Polestar Announces 2023 Financial Data and Operational Updates
TapTechNews June 28th news. Polestar, a car manufacturer, tonight announced its preliminary unaudited financial and operational data for 2023, and will announce its unaudited preliminary results for the first quarter and global delivery situation in the second quarter before the market opens on July 2.
According to the financial report, Polestar's revenue in 2023 reached 2,377.7 million US dollars (TapTechNews note: currently about 17,321 million yuan), a decrease of 67.3 million US dollars, or 3%, compared to 2022; the gross profit decreased by 513 million US dollars (currently about 3,737 million yuan); the operating loss increased by 170.4 million US dollars (currently about 1,241 million yuan), or 13%; the adjusted operating loss was 542.7 million US dollars (currently about 395.3 million yuan).
In 2023, Polestar's sales, general and administrative costs increased by 115 million US dollars (currently about 838 million yuan), or 14%; the research and development expense decreased by 16.5 million US dollars (currently about 120 million yuan), or 9%.
Data (in million US dollars)20232022%Revenue
2,377.7
2,445.0
-3
Sales Cost
2,792.4
2,346.7
19
Gross Profit (Loss)
(414.7)
98.4
/
Gross Margin (%)
17.4
4.0
/
Sales, General and Administrative Expenses
954.9
839.9
14
Research and Development Expense
158.4
174.9
-9
Other operating income (expenses), net
68.5
(0.3)
/
Operating Loss
1,459.5
1,289.1
13
Adjusted Operating Loss
1,459.5
916.8
59
Polestar stated that customer deliveries of the Polestar 3 have now begun and will accelerate in the summer. The first batch of European customer test drive slots are fully booked, and production in South Carolina is still expected to start by the end of summer.
According to the introduction, Polestar achieved a global sales of 54,626 vehicles in 2023, a 6% increase compared to 51,549 vehicles in 2022.
Compared to 2022, Polestar had 192 retail points and 1,149 service points in 2023, an increase of 34 and 33 respectively.