production expect volumes again, an of the towards going as the impediment. increasing year weighted also be two be the model said, we the

Dan Levy

Got it.

Okay.

So supply more you. demand. function of it's constraint, you passed Thank the and

comments Second, And for appreciate stability, about customers strategy, your -- looking are to the wanted you your think your the into on to can how all? pricing maybe I but you macro if back price ask plays talk about the that focusing pricing to go strategy.

Thomas Ingenlath

that. Well, definitely in plays the macro

price-sensitive if to it. they course, think For are would another example, customers twice of the package model add and more probably mix,

the yes, an that generally, that influence has more of sell people in average of spending that So Polestar X the what course -- price are in careful the environment money. has we

influence that course, side. Of had an we from

Johan Malmqvist

element negative that reflected of price the effect by average of it Actually, one the point. prior Thomas's the was translation mixed a than overshadowed though in variant on the And element also benefits effect. of increases. you saw that negative But QX. Actually, an to was a it for even price there selling small hand,

think that So that's example macro one conditions. of I

Dan Levy

I Polestar you X. I in, platform on Polestar than more X that If a know mentioned different one thanks. is Great, squeeze could please. just

going of you And end confidence could shared you And have or maybe the software so is that two. But the still between that's be are the it's just before us aren't why Polestar that not of just on of maybe X for pieces shared remind SOP track the to what going be delayed. to year?

Thomas Ingenlath

now facing customer X Polestar call side the is of, Software That's for one of Google system Android-based Polestar is the the and Entertainment Yeah, shared. the indeed customer. indeed is part it X Because experience. I

not as two only down it electric with platform the team, security generally, course, now because contract engine the X. team, For by to one is another it. SOP have engineered pretty nail it's working different much effect the cars that would would contract that knock-on basically, -- I between and a with one timing on two independent, neared entities the onto One of well, we free do SOP have not first Polestar we a of

to different attaching So due it's not just electronic architecture. a

Dan Levy

Okay, thank you.

Thomas Ingenlath

you. Thank

Operator

Thank you.

will now Cantor question. the next ahead. from take Sheppard go Fitzgerald. Andres of Please We It's from the line

Andres Sheppard

South us the you morning, an quarter. afternoon. on you for have Maybe wondering, update manufacturing progressing? give Are regarding on been updates track? is Is I'm our there? can taking how good Hi, on or of asked. still questions. any Thank our good in you. plans the there Congratulations Thank Carolina A lot that questions the

Thomas Ingenlath

and on update X the and is that, start 'XX space of for but export Carolina for producing in that in it's not only is timing. been the the has for as again, The production The middle well for Polestar track. to timing U.S. South

So we in X will the U.S. Polestar middle in indeed of start the XXXX.

Andres Sheppard

Got it.

a relationship later going to terms bit then follow in be the what's of it is as And you. a this expected either kind maybe are with Hertz, year quantify helpful, how further up, to next of that's deliveries very Thomas. or year. for little are Okay, possible Thank

Thank of it? be a about Just should we trying get to how thinking you. sense

Thomas Ingenlath

XX,XXX next being before Still that from at Hertz. initial cars run-rate during over this and year with in five-year to continues then the build remaining was regards according delivered which a volumes. to landing period. delivered an to more done for in the tranche XXXX Now level gradually plan There was XXXX, as

a run-rate a it's to of get build So of up kind before of to stabilized gradual XX. more a going the we be

Operator

Instructions] [Operator Porter Sandler. is next ahead. line Piper go will you. now take Thank And we the from Alex question of the from Please

Alex Porter

Thanks much. Excellent. very

question. to topic software. So have this one of I goes just back It

I seems people lot the of think with it. industry in it's an a one, are it struggling important

basically, with So can And main software development? Polestar's partners' Volvo, philosophies regard regard is you with suppose your the I maybe to summarize, philosophy to software then philosophies more and question broadly, GE's development?

any changes future? industry fundamental specifically, need with by think software you launches production do delays with in in very to made by regard be vehicle order or or company the the your that other much. prevent And Thanks more to to to disruption

Thomas Ingenlath

I have call what almost is the and product the And the of explain, to is our invest and a back actually one how what post day into, base we bit little thing not on here to had with one to essence It's everything. it's right. and based All go is we -- this to key portfolio that on. build model to, the what opposite. have that like from thing of Polestar we we where from

for car technology customer for We is have that our choose that's unified. the on underneath. which are entertainment, that for of cars, you functions for Polestar. base technology. and dependent what we course, But of actually the set become we what technology needed then reason, the experience, differ course That's might for different price car, where is that And our drive the in group, the to the of different that how interface tune point car, are the technology there and to of the that access pick is the type technology the yes,

Polestar LiDAR-supported I in will to future mean, the the architecture. this there with And is indeed is projects, very of much which this piloting, are highway near market, an great the unsupervised technology, of part obviously electronic X, like architecture coming at innovative, the obviously pinnacle enable which a

the the of I no indeed way Because the at be that proof supposed actually spreading that is and course, the And knock well, at course, goods way should is living of independence in not indeed, you has effect the in I the the that that development, complexity time innovativeness advantage there other yeah, platform, the It have, we it derisk on course, of that technology is now effect. is to you on reasons, a as something to a X. phases that same would Polestar we're of company. but different of three say, case no This call is on there unto has that understandable handled. a knock hand,

in That's obviously, the -- that and automotive happening on architectures world, when chemistry are [ph] is past. mean, generally incredible ask in learning where consequences. the kind the this learnings what what the right of the are hand, to the of in car, other course, which I shift now, to very you used you course going now see, in big we the the different curve, do of technology electronic into

Yes, very pay painful now. in have And to if already painful I'm was there moments. which sure this But with taken X again, of first be will car. perform that new learning we that off the the the Polestar today benefits very technology are updatability this in in steps some in great future, we over-the-air

Polestar rolled The almost I this mean, curve big just is half year not topic look It's out But required. X without definitely updates first learning who at we have a high was with over the happening. the a anymore. today, is it

with what that we technology we the for but much future good I indeed, very Polestar a that's So smoother will and that do the-- think learning and foundation hiccup, it we course I of that. with X a in yeah revisit initial generally now an be think the see happening,

Alex Porter

appreciate I very Okay, it. a good. Thanks lot.

Thomas Ingenlath

Alex. Thanks,

Operator

to to Thank questions no speakers questions. There this telephone. you. shareholder would At time, like for over hand for I the are the back further

Thomas Ingenlath

Yeah, right.

together top-three here of through I shareholder important like and the was We to go them. bringing Bojana questions them would I And in questions. front me. have And have

why [Indiscernible] have not And comparisons has we question in brand in its exceeds the Question number in invested mark. brand considered Question popular of one, as technically Polestar awareness market? still competitors? of the most not The many alternative mark. been has an numerous U.S.

me confirm. provoking invested cannot I little is course, bit of statement, has brand not a which in This awareness, with

fundamentally the to I on Polestar actually heavily the We the and have very the almost take have years Polestar. had at achieves, to brand improved a very, in now big time. now Super a that opposite. and brand year Bowl in looking the aided meet that the specifically awareness over study brand In a have point when XX% what invested Because just we made awareness researcher ago here that's fact-based we awareness of the last U.S. And brand jump awareness, into push

into year And And from was XX% we XX.X% close very XX% XX% permanent actually, later, that perspective, Super it this kind our put the marketing a was spectacular one very better often competitors than is much without of our brand like a this compare is if up of very, to awareness. see mentioned you Bowl, but work communications, have this that to now a and XX%. Polestar when now, aided as constant with stepped them you that to thing to

Polestar. of lack brand brand of So than in limping factually behind U.S. the the perception felt that is in less much, awareness the are we actually much difference awareness

us. is don't I for like, this want Now not make a that to topic now

Of for of course, X, very And television million-dollar we the much quarter in they and quarter that improve improve course, have response PVC action that to others, now quarter, a of active. awareness, where are U.S. the high much market in we of second U.S. on the And want very, less actually marketing especially trending want just in campaign and with X, achieving X. in successful more a Polestar spending engagement Polestar reason, the than rate, we brand this to

very, one a and on bang traffic and and generating doing way customer for high with hand, activation So of in of I think efficient of our.com but lots amount actions. and spending really the bucks on a money something, these it's that having means it combination very doing course

the So Polestar of us U.S. that's take think well the to take as will I market the time, coming course, will cars market. and it it X X more well

to presence all you say just up. I that the coming is the on want being on significant as the simply it's where and covering tipping Still not But this very as Of at amount are course, well spaces needed. sometimes brand. again, we point much building feel Polestar other And hand, over in this bad out of displayed. with the that there position a

selling you Mercedes of on actually the it's I of well to to Leaf, selling car fifth you, Taycan many more as respect kind Nissan cars, and being in And that of selling in front an success this as electric of their remind X the remind Polestar the mean, many, place statistic selling just Xs. EQS, course Polestar

heard but Polestar of know As Second X dramatically awareness? question picks Polestar X. a does of market nobody, I similar now broader. it's has up topic, How increase bit the

put from would perspective this question. from presume Again I love I in in U.S. this the to comes -- that

as in well have market I I it think bit. behind awareness. brand limping little a Yes, slightly call to this now we and balance U.S.

perspective If the you this XX markets awareness. compared are in in overwhelming having out being who of we the And market majority global in distance bigger transit of our there. in to PSL brand put much many terms a to to as that took

I is very understand. think that to important that

XX% take [ph] or awareness Neo let's look brand brand awareness Now, versus BYD of market was a in a neutral Germany, Germany closer a Polestar at X.X%. X% of

Now Polestar, we Netherlands we the brand established I of Holland, well where in to mean difference have one in show of strong. that, Lucid, awareness very measurement are X.X% and markets is XX% what very, in

in other is difference compared the exceeding awareness that to where in that then And it our really as the not much countries big peers. U.S. our we're brand very of is

accelerate a starting those about that be with these small for actually course, in different course, it's young in quite think base. all markets of still has we thinking and Polestar brand to, again, that achieved brand products three that that in And good has markets. build I in awareness with So still reason, point 'XX order of will been and a Polestar one this X complete

Question number South about with timing producing covered that questions production. one Carolina Carolina when before the the will start is of South for mid-'XX three, it actually we And the again confirming already plant.

portfolio which EV 'XX will the my cars. side in two include electric And Right. remarks it growing here. a space. SUVs, because from three that's have In of Yeah, closing that we will fast and obviously is segment important very

very The created XXXX car in lot for of activities. the year. Because and up here display Polestar we of X, end to launch is of met headlines costs for the very last the month in great Polestar engagement production, course with build by resonance X and the XXXX. the up Polestar really we of nice do and summer. quarter that And And customer I of media locations four a ramp retail production the our of arrive its will we confirm this nice marketing start and really start a of of again the X book this strong think will the order is world customers. the and of the rest design bold want early

tech modeling the X upgrade this new has with will to for that Polestar signature the introducing of the 'XX build the X. is well by we X, deliveries as a very model substantial course model on Polestar important the which upgrades. starting customer Polestar year of smartphone from car will And you design know front Then 'XX continue year the success its that

help profitability ambitions, of course Polestar. we us remain positive confident of on growth and that the the remain, to So of well this I to as all will deliver

for joining thanks this Yeah, call.

Johan Malmqvist

you. Thank Yeah.

Operator

call. conference today's participating. concludes for Thank you This

You may now disconnect.

Polestar Automotive Holding UK (PSNY) 11 May 232023 Q1 Earnings call transcript