PSNY - Earnings call transcript Q2 2024 | Polestar Automotive Holding UK PLC

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Operator

Good day, and thank you for standing by. Welcome to the Polestar Q2 2024 results.

[Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Bojana Flint.

Bojana Flint

Thank you, operator. here Investor Flint Bojana everyone, from Relations. Polestar Hello, results covering the you for quarter today our joining Thank second call of XXXX. Per business I'm the by Ansgar, who CFO, joined will financials and update. our give

analysts We will retail questions. and then investor for open

that and some risks forward-looking before usual. cause points materially Federal statements may participants many under I But today and comments Laws remind as of to U.S. housekeeping our been results will are like will actual start, numerous to I what that from we uncertainties communicated. subject cover to would be Polestar's Securities considered differ has

These targets, of forward-looking but the fundraising macroeconomic and and limited near-term company financial not performance and regarding production results, to volumes, funding and delivery requirements, statements statements events. include, trends, other future company, and industry financial medium-term the initiatives, and future operating are outlook

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

could the factors For contained SEC a risk discussion filings. results that in the of of our factors differ, cause review actual some please to our

to management financial addition, references non-GAAP take might call. measures during In the

GAAP discussion the can X-K we of financial comparable non-GAAP and be reconciliation in today. A published to press directly most found use a in release the appendix the Form of measures and why measure the

would that, Per. to I like With to turn over the call

Per Ansgar

welcome after restful to this the all some meet weeks in like earnings you have X release, our QX Thanks, meantime. to Bojana. and would weeks again, Once We again hopefully, vacation I had call. you

join call. will we know, new yesterday, CEO a us who future you announced for that earnings have As we incoming

shaping legend immense financials, wish for it iconic is the the Polestar. to and to best before company personally him is will the Thomas thank forward-thinking future. in at go and opportunity the his I definitely and would like the to Polestar innovative take for But I today. an in publicly remain Thomas contribution into cover We

businesses, Lohscheller as opportunity brings meet incoming of have automotive Michael XX years to in want I you on. experience them over calls scaling He the Polestar welcome later Also, and CEO. will in upcoming particularly in to industry,

me to course, both financials. it to through turn as on to is plan results, relation talking track year-over-year of in the And update to XXXX let now QX QX our comparisons So important I on pleased give of recently and for consistency. the progress, filed progress calendar. very our results that I'm on NASDAQ. now and XX-F, are cleared have by with reporting reporting we more track have say we on deficiency we had XXXX that, for we audited normalized the our with to Form back an And

coming and XXXX. In analysis documents to let of aim IAS movements me XX start QX usual With key versus discussion publish management QX the the report. the that, the the and weeks, with we

China was XX,XXX of gross sales Revenue and our XX%. versus X at vehicle a as global up QX. driven volume normalization of result saw by close We more was USD Polestar result well X gross at to USD million growth cars, as up some XX% of JV. X to revenue was improvement initial Polestar negative than and million XXX The in deliveries recognition small

X Our X Polestar competitive we on very by market still underlying was a up ramp and higher gross profit in impacted Polestar before X discounts and deliveries.

USD for extensive up advertising would Compared also volume X%, and XX XX% activities award we benefit global a operating Overall, result, increased the XXX early introduced XXXX. quarter general, in to was good USD launches. Polestar are to than tightly X Polestar more growth, seeing the in X which SG&A loss million. mid-XXXX just million and and selling, measures of costs We cost our managing administrative the and that

was revenue million factors cars XXX higher due the flag the XXXX to global similarly quarter volumes impact the global and I decreased volumes XXXX. second key related by versus offset would to quarter USD were Gross sale like normalization lower to discounts. around and X the higher recognition XX% results of on or movements. JV. as lower which second to Moving of to release China was breakeven of the discounts and an some impairment Revenue

were operating inventory XX%, or our in decreased primarily million. income loss being effects. XXX X expenses down goods SG&A to due or decreased foreign being to million, Research therefore, decreased capitalized amortization to million and, million XX with of USD cost of cost Polestar USD USD actions. Operating USD XX XX management IP XX% due Other development now USD around and part sold. exchange mainly million XX

cash second to USD sheet as and At loss balance cash In cash end quarter cash the equivalents XXX up Operating than flow inflow million period, on as of was money. manage less very reported secured the including working to of continue million the we million USD the December, to operating XXX mid-August, of drove cash management improved new capital. outflow highlights. on also a Moving positive prudently. external of USD we we the since in actions XXX

see we a direct XXX and of with that in As will with we to XXX million XXX line anticipated, proceeds we took of from facility loan fair inventory have and relative mostly this and some our have to outflow seen Financing especially Polestar utilized. USD sales, XXXX It wanted X. working improvements with results, the was guided we increase cash X, inventory, and club say X inflow quarter. Investing million QX what but USD we fully we in than in continue. action in and million investments and or million, in this towards ended released XXX trend plans, USD we USD lower second expected to higher our quarter capital is XXXX was net cash

also and we are and volumes. some as facilities, loans up repayments However, largely made deploy undrawn ready financing other scale now which trade of to we

for quarter. momentum the in seen volumes remains the quarter outlook inventory the am second and positive last freak. Let on with the in work Like impact to picture the like on had I particularly I into and where a half flow. stronger me Sales finish we fourth a flow, a second said with going cash and bit will I of call, working cash hard levels this. continue on the

important. is that this and it's believe a done think obviously, fun on things I that be very I of can firmly very there this are front. lot

to uptick financials quarter. deliveries a Let's and the now first quarter in leave the saw into business the developments. We recent move the in compared second significant

sales really year. Our in on to worked of their well and partners have build strong second half our the a up retail efforts platform have with we to ensure accelerated team the

lineup drive and and started be Europe important in and X, model in how X regional Polestar our is we power us organization attracting X it new now few its all time. Polestar base. the and media a for global weeks growing just gearing ago. up test are seeing deliveries showing the customer stands test the a for will already design, capacity slots adding SUV The are is with Polestar demand coupÃ©s drive Following media activities, wide

driving X Duplantis pole of Olympians Polestar exciting SjÃ¶strÃ¶m, our most who of We the Sarah are develop our the continuing seen brand Those decorated have efforts Polestar you as Armand our X ambassadors. now superstars the a swimmer and X campaigns. and global are to vaulter marketing with

very are of We proud that.

first Polestar Polestar South we the One manufactured U.S. South export Carolina Carolina can cars the X start in recent a trade and of of SUV to in is in built X that from This the have production diversifies more how competitiveness was large X. for we in of luxury footprint the Producing manufacturing locally. of to Europe it our where is whole Polestar out supports most our It important on benefit X and a Polestar have as always commercial makes milestones and strengthen a known ambition U.S., our continents. balanced Polestar important

next being South customers Carolina over weeks. first handed the are used few The to cars in

and look geographic As we our we significant putting and footprint, value expand are distribution efficiency maximizing existing our model grow footprint. efforts our into of the to lineup

to enables and under with momentum engage up, a on wrap second our more conversion us with improvement non-genuine the and in several new increase investors, way. To involve more created this efficient European to sales XX% agency have markets strong partners a to and than the now have operating sell brought setup This We board. being more space come cars ultimately more quarter. in in we

and confident improvements. operator. And of And sales we from for really hand listening. with second you particularly thank SUV the half, production have now our force, are this cash gearing the We financially inventory for driving later X higher XX% across year. and in capital X part are by of up and over of cars a with premium I they build. And engaged the sales the with turnover, X continents this, Operationally, that, quarter fourth working to stronger

Operator

[Operator from comes Tobias line Instructions] of the question Atlantic. the And Beith first from Redburn,

Tobias Beith

as more And separately. usual, please. XX% per ask Are some you the external quite improvement in detail questions, on COGS notable. is X reduction, sequential I'll able a units, them identify which have to I provide

Per Ansgar

are Thank selling one of We cost that you, one. X. now, the shift prices. we prices hard would parts into for on is gradually into a cars we right there the Well, Tobias. several of working Polestar And obviously, obviously, it on reductions. of are And our most is what a we little probably raw mix here. battery bit improvements see here material that see going also then the But are

the cost which is for a helpful. see of So you very constant batteries, reduction

hard with, very Volvo and especially Polestar the also negotiations is side. developed commercial working We X on supporting are has together Geely, in us also the who

reductions expecting are more we even So here. to see forward going cost

Tobias Beith

whether any versus exceptional were quarter? I that there or So okay, of maybe releases any second ask understood. But in sort can the impairment first the perhaps, was quarter

Per Ansgar

we here. to No, be, my not sure should Yes. have XXX% that knowledge, it

Tobias Beith

Okay. Great.

the do in quarter. for help free the I inventory non-cash free parts capital And flow improvement? I you operating you that is of the working just adjustments the to for working was observe other operating level the what income versus me Is a responsible first cash disconnect and wondering of quarter if and capital cash relatedly, normalized can it between in quarter. second Polestar? consider second understand a Secondly, the

Per Ansgar

as flow worked we've working and our capital. said, we cash I What Yes. very with hard done, and

So, in that reduced second hard we quarter, one. the have will work especially very significantly with here, inventory our we continue to and

million-ish. reason flow XXX the So, good cash around of operating good USD quarter for our a our especially inventory, the in reduction second is main

Tobias Beith

Polestar out then you and And my Europe is as for question those models Would Polestar of as relating being last XXXX describe both the to of and the Great. U.S. X Okay. X. today? in sold

Per Ansgar

didn't Sorry, that I please question one. repeat follow that

Tobias Beith

you as in for Polestar Europe X and XXXX describe being out the sold U.S.? and Would X

Per Ansgar

until the we X, basically very if late with this Polestar X launch will we Well, Polestar not year. start

started we really deliver car So that not to that question have -- yet.

more book, both really but on not Europe Polestar have we grow we So, to and a orders. order up U.S., during we of important in the that take -- extremely expecting In are perspective, to starting the traction large ramp starting are X, our have the the the test we drive, to to balance here. get From as year are now test drive.

So, and we are demo cars. test with hard very drives working

little at people of a anecdotal. of mark European And windows. there it. markets. I drive a one rear of when buying in yes, the controllers a car But is of question bit X, bit is without them asked the little our it with course, car our said meeting appreciated some get of into and there a Polestar very And

people and drive the of lot a So, cars. drive test to want

up when yes, we we So, now order books, test from we drives. the are have that drive especially but more expecting start to perspective, orders,

Bojana Flint

just And what on maybe can up I said. Per Tobias, if wrap

point terms the of U.S. of deliveries in of about in kind very XXXX. Polestar X, for late Polestar were X the the scheduled never In

that's because hard it's We the in really the it deliveries until ramping have in Polestar U.S. up. that U.S. we started later markets, never plan X to But in to across sold much out the really and many definitely is say deliver year European

Operator

The comes Sheppard of line Fitzgerald. the from Cantor question next from Andres

Andres Sheppard-Slinger

year. Wanted to of maybe second the start for deliveries half with this

on year in of delivery roughly, X done to how about give between mix will smallest what second X Polestar the about margins? should terms half about the how So and second delivery Polestar as should Curious gross breakdown. half impact be a think mix X, XX,XXX the have will you've us probably terms any think can color and we deliveries obviously, in also on of But of little for year-to-date. maybe and deliveries that Polestar we color the the just if the you deliveries far the this so

Per Ansgar

we've here, the volume thanks No, will see the we year. gradually for question. growth Obviously, said through as

we'll to be you fourth So, outlook as from be see, quarter a even quarter And in before. you perspective. better our that volume should quarter strong expect higher expect up. will to fourth third especially, be And guided we than then should have

And of we this for said, our smaller years, focus need That us put will X to the forward. sales always you're now a many Polestar take fantastic will going X. Polestar we and has our as right, been X, car portion Polestar but on

year. higher lead perspective. also have ambition Polestar third In said as expect perspective, the in margin we quarter, that take vehicle in we a margin terms X as to Europe. start in bit should the the deliver Polestar the will X we And by a in double-digit So, gross the have U.S. you quarter, gross in to that that from be deliver of one start a is in to of U.S. and fourth our both from a little sales end big to

Andres Sheppard-Slinger

helpful. wondering you super your That's us funding reminder recently. looks external $XXX of just stand can it. It you another give a just million I maybe capital quick on in like if there follow-up. raised was where was And a needs. Got

So just curious your what that capital upcoming needs? means for

Per Ansgar

No. as worked cash a hard Thanks flow, I that flow If with as free capital. with and our cash said with our question. But start flow, for myself our that. I'll portray sure cash I work we we probably making now care, working that

half the have burn had same our lower of you on first last than -- year. year, cash we our So, period is see as this significantly

the end need -- we've last X.X that We of billion. saying there. had a good by lot USD improvements we So the out for went last year done year of

We have loan, in million this the secured second which early year quarter. on USD club the was XXX

looking We we are that also then equity. said for more

around is not have drawn million, We financing able announced XXX now also that been we secure to fully yet which here. debt down more

So, speech that of capital. mentioned have working we that in is financing my from we maybe working here. and And time say On trade our a that one, USD being X.X undrawn top lot to our are facilities, our we billion. then that up lead-in as also worked largely perspective, you with is that for also have which I could capital, here,

lot continue So, line. our when we have credit up to in ramp America working North a of production China we production with in now start good and capital

So, equity I said, see immediate to But injections in always those an the company. are don't from obviously, perspective forward as here. more we need we looking

Operator

Levy line the Barclays. And from comes Instructions] from question [Operator next the of Dan

Unknown Analyst

a here, go through. Hi, Trevor Young just if couple we questions for Dan could today. I of had

the And Polestar sense if perhaps to JV? to I opportunities sales the is battery beyond here additional a First, you of additional you asking on of release I on impairment of and give driver mats just to that margins piece to gross vehicles as wanted X could just or the main a China down on an related curious any if the little of more X? to bit gross Polestar that, from you called raw just drill Tobias kind was the benefit about revenue could was normalization recognition out this, if quantify, profit but

Per Ansgar

from that we also good of quarter impairment, the little gross We the driver in the from of second news the and couple a of more second the between good news. a of as some in basically second did margin news quarter, gross have margin a so, quarters, first perspective. quarter, a then we one good we we and did amortizations. money, inventory impairment in of and revenue some about, bit a little in also have talked XXXX, we news quarter. an a had not behind also by the bad part an of on moving enormous of around between first and we a as million quarter main couple markets, of on specific impairment also moved discussion bit have have Obviously, we we some end From good had, but the news Polestar -- our amount of our U.S. on assessment have X The dollars

has more R&D and we're sold Do into amortization one lower up cost in goods you gone sold. that for of here. where is that of of upping previously down R&D. That that the of We Xs main significantly drivers are part cost have see goods Polestar

we has, second about X a said, in But gross X I talking lot as quarter. margin, have Polestar the the Polestar of sold

X plan, especially from more about have and Our to our fourth of into quarter. is as question overall of focus other here on the with talked and X some we gross Polestar will deliveries X X margin and the Polestar now the improve Polestar polestar

Unknown Analyst

Understood.

up following versus launching little has on, how trending in are and could Polestar with but U.S., a you then Polestar sales China this color if platform a Europe on X? benefit working been I I examples know Just it Polestar specifically give give on X the Geely the the how a just X. was in few of and on curious you're

Per Ansgar

the are this on Well, think Geely if I with benefit with quite of lot start a benefits. of one working I there

of in have have Geely cost base. working where said on the Polestar to still good a together we are been Having with able it quite China, base we is X. First all, produced cost with that,

know very you with with You the Chinese be the cost. to so able in EV market China sell margins is cars work decent to need competitive, to

doing that benefits of So us. one and Geely is course, that

benefit lot X, activities on a the we so around have. reductions cost aligned have is of We Polestar one that

benefit other The R&D full development. obviously the is

so European cars U.S., use use We and can which are best similar able helpful and X, is China China Polestar a and Europe to, in perspective systems systems Western for can in we the software for the entertainment as for those also use X from we I words from us. say, and very

with for is That other support South in markets Korea make is also this for car to that we and potentially going forward. course, U.S. South good also, Geely. working very our of produced production Korea by supported also a The third, being now are

on Busan very their is South have teams in The progressing Polestar We produced by close very plant on. so well. and in making progress Korea X

that will deliveries expect year, be that We mid production next our perspective. which to U.S. from very helpful start for

is The course, are the car the are Then said, of doing China? as sales. the market car very money how on losing Chinese Chinese you in brands Many of tough. received, we is well

making are good and balancing we volume been in have way. We a sure margins that

Polestar then we our China cars and is this Polestar vehicles, by plan later X will next the especially continue more, in to of premium into year, year, significantly start will X more Our Polestar to That and luxury China. customers. X into China. also expectation Polestar Those deliver the brand are which that in will target X affluent the Chinese build we

Unknown Analyst

squeeze the the models? on one understand here. is Understood. drawdown, strong very this, the And important. XQ think If capital focus around of just I this $XXX of I working ramping quantified against more volumes you a is million. capital in ramp I on improvement how it's up that But X capital I you working saw strength in appreciate the could sustainable obviously question new Historically, headwind. working inventory

If us a of to to some going this balance there? you're how of the you levers can and give sense pull you have

Per Ansgar

things wholesale it's partners perspective, what partners partners, retail example, model and working have are I in we our where now our to we in our very this mean China. models, and our couple for say with retail in I closely very similar partners Europe, on are changing like so we A are we we sales U.S., of working from really, that, is One that. heavily when are

actually So, process. the making the and we process are up that can sales delivery we sure speed

measures Europe the can to make time all the in hand comes sales the car dealers into So and a are in way Europe it's until cut the that ports for to we the our delivered in own sure cars that final model to from taking we over the lead in the that we is time Europe, example, customers. up

us on for Polestar do will quite So, on lot. we us which that U.S. will we a Xs South U.S. European And be in only many not And conjunction in customers will if some customers, but lot are in able because squeeze the production out the got to there, later production to perspective. a Polestar start help in closer help we can time quite produce Europe we weeks also to X that year. out that for Carolina one, this in the will because to much we

a as XX% cost, So course, basically we working of percentage see history. a revenue said, there our need But But significantly I have we to utilized financing will trade we now. right a compared more not lower are capacity, of working of as selling if of large will capital be capital.

there. more a we potential have So of lot

Operator

[Operator of the line question from next And Daniel Roeska Instructions] Bernstein Research. the comes from

Daniel Roeska

Kind past? impact to you in Maybe And wrap gross quarters? the about margins the could of bit does how of on relating the tariff double-digit a you first, that help And this. have sense the margins then have statement you around kind whether hope seen situation? end what developing? any change give whether that the your much earlier maybe little year? rough a achieve us of relate we to us And gross there's of tariffs upcoming our the talk to then in minds to that the Could that, expected is by -- how weighed

to flow. already second bring it upon, free cash but I'd back it And then one, the like I was to touched think

of You last it somewhere burn the ongoing the burn like largely cash add million XXX quarter. is at I I on of working unchanged, between As had the we're quarters, USD couple kind starting were XXX that capital I out, at million a cash relief. your looks said right? past XXX still If the strip look burn. of you back cash USD million QX, year USD If

to position changes say, kind in you burn kind And the would a you in to when let's quarters? cash us, upcoming cash better that the as approach give positive? you range volume of So turn and expect how margins do gross burn of scaling you a think underlying that are

Per Ansgar

of it let's cover all Thanks them see tell I've written to for here. down question. if in I it, can so your

us several the of back to remind of for being the tariffs. again U.S., which produce so have going Canada, the where we making Carolina here Xs one all away forward. side, basically decisions deal Polestar a take with not on which or time, Charleston significant all, the really for just taken everyone big we South track Europe, is the this plant will on that are in problems First for tariff that will

So far, of It the XX.X% tariff in at up implemented least announcement with situation U.S. that not been That here. yet, not in And ago, couple has to has ago, XXX%. been implemented came a about months the it's weeks knowledge. X was to like my

So going when happen. us big avoiding still to a that see will tariffs. But little of help bit that's to one that is things the

in are The And deep we I supply plant also that plant second Europe. where Renault, produce to we South together our Polestar can now is, also Xs thing with Korea, be will used as said, for Xs in for discussion Europe? Polestar

significantly then one. have speed from to this up course, of we our cost And had activities reduction thirdly,

cars with I said, Volvo had, we as both made and of a So on here. quite actions lot be Geely have discussions, with to

So we quite opportunities. looking X lot of Polestar car, lines a and to car and the base really Polestar X of X, there into are Polestar the all are of cost the reduce

when But are the have have cars cost they kind expect launch from a beginning. may you some the car, that you quite shortcuts. take to been new, Although of could also historically, you like would optimized

quite here. Polestar X or opportunities cars the there in So some of lot cost X you and some a costs build of in Polestar could

the the also U.S. of we kind car be we is then system And will point. as our you really in for use like other produced tariffs, X So in with a the to the starting like which I Korea. with Polestar South of netting able production U.S., handle And will have X Polestar some that lines. said, being

So that not a is problem.

if different If from into It to to announced tariffs Normally, announced be a been from Europe, up news at XX.X% Union going XX%. you delayed implemented. first. would is to China is then is The have levels for European increase. Volvo, ends tariff brands. it Europe Geely, have then They that July different Polestar go this the has that good November basically

a November, European So that a discussions. political of in course, Union is there implement if to still will in the happen decision lot it of

the markets. in definitely that of they see favor industry, their not one are not this countries their Some member would in of because it their not countries Europe benefit or

perspective. a bit So open from little that

we Union ways The is European the couple with last of different one. or there are because the impact in constant to dialogue thing that this are on of defer avoid this a one limit or

actually what So in I today these earlier are, European European where going tariffs and the have Commission was actually would if this what through meeting with we impact a would support the Commission able wants achieve to achieve. to to have be industry The or for European want to technology. what wants actually protect they European it to negative be Commission would European the to industry develop

making the importing we with Europe are from cars because way technology are cars from together together ourselves our China the different From perspective, lot investing that completely is Volvo on of tariffs putting a a we in Polestar suppliers. with

we for for or it Polestar and the So be if course, the will increases of no would better of have industry less tariffs. European

dialogue are ones those in with So a of lot quite here. we

will are point some will your in our it XX%, here. cost margin on time November at happen, it importing one above then in gross before here. question if that So quite And happen we total

that also be hard of at with or very all least forward of European lot hard together mitigate going some Commission to here. here. are we the it work But And or a limit working will

one up here. So that end let's where see we

cash your Then burn. your on back question to

the keep we helped talked it increase course, capital My able relative anticipation, working about to of a has be as will had. to working very I the capital have as lean said, lot. I think, and we us we to is levels not that that

as of a less I a that So problem. see

couple basically margin now. Of gross here. underlying gross margin breakeven is things course, in that of see burn you quarters last has driven X been the the It's cash right the

when -- we We and will, flow positive Polestar kind and with cash money would are is into into this R&D our a top that one, on going X, margin gross and to X course, like Polestar forward, have the Polestar expect I year be X. Polestar of investing putting last X. of the And expenditure peak year all the of X a Polestar

flow So next year, into our when as we down will cash go investing go well.

coming, So a investment us margin possible, into reducing working as you combination up see that give will better and keeping of will gradually And cash a levels next our gross getting as year. flow gradually going lean forward. capital especially

Operator

any further lines, I questions [Operator the As no questions now Bojana the hand back are to Instructions] to there on would for phone like from retail.

Bojana Flint

shareholder through retail received X the Per, we have [indiscernible] to questions top So technologies on going shareholder that -- go we're platform. a

them and then we I'll can answer So them. read out

received The recently that reads, stock Polestar delisted to deficiency to in will as future? first notice ensure What a the and are the shareholders from reassure measures leadership not NASDAQ. be taking compliance received question

Per Ansgar

Two things that one. on

That one was happy of mid-August. I'm say that full very on make we compliance. all, a deficiency XXXX in we our as First must to sure we that and had have our XX-F reporting Form one -- healed I year filed

gone out. that So has

So that good. is very

was been quite $X. earlier been share days, deficiency in July. is the being price The trading it's below also we some The $X time. and have last above it $X for above of And below other $X couple

around moving it's there. So

to this deficiency. We year have up heal to early next

this -- $X, our Our plan and the will make up is, go what we that of and starts to during should to course, feedback the price see think. with ambition gradually X really good sure below X deliveries above continued happen and which Polestar you sales that now Polestar that year customers, really is our or share from on increased and

R&D out cars European-based have and If which you XXX,XXX company we to on others, or all can and Polestar good manufacturing one. a the globally, the road think footprint that about stands with close and like from is sales

EV from a I apart we So puts many which us think company are of our competitors.

Of targeting. we that is course, what are

Bojana Flint

Yes. to and comes And to of on mindful sort it maybe very just previous the the up closely very we said monitoring and are that and of right? one, management we the when situation are always wrap board $X,

Per Ansgar

definitely. Yes,

Bojana Flint

of which back previous our plans X, what's much well, number share very value? the current Question as Okay. question increase links to is sort the to

Per Ansgar

this basically of I've one. think Yes most I said

demonstrate to through that. year, needs we And do business I continue and have the we improvement. doing think will think, I again, been to that the gradually

Bojana Flint

the absolutely. going fantastic products to existing that spread to we in well, through. markets. going have we We're are as well into the coming markets and Yes, in we new And said have grow past as

exciting So the little X, expose value developments. there. the stock more And cars, a question sell more, you color keep How up? a bit and just more do of lot plan going to brand

Per Ansgar

a lot Yes, value a advertising think stock One, don't couple And we the to campaigns. things. resources all We up. to we I brand. of a small unlimited have go do of want are

trying ways are it. find We different do to to

We We have did a lot Global of drives. Spain. drives. done here that media in in spring, media

drives really We like over media good get that coverage more are local regional now to journalists. moving to from

more reach We are are marketing really we our working of the -- campaigns, when much type targeted in we Polestar. trying do who to consumers are right interested

need People a working also difference for are drives and them. lot very Polestar. we drives drive We cars, as our test test about will experience the with a to come, are make sure

top into I mean and new as X markets of expanding new footprint Bojana said, in our expanding And markets, countries. we geographical ways: are on one, that,

We will go into France.

example, an as next will markets. year, some in Europe we For Eastern setup to expand importer

model. we our in are more sales can when making which also America, and we do seeing are I for some example, what changes is think important now South We to

We cost different will year way. countries geographical investors gradually with into completely the next also in and U.S., year. be of Europe, the a good this the sales our changed also in them are many our network energy from will we continuing model And retailers are sales the expand that and engaging in and existing the expanding and in

Bojana Flint

Great. it. That's

shareholders. first retail questions the the top taken have from X we So

close call. So we the can

Per Ansgar

And thank are And for very here our third -- I going in forward in to I much Yes. listening here here. say you you then results we when again quarter quite soon look November. meet we through

thanks and back, Have in, welcome listening good thanks for So a and questions. your day. for

Operator

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

You disconnect. may now

Polestar Automotive Holding UK (PSNY) 29 Aug 242024 Q2 Earnings call transcript