Q2 2024 Polestar Automotive Holding Uk Plc Earnings Call Transcript
Key Points
- Global vehicle sales increased by more than 80% in Q2 2024 compared to Q1 2024.
- Revenue rose by nearly 70% to USD 575 million in Q2 2024.
- Polestar 3 production started in South Carolina, making it the first Polestar model manufactured on two continents.
- SG&A expenses increased by only 6% despite an 80% increase in volume, indicating effective cost management.
- Polestar secured up to USD 300 million in new external funding in mid-August 2024.
- Operating loss increased by USD 18 million to USD 242 million in Q2 2024.
- Revenue decreased by USD 118 million or 70% compared to Q2 2023 due to lower global volumes and higher discounts.
- Gross profit remained negative at USD 4 million, impacted by higher discounts on Polestar 2.
- R&D expenses decreased by USD 36 million or around 75%, indicating potential underinvestment in future innovation.
- The company received a deficiency notice from NASDAQ due to its stock trading below $1.
Good day, and thank you for standing by. Welcome to the Polestar Q2 2024 results. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Bojana Flint.
Thank you, operator. Hello, everyone, Bojana Flint here from Polestar Investor Relations. Thank you for joining our results call today covering the second quarter of 2024.
I'm joined by Per Ansgar, our CFO, who will give the financials and business update. We will then open for analysts and retail investor questions.
But before we start, I will cover some housekeeping points as usual. I would like to remind participants that many of our comments today will be considered forward-looking statements under US Federal Securities Laws and are subject to numerous risks and uncertainties that may cause Polestar's actual results to differ materially from what has been communicated.
These forward-looking
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