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Polestar Automotive (PSNY) investor relations material
Polestar Automotive Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Revenue grew 49% year-over-year for the first nine months, reaching $2.2 billion, driven by higher volumes, favorable model mix, and strong sales of Polestar 3 and 4, as well as carbon credits sales.
Retail sales volume increased 36.5% year-over-year to 44,482 vehicles, with Europe accounting for over 75% of global deliveries and significant growth in key countries.
Expanded sales points by 54% outside China to 192, now present in 28 markets, and opened nine new locations in October.
Carbon credits sales reached $123 million for the first nine months, surpassing targets.
Launched Polestar 4 sales in North America, with initial deliveries from South Korea to Canada.
Financial highlights
Q3 retail sales grew 13.1% year-over-year to 14,192 vehicles; Q3 revenue increased 36% to $748 million.
Carbon credit sales contributed $104 million in the first nine months and $32 million in Q3.
Adjusted gross margin improved to -1.8% for the nine months, but Q3 gross margin was -6.1%, down 4.9 points year-over-year, mainly due to a $739 million non-cash impairment on Polestar 3.
Net loss was $365 million in Q3 and $1.6 billion for the nine months, primarily due to the impairment expense.
Adjusted EBITDA loss improved to $561 million for the nine months; Q3 adjusted EBITDA loss was $259 million.
Outlook and guidance
Focus remains on commercial transformation, efficiency improvements, expanding retail presence, and securing new equity funding.
Guidance for 2026 will be provided at the beginning of next year; Q4 2025 retail sales volumes to be reported on 9 January 2026.
Q3 Adjusted Gross Margin decline drivers
Impact of R&D staff reduction on future models
Sustainability of carbon credit sales revenue
US market strategy given tariff and policy changes?
Geely's commitment to Polestar's future equity funding?
How does product mix impact gross margin?
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Next Polestar Automotive earnings date
Q4 20259 Jan, 2026
Next Polestar Automotive earnings date
Q4 20259 Jan, 2026
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Frequently asked questions
Swedish EVs
Polestar is a Swedish automotive brand focused on high-performance electric vehicles (EVs). Originally an independent company known for enhancing Volvo cars, Polestar was acquired by Volvo in the late 1990s and operated as its performance arm. However, in 2017, the brand underwent a transformation when Volvo and its parent company, Geely, repositioned Polestar as a standalone manufacturer specializing in electric vehicles. The company places a large emphasis on design and performance, focusing solely on the growing EV market.
Origins in Performance
Polestar's roots trace back to the Swedish racing scene of the 1990s, originally operating as an independent company focused on modifying Volvo cars for the racetrack. Over time, its expertise expanded to producing high-performance road cars based on Volvo models. Recognizing the potential, Volvo acquired Polestar, incorporating its performance know-how into select Volvo models. For nearly two decades, Polestar served as Volvo's performance division. However, a significant shift occurred in 2017 when Volvo and its parent company, Geely, decided to pivot Polestar's focus entirely to electric vehicles. They rebranded and repositioned Polestar as a standalone electric vehicle producer. Like one of its main competitors, Tesla, Polestar only produces EVs.
Focus on EV
Polestar specializes in producing premium electric vehicles (EVs) with a blend of cutting-edge design, technology, and performance. Their portfolio began with the Polestar 1, a plug-in hybrid grand tourer with a limited production run. This was followed by the fully electric Polestar 2, a luxury fastback targeting a broader market with sophisticated tech features and sustainable materials. Polestar is expanding its product range and plans to introduce new models, such as an SUV and a performance roadster, in the coming years.
Scandinavian Design
Polestar operates with a philosophy that draws inspiration from Scandinavian design principles, which prioritize simplicity and functionality. Their vehicles showcase streamlined designs, with an emphasis on both form and function. Like many modern car manufacturers, Polestar integrates modern features into their cars such as driver assists, while also aiming for an interface that's user-friendly.
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