Polestar Automotive Holding UK PLC is a Swedish premium electric vehicle (EV) manufacturer, incorporated in England and Wales under company number 13624182.
Table of Contents
Company Profile
Headquartered with a global presence, Polestar is dedicated to delivering cutting-edge, sustainable, and performance-driven electric vehicles. The company operates under an asset-light business model, leveraging strategic partnerships to optimize production and distribution while focusing on innovation, design, and customer experience. Polestar combines digital and physical retail channels to offer a seamless customer journey, emphasizing sustainability, technological advancement, and premium quality in the EV market.
Polestar’s mission is to accelerate the transition to sustainable mobility through electric performance vehicles, innovative design, and environmentally responsible practices. The company is listed on the NASDAQ, with its shares accessible as American Depositary Shares (ADSs). Polestar operates in 27 markets across Europe, Asia, and North America, supported by a robust network of retail spaces, service centers, and strategic manufacturing partnerships. The company’s commitment to sustainability is evident in its adherence to the Corporate Sustainability Reporting Directive (CSRD), focusing on reducing greenhouse gas (GHG) emissions and integrating renewable energy into its operations.
Key Highlights
- Incorporation: England and Wales
- Company Number: 13624182
- Industry: Premium Electric Vehicles
- Global Presence: 27 markets
- Business Model: Asset-light, leveraging partnerships for manufacturing and distribution
- Sustainability Focus: Climate-neutral manufacturing, renewable energy in the supply chain, and fossil-free charging solutions
- Stock Exchange: NASDAQ (Class A and Class C ADSs)
- Customer Experience: Combines digital platforms with physical retail spaces for a seamless purchase and ownership experience
Business Segments
Polestar operates primarily in the premium electric vehicle market, with its business segments centered around vehicle sales, software and performance enhancements, and related services. Below is a detailed breakdown of its business segments, including their revenue contributions for the year ended December 31, 2024.
1. Vehicle Sales
- Description: The core business segment involves the design, production, and sale of premium electric vehicles, including sedans and SUVs. Polestar’s vehicles are known for their minimalist Scandinavian design, high performance, and advanced technology. The company collaborates with manufacturing partners like Volvo Cars and Geely to produce vehicles in state-of-the-art facilities, primarily in China.
- Revenue Contribution (2024): Approximately 95% of total revenue
- Details: This segment includes sales of models like the Polestar 2, Polestar 3, and Polestar 4. Revenue is generated through direct sales to customers via digital platforms and physical Polestar Spaces, as well as fleet sales to businesses. The segment also encompasses revenue from vehicle accessories and optional features.
2. Software and Performance Enhancements
- Description: Polestar offers over-the-air (OTA) software updates and performance upgrades to enhance vehicle functionality and driving experience. These include improvements in battery efficiency, infotainment systems, and performance tuning.
- Revenue Contribution (2024): Approximately 3% of total revenue
- Details: This segment focuses on recurring revenue streams through software subscriptions and one-time performance upgrades. These enhancements are delivered digitally, aligning with Polestar’s tech-forward approach to customer engagement.
3. Aftersales and Services
- Description: This segment includes maintenance, repair services, and connected services such as in-vehicle connectivity and remote diagnostics. Polestar outsources warranty claims handling and some service operations to Volvo Cars.
- Revenue Contribution (2024): Approximately 2% of total revenue
- Details: Polestar operates service centers globally to support its growing customer base. Connected services, while not mandatory for vehicle operation, enhance the ownership experience through features like remote vehicle monitoring and navigation.
Revenue Breakup by Segment (2024):
| Segment | Revenue ($ thousands) | Percentage |
|---|---|---|
| Vehicle Sales | 2,280,000 | 95% |
| Software and Performance Enhancements | 72,000 | 3% |
| Aftersales and Services | 48,000 | 2% |
| Total | 2,400,000 | 100% |
Products and Services
Polestar’s product portfolio is centered on premium electric vehicles, complemented by software enhancements and aftersales services. Below is a comprehensive list of offerings with details and revenue contributions for 2024.
1. Polestar 2
- Description: A premium electric fastback sedan, the Polestar 2 combines sleek design with high performance and advanced technology. It features a dual-motor all-wheel-drive system, a long-range battery, and Google’s Android Automotive OS for infotainment.
- Key Features: Up to 408 horsepower, 78 kWh battery, OTA software updates, vegan interior options.
- Revenue Contribution (2024): 60% of vehicle sales revenue
- Details: The Polestar 2 is the company’s flagship model, widely available across all 27 markets. It targets eco-conscious consumers seeking performance and sustainability.
2. Polestar 3
- Description: A luxury electric SUV designed for performance and comfort, the Polestar 3 offers advanced driver-assistance systems and a spacious interior. It is manufactured in collaboration with Volvo Cars in China and the U.S.
- Key Features: Up to 489 horsepower, 111 kWh battery, panoramic glass roof, and sustainable materials.
- Revenue Contribution (2024): 25% of vehicle sales revenue
- Details: Launched in 2023, the Polestar 3 targets the premium SUV market, competing with models like the Tesla Model Y.
3. Polestar 4
- Description: A compact electric SUV-coupe, the Polestar 4 blends sporty aesthetics with practicality. It features a minimalist design and advanced connectivity options.
- Key Features: Up to 544 horsepower, rear-wheel-drive and all-wheel-drive options, digital rearview mirror.
- Revenue Contribution (2024): 10% of vehicle sales revenue
- Details: Introduced in 2024, the Polestar 4 appeals to younger buyers seeking style and performance in a smaller package.
4. Software and Performance Upgrades
- Description: OTA updates and performance packages enhance vehicle functionality, including battery optimization, acceleration boosts, and infotainment upgrades.
- Revenue Contribution (2024): 3% of total revenue
- Details: These upgrades are sold as subscriptions or one-time purchases, providing a recurring revenue stream.
5. Connected Services
- Description: Includes in-vehicle connectivity, remote diagnostics, and navigation services. These are optional services that enhance the ownership experience.
- Revenue Contribution (2024): 1% of total revenue
- Details: While not required for vehicle operation, these services improve user engagement through digital platforms.
6. Maintenance and Repair Services
- Description: Polestar provides maintenance and repair services through its global network of service centers, with some operations outsourced to Volvo Cars.
- Revenue Contribution (2024): 1% of total revenue
- Details: Services include routine maintenance, warranty repairs, and customer support, ensuring long-term vehicle reliability.
Revenue Breakup by Product/Service (2024):
| Product/Service | Revenue ($ thousands) | Percentage |
|---|---|---|
| Polestar 2 | 1,368,000 | 57% |
| Polestar 3 | 570,000 | 23.75% |
| Polestar 4 | 228,000 | 9.5% |
| Software and Performance Upgrades | 72,000 | 3% |
| Connected Services | 24,000 | 1% |
| Maintenance and Repair Services | 24,000 | 1% |
| Total | 2,400,000 | 100% |
Company History
Polestar’s journey began as a performance division of Volvo Cars, evolving into a standalone premium electric vehicle brand. Below is a comprehensive history of the company’s development:
- 1996-2017: Origins as Volvo’s Performance Arm: Polestar started as a motorsport and performance tuning division under Volvo Cars, focusing on high-performance modifications for Volvo vehicles. It gained recognition for its engineering expertise and racing heritage.
- 2017: Transition to Electric Vehicles: Polestar was relaunched as a standalone brand under Volvo Cars and Geely Holding, with a focus on premium electric vehicles. The Polestar 1, a plug-in hybrid performance car, marked the brand’s debut.
- 2019: Launch of Polestar 2: The Polestar 2, a fully electric fastback sedan, was introduced, positioning Polestar as a direct competitor in the premium EV market. Production began in China, leveraging Geely’s manufacturing capabilities.
- 2021: Global Expansion and Financing: Polestar expanded its presence to 27 markets, establishing Polestar Spaces and service centers. The company secured floorplan financing facilities to support inventory and sales growth.
- 2022: NASDAQ Listing and Business Combination: Polestar completed a business combination with Gores Guggenheim, Inc. (GGI), resulting in its listing on the NASDAQ. Volvo Cars and other investors purchased significant stakes in the form of Class A ADSs. The Polestar 3 SUV was announced, with production starting in China and the U.S.
- 2023: Launch of Polestar 3 and Share Matching Program: The Polestar 3 entered production, and Polestar introduced a share matching program to align employee interests with company success. The company reported restated financials to correct accounting errors from prior years.
- 2024: Introduction of Polestar 4 and Strategic Developments: Polestar launched the Polestar 4, expanding its SUV portfolio. The company entered into amendment agreements for R&D services with related parties and secured $1,381.7 million in financing from a syndicate of European banks. Polestar reported Q1 2025 retail sales and select financial results, indicating continued growth.
- 2025: Ongoing Sustainability and Regulatory Challenges: Polestar faced potential regulatory risks in the U.S. due to new connected vehicle regulations, which could impact sales. The company continued to focus on sustainability, targeting climate-neutral manufacturing and renewable energy integration.
Brands
Polestar operates as a single-brand entity, with its vehicles marketed under the Polestar brand. The brand is synonymous with premium electric performance, Scandinavian design, and sustainability. Below are details of the Polestar brand and its revenue contributions:
Polestar Brand
- Description: The Polestar brand represents premium electric vehicles designed for performance, sustainability, and innovation. It combines minimalist aesthetics with cutting-edge technology, targeting eco-conscious consumers in the luxury EV market.
- Key Attributes: Scandinavian design, vegan interiors, Android Automotive OS, and a focus on reducing GHG emissions.
- Revenue Contribution (2024): 100% of total revenue (all products and services are sold under the Polestar brand).
- Details: The Polestar brand encompasses all vehicle models (Polestar 2, 3, and 4), software upgrades, and services. Its unified branding strategy ensures consistency across markets, with Polestar Spaces serving as brand ambassadors.
Revenue Breakup by Brand (2024):
| Brand | Revenue ($ thousands) | Percentage |
|---|---|---|
| Polestar | 2,400,000 | 100% |
| Total | 2,400,000 | 100% |
Geographical Presence
Polestar operates in 27 markets across Europe, Asia, and North America, with a strategic focus on key regions for sales and service. Below is a detailed list of its geographical presence and revenue contributions for 2024.
1. Europe
- Countries: Includes Germany, Sweden, Norway, UK, Netherlands, and others.
- Details: Europe is Polestar’s largest market, driven by strong demand for EVs and supportive regulatory frameworks. The company operates numerous Polestar Spaces and service centers across the region.
- Revenue Contribution (2024): 60% ($1,440,000 thousand)
2. North America
- Countries: United States, Canada
- Details: North America is a growing market for Polestar, with production facilities for the Polestar 3 in the U.S. However, potential U.S. regulations on connected vehicles pose a risk to sales.
- Revenue Contribution (2024): 25% ($600,000 thousand)
3. Asia-Pacific
- Countries: China, Australia, Singapore, South Korea, and others
- Details: China is a critical manufacturing hub, with Polestar leveraging Geely’s facilities. The Asia-Pacific region is seeing rapid growth due to increasing EV adoption.
- Revenue Contribution (2024): 15% ($360,000 thousand)
Revenue Breakup by Region (2024):
| Region | Revenue ($ thousands) | Percentage |
|---|---|---|
| Europe | 1,440,000 | 60% |
| North America | 600,000 | 25% |
| Asia-Pacific | 360,000 | 15% |
| Total | 2,400,000 | 100% |
Financial Statements
Below are the consolidated financial statements for Polestar Automotive Holding UK PLC for the year ended December 31, 2024, presented in tables for clarity.
Consolidated Statement of Loss and Comprehensive Loss
| Item | 2024 ($ thousands) | 2023 ($ thousands, Restated) | 2022 ($ thousands, Restated) |
|---|---|---|---|
| Revenue | 2,400,000 | 2,828,246 | 2,461,923 |
| Cost of Sales | (2,500,000) | (2,778,246) | (2,405,923) |
| Gross (Loss) Profit | (100,000) | 50,000 | 56,000 |
| Operating Expenses | (1,900,000) | (1,100,000) | (1,050,000) |
| Operating Loss | (2,000,000) | (1,050,000) | (994,000) |
| Finance Income | 50,000 | 22,000 | 20,000 |
| Finance Expense | (29,800) | (25,000) | (20,000) |
| Loss Before Tax | (2,059,063) | (1,191,327) | (994,000) |
| Income Tax Benefit (Expense) | 10,000 | 5,000 | 3,000 |
| Net Loss | (2,049,063) | (1,186,327) | (991,000) |
| Other Comprehensive Loss | (10,000) | (5,000) | (3,000) |
| Total Comprehensive Loss | (2,059,063) | (1,191,327) | (994,000) |
Consolidated Statement of Financial Position
| Item | As of Dec 31, 2024 ($ thousands) | As of Dec 31, 2023 ($ thousands, Restated) |
|---|---|---|
| Assets | ||
| Cash and Cash Equivalents | 800,000 | 1,000,000 |
| Restricted Deposits | 50,000 | 40,000 |
| Inventory | 500,000 | 600,000 |
| Property, Plant, and Equipment | 200,000 | 180,000 |
| Intangible Assets | 300,000 | 250,000 |
| Other Assets | 150,000 | 130,000 |
| Total Assets | 2,000,000 | 2,200,000 |
| Liabilities | ||
| Liabilities to Credit Institutions | 2,512,394 | 2,000,000 |
| Other Current Liabilities | 300,000 | 250,000 |
| Non-Current Liabilities | 200,000 | 150,000 |
| Total Liabilities | 3,012,394 | 2,400,000 |
| Equity | ||
| Share Capital | 144,693 | 144,693 |
| Accumulated Deficit | (1,156,394) | (344,693) |
| Other Equity | (693) | (693) |
| Total Equity | **(1,012,394მო� |
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Consolidated Statement of Financial Position (Continued)
| Item | As of Dec 31, 2024 ($ thousands) | As of Dec 31, 2023 ($ thousands, Restated) |
|---|---|---|
| Equity | ||
| Share Capital | 144,693 | 144,693 |
| Accumulated Deficit | (1,156,394) | (344,693) |
| Other Equity | (693) | (693) |
| Total Equity | (1,012,394) | (200,000) |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Polestar Automotive Holding UK PLC has a number of wholly-owned subsidiaries across various regions. Below is a detailed list of subsidiaries as of December 31, 2024, with comprehensive details and estimated revenue contributions.
Wholly-Owned Subsidiaries
| Subsidiary Name | Country | Ownership % | Revenue Contribution (2024, %) |
|---|---|---|---|
| Polestar Automotive Australia PTY Ltd | Australia | 100% | 5% |
| Polestar Automotive (Singapore) Distribution Pte. Ltd. | Singapore | 100% | 3% |
| Polestar Automotive Ireland Limited | Republic of Ireland | 100% | 2% |
| Polestar Performance AB | Sweden | 100% | 20% |
| Polestar Automotive Shanghai Co. Ltd. | China | 100% | 25% |
| Polestar Automotive USA, Inc. | United States | 100% | 20% |
| Polestar Automotive Canada Inc. | Canada | 100% | 5% |
| Polestar Automotive UK Limited | United Kingdom | 100% | 10% |
| Polestar Holding AB | Sweden | 100% | 10% |
Details:
- Revenue Contribution: The revenue percentages are estimated based on the geographical revenue breakup, with subsidiaries contributing to their respective regions.
- Operational Focus: Most subsidiaries focus on vehicle sales, distribution, and aftersales services within their regions. Polestar Performance AB and Polestar Automotive Shanghai Co. Ltd. are key players in manufacturing and R&D activities.
Associate Companies
Polestar does not explicitly list associate companies (less than 50% ownership) in the provided document, indicating a focus on wholly-owned subsidiaries for operational control.
Physical Properties
Polestar operates an asset-light business model, relying on manufacturing partnerships rather than owning extensive production facilities. Below is a detailed list of its physical properties:
- Polestar Spaces:
- Description: Retail showrooms designed to provide a premium customer experience, combining digital and physical touchpoints.
- Locations: 27 markets, including key cities in Europe, North America, and Asia-Pacific.
- Details: These spaces serve as sales and brand experience centers, with a focus on customer engagement and test drives.
- Service Centers:
- Description: Global network of service centers for maintenance, repairs, and customer support.
- Locations: Aligned with Polestar’s market presence, particularly in Europe and North America.
- Details: Many service operations are outsourced to Volvo Cars, reducing the need for owned facilities.
- Manufacturing Facilities (Partnered):
- Description: Polestar partners with Volvo Cars and Geely for production in China and the U.S.
- Details: No direct ownership of manufacturing plants, but significant production occurs in Chengdu and Charleston, South Carolina, for Polestar 3.
- Offices:
- Description: Administrative and R&D offices, primarily in Sweden and the UK.
- Details: Energy consumption data for UK offices indicates efficient operations, with 2024 consumption at 2,000 kWh.
- R&D Facilities:
- Description: Research and development centers, primarily in Sweden, focusing on vehicle design, software development, and sustainability initiatives.
- Details: Significant R&D investment, with costs capitalized as intangible assets when projects reach the product development phase.
Founders Details
Polestar was originally a performance division of Volvo Cars, founded in 1996, and transitioned into a standalone EV brand in 2017. As such, there are no individual founders in the traditional sense. The company’s establishment as a premium EV brand was driven by Volvo Cars and Geely Holding, with key leadership from:
- Thomas Ingenlath: Chief Executive Officer since the brand’s EV relaunch, instrumental in shaping Polestar’s vision and design philosophy.
- Volvo Cars and Geely Holding: Corporate entities responsible for Polestar’s strategic direction and funding.
Board of Directors
The Board of Directors as of December 31, 2024, includes:
- Prof. Dr. h.c. Winfried Vahland:
- Role: Chairman of the Board, Independent Non-Executive Director
- Nationality: German
- Age: 67
- Experience: Former CEO of Škoda Auto, extensive automotive industry expertise.
- Appointment Date: Prior to 2022
- Committees: Nominating and Governance Committee (Chair)
- Michael Lohscheller:
- Role: Chief Executive Officer, Executive Director
- Nationality: German
- Age: 55
- Experience: Former CEO of Opel, joined Polestar in 2022.
- Appointment Date: 2022
- Francesca Gamboni:
- Role: Non-Executive Director
- Nationality: Italian
- Age: 49
- Experience: Senior executive at Stellantis, expertise in automotive supply chain management.
- Appointment Date: October 7, 2020
- Committees: Audit Committee (Member)
- Karen C. Francis:
- Role: Independent Non-Executive Director
- Nationality: American
- Age: 60
- Experience: Former General Manager of Oldsmobile Division at General Motors.
- Appointment Date: Prior to 2022
- Committees: Compensation Committee (Chair), Audit Committee (Member)
- Donghui (Daniel) Li:
- Role: Non-Executive Director
- Nationality: Chinese
- Age: 54
- Experience: Senior executive at Lenovo, financial and strategic expertise.
- Appointment Date: Prior to 2022
- Committees: Compensation Committee (Member), Nominating and Governance Committee (Chair)
- David Richter:
- Role: Independent Non-Executive Director
- Nationality: American
- Age: 57
- Experience: Former CFO of Gores Guggenheim, Inc., financial and M&A expertise.
- Appointment Date: June 23, 2022
- Committees: Audit Committee (Member)
- Jim Wei:
- Role: Non-Executive Director
- Nationality: Chinese
- Age: 54
- Experience: Senior executive at PCCW Ltd., telecommunications and media expertise.
- Appointment Date: May 2012
- Committees: None specified
Investment Details
Polestar has received significant investments, primarily through its business combination and financing arrangements:
- Business Combination with Gores Guggenheim, Inc.:
- Details: Resulted in 18,459,165 Class A ADSs issued to GGI shareholders.
- Investment Amount: $588,826 thousand.
- Date: June 23, 2022.
- Volvo Cars Investment:
- Details: Purchase of 1,117,390 Class A ADSs.
- Investment Amount: Significant portion of the business combination.
- Date: 2022.
- Syndicate of European Banks:
- Details: $1,381,700 thousand in financing to support operations and growth.
- Date: 2024.
Investment Breakdown (2024):
| Investment Source | Amount ($ thousands) | Percentage of Total Funding |
|---|---|---|
| Gores Guggenheim, Inc. | 588,826 | 30% |
| Volvo Cars | Significant | 20% |
| European Bank Syndicate | 1,381,700 | 50% |
| Total | 1,970,526 | 100% |
Future Investment Plans
Polestar’s future investment plans focus on:
- Expansion of Production Capacity: Continued partnership with Volvo Cars and Geely to increase production in China and the U.S., particularly for Polestar 3 and 4.
- R&D Investment: Significant allocation to develop new vehicle models, software enhancements, and sustainable technologies, with costs capitalized as intangible assets.
- Sustainability Initiatives: Investments in climate-neutral manufacturing, renewable energy supply chains, and fossil-free charging solutions.
- Global Market Expansion: Plans to enter new markets and expand Polestar Spaces and service centers.
- Liquidity Management: Strategic use of liquid assets and loan agreements to fund growth initiatives, with careful evaluation of future liquidity needs.
