Key financial and operational highlights for 2025 (year-on-year comparison)

  • Retail sales volumes up 34% driven by accelerated transition to an active selling model, retail expansion and attractive model line-up
  • Revenues up 50% to USD 3,058 million, driven by higher sales volumes
  • Gross margin of (35)% impacted by impairment expenses of approx. USD 1.1 billion
  • Adjusted gross loss of USD (22) million, significantly improved by USD 232 million
  • Selling, general and administrative expenses reduced year-on-year
  • Net loss of USD (2,357) million, mainly driven by impairment expense, net of reversals of approx. USD (1,050) million
  • Adjusted EBITDA loss of USD (783) million, an improvement of USD 297 million year-on-year
  • 2025 year-end cash position of USD 1,159 million
  • New equity of USD 0.5 billion raised from existing and external investors

Since the start of 2026

  • New equity of USD 0.7 billion raised from external investors
  • Debt-to-equity conversion of approx. USD 639 million of loans outstanding to Geely Sweden and Volvo Cars with USD 274 million already executed
  • Extension of maturity of Volvo Cars' USD 726 million shareholder loan from December 2028 to December 2031
  • Largest model offensive in Polestar's history: four new cars planned in three years (Polestar 5 in 2026, Polestar 4 new variant in 2026, Polestar 2 next generation in 2027 and Polestar 7 in 2028)
  • Intention to consolidate manufacturing of Polestar 3 in Charleston, South Carolina, USA to drive efficiencies
  • 2026 guidance with market conditions becoming more challenging, amid ongoing geopolitical developments: volume growth at low double-digit rate

Financial guidance

Polestar has continued to make major strides in its commercial transformation supported by accelerated retail expansion and the strength of its attractive model line-up in a challenging geopolitical and economic environment.

Looking to 2026, the global environment is expected to remain highly uncertain given recent geopolitical developments. As previously indicated, retail sales volumes are expected to increase at a low double-digit rate, with a continued focus on quality revenue. The sales mix is expected to further evolve with an increasing share of Polestar 4 coupe, our best-selling model, complemented later in 2026 with the introduction of new Polestar 4 SUV variant.