Polestar Delivers First Customer Polestar 3 Electric SUVs

Rhea-AI Summary

Polestar (NASDAQ: PSNY) has initiated the first customer deliveries of its Polestar 3 electric SUVs, marking a significant milestone for the company. The initial vehicles are being delivered across two continents, with more expected throughout the summer. Due to high customer interest, initial test drive slots were oversubscribed, prompting the company to offer additional slots. The first handovers in Gothenburg were celebrated with a special event. CEO Thomas Ingenlath highlighted the importance of this milestone, emphasizing Polestar's growing global presence and diverse electric vehicle range. Further deliveries are scheduled in Germany, Norway, and the USA, with American deliveries starting in California, Illinois, Indiana, and New York.

Positive

• Initiation of first customer deliveries of Polestar 3 electric SUVs.
• High customer interest leading to oversubscribed test drive slots.
• Expansion of test drive availability due to demand.
• Continued deliveries planned across multiple continents.
• Positive global media reviews boosting customer interest.

Negative

• None.

GOTHENBURG, Sweden--(BUSINESS WIRE)-- Polestar (NASDAQ: PSNY) has made its first customer deliveries of Polestar 3. The SUV for the electric age plays an important role in the Company’s development, as Polestar now has three models on the roads, including two SUVs.

The initial vehicles are being handed over to customers across two continents in the coming days, with deliveries set to accelerate throughout the summer. With significant acclaim from global automotive media, customer interest for Polestar 3 remains high, resulting in the initial batch of customer test drives being over-subscribed. Additional test-drive slots have now been made available during the summer months, across Polestar’s Spaces.

At Polestar’s headquarters in Gothenburg, Sweden, the first Polestar 3 handovers were completed in a special ceremony at the brand’s iconic Cube. Alongside their launch edition Polestar 3s, finished in a mixture of Magnesium and Space, these first customers also received a special Polestar gift package to mark the special occasion.

Thomas Ingenlath, CEO of Polestar said: “This is an important milestone - first deliveries of Polestar 3 to our customers. Test drives start at all Polestar Spaces this coming weekend. Thousands of hand-raisers are invited to experience our great, luxurious performance SUV. Polestar is becoming a global player with the most attractive electric product range.”

Customers across the world are about to experience the same in local handover ceremonies. More customer deliveries will take place in Germany and Norway tomorrow while in the USA, where additional Polestar 3 manufacturing will start during the summer, the North American Polestar team is handing over the first customer Polestar 3s in California, Illinois, Indiana and New York. A mix of Long range Dual motor and Long range Dual motor with Performance Pack models, these Launch Edition cars are finished in a mixture of Snow, Thunder and Magnesium.

Kristian Elvefors, Global Head of Commercial at Polestar said: “We always knew the Polestar 3 was going to be popular, but even we were blown away by the global media’s reviews and the response to opening up test drive bookings. It’s testament to the excitement in the market for this car and customer interest to get behind the wheel of our flagship electric SUV.”

Test drives of the Polestar 3 can be booked from your local Polestar Space by clicking the following https://www.polestar.com/test-drive/booking/ps3

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific.

Polestar plans to have a line-up of five performance EVs by 2026. Polestar 2, the electric performance fastback, launched in 2019. Polestar 3, the SUV for the electric age, launched in late 2022. Polestar 4, the SUV coupé transformed, is launching in phases through 2023 and into 2024. Polestar 5, an electric four-door GT and Polestar 6, an electric roadster, are coming soon.

The Polestar 0 project supports the company’s ambitious goal of creating a truly climate-neutral production car by 2030. The research initiative also aims to create a sense of urgency to act on the climate crisis, by challenging employees, suppliers and the wider automotive industry, to drive towards zero.

Forward Looking Statements

This press release contains statements that are not historical facts, but rather forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Polestar or its management believes or anticipates may occur in the future. All forward-looking statements are based upon, as applicable, our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including those risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the U.S. Securities and Exchange Commission by Polestar. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240627118201/en/

Theo Kjellberg

Head of Corporate Communication

theo.kjellberg@polestar.com

Graeme Lambert

Product PR

graeme.lambert@polestar.com

Source: Polestar

FAQ

What milestone did Polestar achieve with the Polestar 3?

Polestar achieved the milestone of initiating the first customer deliveries of the Polestar 3 electric SUVs.

When did Polestar start delivering the Polestar 3?

Polestar started delivering the Polestar 3 in the summer of 2023.

Where are the first Polestar 3 deliveries taking place?

The first deliveries are taking place across two continents, including countries like Germany, Norway, and several states in the USA.

How has customer interest in the Polestar 3 been?

Customer interest in the Polestar 3 has been high, leading to oversubscribed initial test drive slots and positive global media reviews.

What is the stock symbol for Polestar?

The stock symbol for Polestar is PSNY.

Who commented on the significance of the Polestar 3 deliveries?

CEO Thomas Ingenlath commented on the significance, emphasizing the company's global presence and diverse electric vehicle range.

What models of Polestar 3 are being delivered?

Models being delivered include the Long range Dual motor and Long range Dual motor with Performance Pack, finished in colors like Snow, Thunder, and Magnesium.