Polestar Automotive Holding UK PLC (PSNY): Business Model Canvas [Dec-2025 Updated]

You're looking at the business model of this premium EV maker as of late 2025, and honestly, it's a company deep in a high-stakes pivot, moving from a niche player to a global contender. We see them leaning heavily on the Geely/Volvo ecosystem while aggressively expanding their direct sales footprint and digital services, like the new Energy platform. Still, with a Q2 impairment charge and a massive debt load around $5.1 billion, the canvas clearly shows the tightrope walk between scaling up their new models and achieving real profitability. Let's break down exactly how they plan to turn that design appeal into sustainable cash flow.

Polestar Automotive Holding UK PLC (PSNY) - Canvas Business Model: Key Partnerships

The Key Partnerships for Polestar Automotive Holding UK PLC are fundamental to its asset-light strategy and its ability to scale production and technology integration, especially given its reliance on established automotive giants.

Volvo Cars/Geely: Shared Manufacturing, Technology, and Financial Backing

The relationship with Volvo Cars and Geely Holding Group remains the bedrock of Polestar Automotive Holding UK PLC's operations. Polestar Automotive Holding UK PLC does not own its manufacturing facilities; production occurs in plants controlled by Volvo Cars and Geely in the United States, China, and South Korea. The Polestar 3 electric crossover SUV shares its platform with the Volvo EX90, while the Polestar 4 utilizes a Geely-based platform. Furthermore, the upcoming Polestar 7 compact SUV is slated for production at Volvo Cars' factory in Slovakia, marking Polestar Automotive Holding UK PLC's first European manufacturing base, with a planned launch in 2028. Technology sharing is deep, with Polestar Automotive Holding UK PLC benefiting from collaborations across powertrains, electrical architecture (like the GEEA2.0 for the PS4), and R&D services, some of which were structured to conclude in 2025.

The financial entanglement is significant, as evidenced by the June 2025 Private Investment in Public Equity (PIPE) transaction. PSD Investment Limited, an entity controlled by Geely Holding Group founder Eric Li, injected $200 million by purchasing approximately 190.5 million newly issued Class A American Depositary Shares (ADS) at $1.05 per share. This transaction reduced Volvo Cars' stake from 18% to 16%, while the combined stake of Geely and Li Shufu through PSD Investment increased to 66%.

PSD Investment Limited: Direct Equity Support

The $200 million equity injection in June 2025 was explicitly earmarked to meet working capital needs and for general corporate purposes. This capital raise was critical, coming when Polestar Automotive Holding UK PLC was navigating sluggish demand and fierce competition. The support from PSD Investment Limited, which is now the largest shareholder, underscores the continued financial commitment from the Geely ecosystem.

Google: Core Technology Partner for Android Automotive OS Integration

Polestar Automotive Holding UK PLC's in-car experience is heavily reliant on its partnership with Google, utilizing the Android Automotive OS with Google built-in across its lineup. This partnership dates back to the Polestar 2 launch in 2020. The collaboration is continuously evolving with feature rollouts. For instance, in February 2025, Polestar vehicles were among the first to receive an upgrade expanding the native app library to nearly 300 applications, with over 70 new apps added. More recently, in June 2025, Google Maps began rolling out design customizations, including orange accent colors, to match Polestar's native software aesthetic, starting with Polestar vehicles. The Polestar 4 is also the first to integrate Google Maps' new AI-driven live lane guidance feature via over-the-air update as of November 2025.

EU OEMs: Monetizing Regulatory Compliance via CO2 Credit Pooling

Due to its 100% Battery Electric Vehicle (BEV) sales mix, Polestar Automotive Holding UK PLC is a key seller of surplus European Union (EU) carbon credits to other Original Equipment Manufacturers (OEMs) facing stricter 2025 emissions targets (a reduction to 93.6 grams of CO2 per kilometer). Polestar Automotive Holding UK PLC is part of a pool with Mercedes-Benz, Volvo Cars, and Smart. This has become a material revenue stream.

Here's the quick math on the financial impact of this regulatory partnership:

What this estimate hides is the direct benefit of avoiding potential fines that other OEMs face, which could total 15 billion euros ($15.6 billion) for European producers collectively.

Retail Partners: Expanding the Active Selling Model

Polestar Automotive Holding UK PLC continues to expand its physical presence to support its active selling model, which de-emphasizes purely online sales in favor of physical retail preferred by customers. The company operates in 28 markets globally across North America, Europe, and Asia Pacific. The expansion pace in late 2025 was notable:

• Signed 11 new retail partners in the third quarter of 2025.
• Reached a total of 141 active retail partners as of the end of September 2025.

Finance: draft 13-week cash view by Friday.

Polestar Automotive Holding UK PLC (PSNY) - Canvas Business Model: Key Activities

You're looking at the core actions Polestar Automotive Holding UK PLC is taking to execute its strategy as of late 2025. It's a mix of product development, aggressive global rollout, and a relentless focus on the bottom line, which you can see in their margin shifts.

Design and engineering of premium EV models (Polestar 3, 4, 5)

The Key Activity here is pushing out the next generation of vehicles to fill out the portfolio beyond the Polestar 2. The lineup available for order as of mid-2025 included the Polestar 2, Polestar 3, and Polestar 4. The company was on track to introduce the Polestar 5, a four-door Grand Tourer, in 2025, with the Polestar 6 roadster planned for 2026. This engineering effort is tied directly to financial performance, as the growing sales mix of the higher-priced Polestar 3 and Polestar 4 models has been a key driver in margin improvement.

Global commercial expansion, including the France market launch in 2025

Polestar Automotive Holding UK PLC has been busy expanding its commercial footprint. The launch in France on June 11, 2025, was a significant milestone, making it the 28th global market for the brand across four continents. The plan for France involved a dual sales approach: direct online sales complemented by physical retail locations, known as Polestar Spaces. The company aimed to open up to ten sales points in France during 2025, starting with the first one in Le Mans in July. This expansion is part of a broader goal to grow its retail spaces by 75% by 2026.

Here's a snapshot of the commercial momentum through Q3 2025:

The company is definitely selling more cars; that's clear.

Manufacturing diversification across North America, Asia, and Europe

To de-risk the business and improve profitability in core markets like the US, Polestar Automotive Holding UK PLC is actively diversifying where its vehicles are built. The strategy leverages an asset-light model by using partner facilities.

• Polestar 3 production occurs in Chengdu, China, and at the Volvo Cars plant in Ridgeville, South Carolina, USA.
• Polestar 4 production is being added outside China, with manufacturing set to begin in the Renault Korea Motors (RKM) plant in Busan, South Korea, in the latter part of 2025, supplementing the existing Hangzhou Bay, China facility. The Busan plant will supply North America and South Korea.
• Production for the incoming Polestar 7 compact SUV is planned for Europe, representing a strategic shift away from sole reliance on Chinese manufacturing.

The goal is to soon have manufacturing operations in five factories, across three countries.

Cost optimization and efficiency programs to improve adjusted gross margin

Relentless focus on cost and inventory management is a stated priority, especially given the challenging pricing environment. This focus is showing up in the margin figures, which is what investors watch closely.

Here's how the margin performance evolved through the first half of 2025:

The company also achieved its target of three-digit million-dollar carbon credits sales ahead of plan, reporting USD 123 million for the first nine months of 2025. Selling, general and administrative expenses continue to be optimized.

Developing new digital services like Polestar Energy

Developing digital services is a key activity supporting the value proposition and potentially creating new revenue/cost-saving streams. Polestar Energy is a prime example of this focus.

• Polestar Energy launched in 11 markets by the end of Q1 2025.
• The service allows customers to reduce their home charging costs by up to 30% using the Polestar Energy app.
• The offer is set to become even more attractive with the launch of bidirectional charging capabilities in the vehicle lineup.

Finance: draft 13-week cash view by Friday.

Polestar Automotive Holding UK PLC (PSNY) - Canvas Business Model: Key Resources

You're looking at the core assets that let Polestar Automotive Holding UK PLC actually operate and compete in the EV space as of late 2025. Honestly, for an automaker, the real value isn't just in the factories-which Polestar Automotive Holding UK PLC doesn't even own-but in the brand equity and the access they have to established industrial muscle.

Polestar's premium, performance-focused brand and design defintely is a primary intangible asset. This perception is what allows them to command prices that support their current revenue structure, even with the gross margin pressures we've seen. The brand is built on uncompromised design and innovation, aiming to accelerate the shift to sustainable mobility.

The financial foundation for near-term operations is the liquidity position. As of the end of the third quarter of 2025, Polestar Automotive Holding UK PLC maintained a cash position of $995 million. This was bolstered by a $200 million PIPE investment from PSD Investment Limited in June 2025, making the Q3 2025 cash balance nearly double the $501 million held a year prior.

The access to global manufacturing via the Geely/Volvo ecosystem is a massive operational advantage, letting Polestar use an asset-light model. They leverage the competencies and scalability of their partners without the capital expenditure of building their own plants. This ecosystem is currently supporting production across multiple geographies.

Proprietary EV technology and software are key differentiators, especially given the focus on over-the-air (OTA) updates. Polestar Automotive Holding UK PLC has delivered over 30 OTA software updates across its range since the Polestar 2 launched in 2020. The Polestar 3, for instance, received nine software updates since its first customer delivery in June 2024. Furthermore, the company is committed to hardware upgrades, planning to offer existing Polestar 3 customers a complimentary upgrade from the NVIDIA DRIVE AGX Xavier processor to the more powerful NVIDIA DRIVE AGX Orin processor for the 2026 model year. They are also set to be among the first to implement Google's Car Ready Mobile Apps program.

The product portfolio is diversifying, moving Polestar Automotive Holding UK PLC from a single-model company to one with multiple volume drivers. This diversification is crucial for capturing broader market segments.

The sales performance reflects the introduction of these newer models, though the company is still navigating market challenges, including tariffs. Here's the quick math on recent volume:

• Q1 2025 Retail Sales: 12,304 cars.
• Q2 2025 Retail Sales: 18,049 cars, up 38% year-on-year.
• Q3 2025 Retail Sales: Estimated 14,192 cars, up 13% year-on-year.
• First Nine Months (Q1-Q3) 2025 Retail Sales: Approximated 44,482 cars, a 36% growth.

Regarding manufacturing footprint diversification, Polestar Automotive Holding UK PLC plans to have vehicles manufactured across five factories in three countries. The upcoming Polestar 7 compact SUV is planned for production in Slovakia at a Volvo Cars factory, with a planned launch in 2028. The overall strategy leans on Geely's scalable SEA1 and SEA2 all-electric platforms.

Finance: draft 13-week cash view by Friday.

Polestar Automotive Holding UK PLC (PSNY) - Canvas Business Model: Value Propositions

Premium electric performance with distinct Scandinavian design.

The product offering is anchored by performance figures and a design language rooted in Scandinavian minimalism. You see this reflected in the model mix, where the higher-priced Polestar 3 and Polestar 4 accounted for 65% of the retail sale volume in the first nine months of 2025, up from well over 50% of the volume in the first half of 2025.

The performance envelope continues to expand with the highly anticipated Polestar 5 GT, scheduled for launch in the second half of 2025. This model utilizes an advanced 800V platform architecture and is engineered to deliver 884 horsepower.

The product range is actively addressing multiple luxury EV segments, including the forthcoming Polestar 7, designed as a premium compact SUV intended to replace the Polestar 2 around 2027.

Clear sustainability roadmap (Polestar 0 project, climate-neutral by 2040).

Polestar Automotive Holding UK PLC has set a long-term ambition to become a fully climate-neutral company by 2040. The core of this is the Polestar 0 project, which aims to develop a truly climate-neutral car by 2030 without relying on carbon offsets.

The Polestar 0 project timeline shows the Research phase concluding in 2025, transitioning into the Applied Sciences phase from 2025 to 2027, followed by Production Development from 2027 to 2029, with production start targeted for Summer 2030.

The company has already achieved significant progress toward its climate goals, having reduced greenhouse gas emissions per vehicle sold by 25% since 2020. This is part of a commitment to halve per-vehicle greenhouse gas emissions by 2030.

The financial results for the first nine months of 2025 show a notable contribution from environmental compliance, with carbon credit sales totaling $123 million, compared to almost no sales a year earlier. Specifically, $104 million was booked in revenue under the new EU pooling agreement, with an additional $19 million booked in other operating income.

The sustainability commitment is quantified by these figures:

Seamless digital experience via Google-integrated infotainment.

Access to smart home charging and energy management (Polestar Energy).

The Polestar Energy app is designed to lower the total cost of ownership. By integrating with tariffs like Intelligent Octopus Go, the app enables smart charging for as low as 7p/kWh between the hours of 11:30 pm and 05:30 am, aiming to reduce home charging costs by up to 70%.

The company is also rolling out advanced energy features. Bi-directional vehicle-to-home (V2H) charging offers were launched in the United States for Polestar 3 customers in California, utilizing the Ara Home Energy Station, which provides blackout support of up to 2.5 days without rationing.

The Polestar Charge network provides broad access for drivers:

• Direct access to over 900,000 individual charging points across Europe via the standard offer.
• The Polestar Charge Subscription in the UK costs £11.99 per month.
• In the UK, subscribers receive a 30% discount at 5,854 charging points.
• In Germany, the network includes 8,396 charging points from six providers with a 30% discount.

Expanding product range addressing multiple luxury EV segments.

The commercial transformation is supported by an expanding and strategically segmented product portfolio. The company is moving toward a unified architecture to reduce complexity and capital investments, following the introduction of new models.

Key product data points as of late 2025 reporting:

The Polestar 3 and Polestar 4 models are central to current volume, representing 65% of the 44,482 retail sales volume in the first nine months of 2025. The company's revenue for this nine-month period reached $2,171 million, a growth of 48.8% year-over-year, driven by these higher-priced models.

The operational footprint is also expanding to align with target markets. The non-China dealer network grew by 40% to 169 sales points by the end of the second quarter of 2025. Furthermore, the forthcoming Polestar 7 compact SUV will be the brand's first vehicle produced in Europe.

Here are the key models and their associated metrics:

Polestar Automotive Holding UK PLC (PSNY) - Canvas Business Model: Customer Relationships

You're looking at how Polestar Automotive Holding UK PLC connects with the people buying their vehicles as of late 2025. The strategy has clearly pivoted from a pure digital approach to a hybrid one, driven by the need to hit aggressive growth targets.

Direct-to-consumer online sales model for transparency

Polestar Automotive Holding UK PLC maintains the direct-to-consumer online channel, which allows customers to configure and order their vehicles digitally, supporting the initial vision of transparency. However, this model is now explicitly presented as an option alongside physical retail, as the company targets a compound annual retail sales volume growth of 30-35% from 2025 to 2027. The shift away from an online-only strategy was deemed necessary because online sales alone could not achieve this growth goal. For context on the volume shift, Polestar Automotive Holding UK PLC sold just under 45,000 cars worldwide in the previous year (specifically 44,851 units). The first half of 2025 saw retail sales total 30,319 cars, a 51% year-over-year increase, showing the impact of the evolving channel strategy.

Personalized engagement through expanding physical Polestar Spaces

The physical presence, branded as Polestar Spaces, remains central for initial impressions and product experience, even as the ordering process evolves. The company is actively expanding this footprint. Polestar Automotive Holding UK PLC planned to expand its retail spaces in Europe from 70 to 130 locations and in North America from 36 to 57 locations. In the first half of 2025 alone, sales points, excluding China, grew by 48 sites, representing a 39.7% increase, signaling rapid physical network acceleration. The CEO noted that with an average of five new sales points opening per month in the second quarter of 2025, they are making it easier for more customers to experience a Polestar Automotive Holding UK PLC vehicle.

Active selling model via new retail partners for better reach

The transition to an 'active selling model' involves a greater role for retail partners, moving beyond the initial model where Spaces primarily provided information before directing orders online. This new model, which started in March 2025, includes partners being authorized to sell vehicles under a non-genuine agency structure in some markets. This push for broader reach is evident in the expansion metrics:

• Polestar Automotive Holding UK PLC signed up a total of 26 new retail partners in H1 2025.
• The brand entered seven new markets in 2025, including France, which became the 28th market for the brand.
• The UK retail network, which began with a small number of locations, was targeted to double within the next 18 months.

This channel evolution is directly tied to financial performance; the Q2 2025 retail sales of 18,049 cars, a 38% jump year-over-year, is attributed in part to this retail network expansion.

After-sales service network supported by Volvo Cars service centers

Customer service relies heavily on the established infrastructure of its partner, Volvo Cars. While customers may not be expected to visit a Volvo showroom for sales, the after-sales support leverages this existing network. Volvo service centers are equipped to work on Polestar Automotive Holding UK PLC vehicles, given the shared platforms. The structure includes a coordinated collection and delivery service for servicing, which the driver can book via a mobile app. The service points metric, which represents Volvo Cars service centers, is tracked as part of the overall commercial footprint supporting international expansion. For fleet customers, Polestar Automotive Holding UK PLC historically priced the vehicle to include delivery and three years of servicing, with Volvo dealers paid by Polestar to manage the delivery, collection, and courtesy car provision.

Here's a quick look at the physical footprint growth supporting these relationships as of mid-2025:

If onboarding takes 14+ days, churn risk rises, so the pace of adding these physical touchpoints is critical.

Finance: draft 13-week cash view by Friday.

Polestar Automotive Holding UK PLC (PSNY) - Canvas Business Model: Channels

You're looking at how Polestar Automotive Holding UK PLC gets its vehicles and services into the hands of customers as of late 2025. The strategy blends digital direct sales with a growing physical presence, supported by digital services.

Direct-to-consumer e-commerce platform remains a core channel. Customers maintain the ability to configure their electric vehicle (BEV) online and proceed with the purchase directly through this established digital sales channel, offering a clear choice alongside physical touchpoints. This digital route is central to the direct-to-consumer approach.

The physical channel relies on the global network of Polestar Spaces. These are not traditional showrooms; they are carefully sculpted retail environments. Polestar is actively expanding this footprint to meet its growth targets, which include specific goals for Europe and North America.

The transition in Europe involves a shift to a non-genuine agency sales model, which still supports the online configuration and ordering process. Furthermore, Polestar Automotive Holding UK PLC is building out its physical network through partnerships.

For example, in the first half of 2025, Polestar Automotive Holding UK PLC signed up a total of 26 new retail partners. The company is working very closely with the Volvo network as part of its expansion strategy in certain markets, such as the US, where they utilize independent authorized dealers for direct-to-business sales support.

Digital services extend beyond the point of sale. Polestar is launching its energy business, Polestar Energy, which utilizes the Polestar Energy app to enhance the ownership experience. This service is launching in eleven key European markets, including the UK, Germany, and Sweden. The core value proposition of this channel is helping customers reduce their home charging costs by up to 30% through smarter charging management and grid support.

• Polestar Energy app aims to cut home charging costs by up to 30%.
• Service launched in eleven initial European markets by early 2025.
• The service is expected to become another important pillar of the Polestar Automotive Holding UK PLC business.

Finance: draft 13-week cash view by Friday.

Polestar Automotive Holding UK PLC (PSNY) - Canvas Business Model: Customer Segments

You're looking at the core groups Polestar Automotive Holding UK PLC is targeting as it pushes for profitability in 2025. The company is clearly segmenting its market based on affluence, environmental commitment, performance desire, and business needs.

Affluent, design-conscious consumers in Europe and North America represent a primary target, especially for the Polestar 2. For the 2025 model year in the United States, the Polestar 2 lineup consolidated into one high-performance, well-equipped, and sporty model, which starts at an MSRP of $66,200. This pricing places it squarely against established luxury badges like BMW, which is a deliberate choice to capture buyers willing to pay a premium for Scandinavian design and a distinct EV identity. Europe remains the core market, accounting for the lion's share of Polestar Automotive Holding UK PLC sales.

Environmentally-aware early adopters of premium EV technology are the foundation that has driven Polestar Automotive Holding UK PLC's growth trajectory. These customers are responding to the brand's focus on uncompromised design and innovation alongside sustainability commitments, such as the goal to achieve climate neutrality across its value chain by 2040. The success of this segment is visible in the volume metrics: Polestar Automotive Holding UK PLC reported retail sales volumes of approximately 30,319 cars for the first half of 2025, a 51% growth compared to the first six months of 2024. This indicates a growing base of consumers actively choosing premium electric mobility.

Commercial fleets and business customers seeking premium EVs are being courted through an Active Sales Model. This model gives commercial fleets a choice between the established direct-to-consumer online sales channel and an expanding network of retail partners. Polestar Automotive Holding UK PLC is also monetizing its sustainability focus through business channels; for the first nine months of 2025, the company achieved carbon credits sales totaling $123 million, exceeding its three-digit million-dollar target ahead of schedule. The Polestar 3 and Polestar 4 models were significant drivers of order intake in late 2024, suggesting strong business interest in their SUV/crossover offerings.

The final key segment targets High-performance luxury buyers, primarily being addressed by the launch of the Polestar 5 four-door GT in the second half of 2025. This model is engineered to deliver an impressive 884 horsepower, positioning it as a direct competitor to top-tier luxury performance EVs like the Porsche Taycan and Tesla Model S. The Polestar 5 is intended to act as a brand shaper, attracting affluent buyers who prioritize both high performance and sustainability, reinforcing the premium positioning Polestar Automotive Holding UK PLC is aiming for.

Here's a quick look at the scale of the customer base and key financial metrics relevant to these segments as of late 2025:

The company's commercial expansion efforts are directly supporting the reach into these segments:

• Polestar Automotive Holding UK PLC operates in 27 markets globally across North America, Europe, and Asia Pacific.
• The company planned to enter seven new markets in 2025, including France, Poland, and Thailand.
• Polestar Automotive Holding UK PLC is expanding its retail footprint, planning to grow from 36 to 57 retail spaces in North America alone.
• The shift to an agency sales model is being implemented across key European markets like Sweden and Norway.

Polestar Automotive Holding UK PLC (PSNY) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Polestar Automotive Holding UK PLC's expenses right now, late in 2025. It's a picture dominated by high costs associated with scaling up production and managing a significant financial structure. Honestly, the balance sheet tells a story of heavy investment and the resulting financial obligations.

The Cost of Sales has been severely impacted by one-off charges. For the second quarter of 2025, Polestar Automotive Holding UK PLC booked a non-cash impairment expense of $739 million, specifically related to the Polestar 3 CGU (Cash Generating Unit). This single event heavily skewed the reported gross margin. For the first half of 2025, the reported gross margin stood at a negative 49.4%. The Cost of Sales for the second quarter alone was reported at $701.1 million.

The path to new models requires substantial upfront spending. Research and Development (R&D) expenses were noted as higher in the first half of 2025 due to a lower capitalization rate. Capital expenditure, reflected in negative investing cash flows, consumed $321.675 million in the six months ending June 30, 2025. To manage this, the company announced a reduction of R&D staff as part of a strategy to use existing architectures from Geely Group for future models.

Manufacturing and logistics costs present ongoing friction. The higher Cost of Sales in the first half of 2025 was linked to increased production costs for the Polestar 3 and Polestar 4, alongside higher tariffs. The US tariffs implemented in 2025 and EU tariffs from October 2024 on components and vehicles imported from China introduced new headwinds for Polestar Automotive Holding UK PLC's global operations. Pressure on pricing and adjustments of inventory to net realizable value also impacted the Adjusted Gross Margin in the first nine months of 2025.

Selling, General, and Administrative (SG&A) expenses are actively being managed. The company has been implementing a cost discipline program, which includes streamlining SG&A activities. This optimization, driven by lower fixed marketing expenses and lower headcount, helped contribute to an improvement in Adjusted EBITDA in the first half of 2025.

Financing the operations means dealing with a substantial debt load. As of the quarter ending June 30, 2025, Polestar Automotive Holding UK PLC reported Total Debt of approximately $5.65 billion. This level is near the maximum quarterly financial indebtedness covenant of $5.5 billion that the company must comply with under certain financing instruments. The Long-Term Debt component specifically stood at $2.43 billion as of that same date. This debt burden, mentioned in reports as being around $5.1 billion, sits against Total Liabilities of approximately $7.91 billion as of June 30, 2025.

Here are some key figures related to the cost base as of mid-2025:

The company is actively managing fixed costs, including labor costs associated with its own employees and full-time consultants through organizational restructuring. Also, carbon credit sales provided a partial offset, totaling $123 million for the first nine months of 2025.

Polestar Automotive Holding UK PLC (PSNY) - Canvas Business Model: Revenue Streams

You're looking at the core ways Polestar Automotive Holding UK PLC brings in money as of late 2025. It's a mix of core product sales and some unique, high-margin environmental credits that have become quite important to the top line.

Vehicle Sales remain the primary engine for Polestar Automotive Holding UK PLC's revenue generation. The momentum from new model introductions, specifically the Polestar 3 and Polestar 4, has been a key driver in increasing the overall revenue figure, despite pricing pressure in the market environment. The shift to an active selling model, utilizing Volvo's dealer network, also helped push volumes through.

The quantified performance for the first nine months of 2025 clearly shows this reliance:

Sales of CO2 Credits have become a significant, albeit potentially less predictable, component of the total revenue picture. Polestar Automotive Holding UK PLC achieved its target of three-digit million-dollar carbon credits sales ahead of plan for the first nine months of 2025. This stream was minimal in the prior year, contrasting sharply with the current figures.

• $\text{CO}_2$ Credits Revenue (9M 2025): USD 123 million.
• $\text{CO}_2$ Credits Revenue (Q3 2025 only): USD 33 million.
• $\text{CO}_2$ Credits Revenue (H1 2025 only): USD 72 million.

Vehicle Financing through Polestar Financial Services is an expected component, often supporting vehicle sales through leasing and loan arrangements. While the company reported incurring residual value guarantee costs related to North American markets, specific, standalone revenue figures for Polestar Financial Services offerings for the nine months ended September 30, 2025, were not explicitly detailed separately from the main revenue line in the latest public summaries.

Aftermarket and Accessories sales, which would include items from the Additionals shop, are typically bundled within the overall revenue reporting for automotive companies unless they reach a significant threshold to be broken out. No specific financial amount for sales through the Additionals shop for the period ending late 2025 has been separately disclosed.

Energy Services, stemming from emerging platforms like the Polestar Energy platform, represent a future-facing revenue stream. As this is described as an emerging area, concrete, quantified revenue figures for the first nine months of 2025 are not available in the primary financial disclosures reviewed.

Finance: draft 13-week cash view by Friday.