Polestar Automotive Holding UK PLC · NASDAQ:PSNY
Polestar Automotive Holding UK — FY2022 Earnings Presentation
41 slides from Polestar Automotive Holding UK's earnings presentation, Mar 2, 2023
Slide 1: Investor update for the year ended December 31, 2022
Investor update for the year ended December 31, 2022 March 2, 2023 Polestar Automotive Holding UK PLC Exhibit 99.2
Slide 2: Disclaimer: Forward-Looking Statements
Polestar Disclaimer Forward-Looking Statements Certain statements in this presentation (“Presentation”) of Polestar Automotive Holding UK PLC (“Polestar”) constitute forward-looking statements, within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Refo
Slide 3: Polestar
Polestar
Slide 4: Polestar — Recent developments
Latest in-car Google tech to feature in Polestar cars Developments include Google’s new HD map that will debut in Polestar 3, and the roll-out of remote actions for Polestar 2 Polestar — Recent developments Polestar 3 showcased at Las Vegas CES 2023 For the first time on US soil, together with Smart
Slide 5: Polestar — Our past, our present and our future
Polestar — Our past, our present and our future History in performance 1996–2017 Founded in 1996 as a racing team Developed and sold performance software for Volvo Cars The official performance partner to Volvo Cars from 2009 Acquired by Volvo Cars in 2015 Launching the new Polestar brand 2017–2021
Slide 6: Our growing, diversified premium product portfolio
Polestar 1 Electric performance hybrid Polestar 2 Electric performance fastback Polestar 3 Electric performance SUV Polestar 4 Electric performance SUV coupe Polestar 5 Electric performance 4-door GT Polestar 6 Electric performance roadster Polestar — Our growing, diversified premium product portfol
Slide 7: Polestar — Our asset-light model
Polestar — Our asset-light model Agility of a start-up Stability of established players Flexible and scalable Source: Company information.
Slide 8: Polestar — Our core pillars
01 Design Avant-garde, pure Scandinavian design High tech minimalism Design perfection focus Unique design attributes 03 Sustainability Leading ambition of climate-neutral production car by 2030 Circular battery strategy, battery centers in place Blockchain-powered transparency through supply chain
Slide 9: Polestar — Our well-defined growth strategy
01 Overall market opportunity 02 Rapidly expanding product portfolio 03 Growth in existing and new markets Polestar — Our well-defined growth strategy +18% CAGR 2021-2026E Global premium BEV market1 Global presence Expected new product launches 2023 – Polestar 4 2024 – Polestar 5 2026 – Polestar 6 2
Slide 10: Management team
Åsa Borg Brand & Marketing Joined in 2020 from Volvo Cars where she was Chief Operating Officer of Care by Volvo. Has over 20 years of Brand, Marketing and automotive industry experience. Thomas Ingenlath CEO Joined in 2017 from Volvo Cars where he was SVP of Design. Brings over 20 years of design,
Slide 11: Unaudited financial highlights for the year ended December 31, 2022
Unaudited financial highlights for the year ended December 31, 2022
Slide 12: Key financial highlights for the year ended Dec 31, 2022
Financial and operational highlights — Key financial highlights for the year ended Dec 31, 2022 (unaudited) Revenue ($ mn) Gross profit ($ mn) FY 2021 FY 2022 2,462 1,337 FY 2021 FY 2022 1 84% Gross profit of $119mn As the result of higher Polestar 2 sales and lower fixed manufacturing costs. This g
Slide 13: Key financial highlights for the year ended Dec 31, 2022 (table)
Financial and operational highlights — Key financial highlights for the year ended Dec 31, 2022 (unaudited) US$ million FY 2022 FY 2021 % Change Revenue 2,462 1,337 84 Cost of sales (2,343) (1,336) 75 Gross profit 119 1 n/m Gross margin (%) 4.9 0.1 n/m SG&A expense (865) (715) 21 R&D expenses (171)
Slide 14: Key financial highlights for the three months ended Dec 31, 2022
Financial and operational highlights — Key financial highlights for the three months ended Dec 31, 2022 (unaudited) US$ million Q4 2022 Q4 2021 % Change Revenue 985 590 67 Cost of sales (923) (590) 57 Gross profit (loss) 62 (0) n/m Gross margin (%) 6.3 -0.0 n/m SG&A expense (239) (237) 1 R&D expense
Slide 15: Cash flow for the year ended Dec 31, 2022
Financial and operational highlights — Cash flow for the year ended Dec 31, 2022 (unaudited) Cash flow ($ mn) 2021 Operating Investing FX and other1 Equity proceeds 2022 Operating Cash outflow of $1,088mn, mainly driven by operating loss, working capital increase in inventories and trade receivables
Slide 16: 2023 outlook
Financial and operational highlights — 2023 outlook Liquidity Global volumes Gross profit margin 80,000 While liquidity has strengthened, including nearly $1.0bn cash balance , we continue to explore potential equity or debt offering to fund operations and business growth. Expect an increase of abou
Slide 17: Delivering on our strategy
Delivering on our strategy
Slide 18: Delivering our strategy — Key investment highlights
01 Well-defined growth strategy 02 Asset-light model 03 Digital-first direct-to-consumer approach 04 Core pillars: Design, Innovation, Sustainability Delivering our strategy — Key investment highlights
Slide 19: Operating within the fastest-growing car segment
Well-defined growth strategy — Operating within the fastest-growing car segment Global premium BEV vehicles market is one of the fastest growing segments with +18% CAGR. Premium BEV market size in million cars We operate in a large and competitive automotive market, with BEV market growth expected t
Slide 20: Rapidly expanding premium product portfolio
Polestar 1 Polestar 2 Polestar 3 Polestar 4 Polestar 5 Type Segment ASP1 Range Launch Hybrid Grand Tourer Sports Premium ~$155k ~120km range 2017 Fastback C/D premium ~$50-70k ~540km 2019 Luxury Aero SUV SUV E premium ~$80-120k up to 610km2 2022 Premium Sport SUV SUV D premium ~$60-80k 600km +2 2023
Slide 21: Extensive global market presence
Active markets Australia, Austria, Belgium, Canada, China, Denmark , Finland, Germany, Hong Kong, Iceland, Ireland, South Korea, Kuwait, Israel, Italy, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Arab Emirates, United Kingdom and United State
Slide 22: Asset-light model — Combining the best of both worlds
Asset-light model — Combining the best of both worlds 02 Flexible and scalable set-up Agility of a start-up Innovation and high-performance technologies Avant-garde design Leading sustainability goals Full vehicle attributes Digital first DTC business Stability of established players Over 100 years’
Slide 23: Access to state-of-the-art factories
Opened Operated by Manufacturing 2016 Volvo Cars Polestar 2 2015 Volvo Cars Polestar 3 2021 Geely Polestar 4 2024E Polestar Polestar 5 Taizhou, China Asset-light model — Access to state-of-the-art factories 02 Hangzhou Bay, China Charleston, US Chongqing, China1 Operated by Polestar, owned by Geely.
Slide 24: Digital-first direct-to-consumer approach — Our customer approach
Digital-first direct-to-consumer approach Customers can browse our products, configure their vehicle and place their order online Local support centres We continue to establish in-house care centres, creating a premium brand experience Action through data driven insight Monitor customer experiences
Slide 25: Connected retail and ownership experience
Digital-first direct-to-consumer approach — Connected retail and ownership experience 03 Source: Company information. Explore and schedule Explore Polestar vehicles online and schedule a test drive Configure and finance Configure and order online via web and mobile channels Control and ownership Con
Slide 26: Expanding sales and service network
Locations1 2022 158 2021 103 Represents Polestar Spaces, Polestar Destinations and Polestar Test Drive Centers (Unaudited). Represents Volvo Cars service centres to provide access to customer service points worldwide in support of Polestar’s international expansion (Unaudited). Source: Company infor
Slide 27: Core pillars — Design
Core pillars — Design – Avant-garde, pure Scandinavian design Unique design attributes SmartZone sensor panel Integrated aerodynamic enhancers Rear view camera feed replaces rear window Extended panoramic glass roof Avant-garde interior with innovative materials High contrast, iconic design Integrat
Slide 28: Core pillars — Innovation: performance orientated technology
Core pillars — Innovation – performance orientated technology development 04 Bonded aluminium platform Bonded aluminium platform developed in-house Set to provide class-leading dynamics, rigidity and safety features Technology usually applied to low-volume sports cars now brought into mainstream pro
Slide 29: Core pillars — Innovation: At the digital forefront
Core pillars — Innovation – At the digital forefront 04 Smart partnerships and collaborations Autonomous driving partners: Luminar – Advanced Lidar System Nvidia – centralised computing Zenseact – AI powered software MobilityXlab – global start-up community pipeline Infotainment system Infotainment
Slide 30: Core pillars — Innovation: R&D capability
Core pillars — Innovation – R&D capability 04 Source: Company information. R&D Coventry, United Kingdom 400+ employees Lightweight vehicle structures / bonded aluminium body Program lead for Polestar inhouse developed programs Overall vehicle development and release Sports car production technology
Slide 31: Sustainability — our strategic focus areas
Climate neutrality Climate-neutral platform Climate-neutral materials Climate-neutral manufacturing Renewable energy in the supply chain Transparency Material traceability Supply chain transparency Product sustainability declaration Sustainability reporting Inclusion Human rights in supply chain Eth
Slide 32: Sustainability — Climate neutrality
Core pillars — Sustainability – Climate neutrality Carbon footprint (cradle to gate) for Polestar 2 tons 2021 absolute GHG-emissions (scope 1-3) kton Trend in GHG-emissions (scope 1-3) relative to sold cars % +701 We reduced the carbon footprint of Polestar 2 throughout work with Sustainable Upgrade
Slide 33: Sustainability — Transparency
Core pillars — Sustainability - Transparency 04 Volvo XC40 ICE Polestar 2 Global electricity mix Carbon Footprint for Polestar vs. a compact SUV ICE model Tons of CO2-equivalents Polestar 2 European electricity mix Polestar 2 Wind power Material production Li-on battery modules Manufacturing Use pha
Slide 34: Sustainability — Circularity
Core pillars — Sustainability - Circularity 04 Creating a circularity roadmap In 2022, together with Circle Economy and STENA Recycling, we set out to estimate the impact Polestar 2 has on important circularity issues - raw material consumption, biodiversity and recyclability. The findings on the re
Slide 35: Sustainability — Inclusion
Core pillars — Sustainability - Inclusion Suppliers - Code of Conduct for Business Partners % Women in the workforce in 2021 /2020 % 27 / 23 For Polestar 2 and 3 we have secured full commitment from all suppliers on issues like equality, working conditions, forced labor, wages etc. We are focused on
Slide 36: Appendix
Appendix
Slide 37: Unaudited condensed consolidated statement of loss
Financial statements — Unaudited condensed consolidated statement of loss in thousands of U.S. dollars except per share data and unless otherwise stated For the three months ended December 31 For the year ended December 31 2022 2021 2022 2021 Revenue 985,151 589,507 2,461,897 1,337,181 Cost of sales
Slide 38: Unaudited condensed consolidated statement of financial position
Financial statements — Unaudited condensed consolidated statement of financial position in thousands of U.S. dollars December 31, 2022 December 31, 2021 Assets Non-current assets Intangible assets and goodwill 1,391,828 1,368,356 Property, plant and equipment 262,593 208,193 Vehicles held under oper
Slide 39: Unaudited condensed consolidated statement of cash flows
Financial statements — Unaudited condensed consolidated statement of cash flows in thousands of U.S. dollars For the twelve months ended December 31, 2022 2021 Cash flows from operating activities Net loss (465,789) (1,007,454) Adjustments to reconcile Net loss to net cash flows Depreciation and amo
Slide 40: Unaudited reconciliation of GAAP and Non-GAAP results
Financial statements — Unaudited reconciliation of GAAP and Non-GAAP results in millions of U.S. dollars For the twelve months ended December 31, 2022 2021 Adjusted EBITDA Net loss (465.8) (1,007.5) Listing expense 372.3 — Fair value change - Earn-out rights (902.1) — Fair value change - Class C Sha
Slide 41: For questions, please contact
For questions, please contact: Bojana Flint Head of Investor Relations [email protected] Polestar Assar Gabrielssons Väg 9 SE-418 78 Göteborg Sweden polestar.com All ideas contained within this document are owned by Polestar. © Polestar 2022 Investor update for preliminary unaudited results for the ye
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