0001884082-24-000008 | 20-F | XBRL Viewer | Polestar Automotive Holding UK PLC

Disclosure of initial application of standards or interpretations [line items]

$ 204,142

$ 112,983

^[1]

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Financial instruments - Schedule of Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	$ 2,414	$ 2,333
Liability Fair Value	161,402	626,570
Class C-1 Shares
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	4,920	17,920
Class C-2 Shares
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	1,080	10,080
Earn-out rights
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	155,402	598,570
Ordinary shares \| Class C-1 Shares
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	4,920	17,920
Ordinary shares \| Class C-2 Shares
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	1,080	10,080
Other investments
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	2,414	2,333
Level 1
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	0	0
Liability Fair Value	4,920	17,920
Level 1 \| Earn-out rights
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	0	0
Level 1 \| Ordinary shares \| Class C-1 Shares
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	4,920	17,920
Level 1 \| Ordinary shares \| Class C-2 Shares
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	0	0
Level 1 \| Other investments
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	0	0
Level 2
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	0	0
Liability Fair Value	1,080	10,080
Level 2 \| Earn-out rights
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	0	0
Level 2 \| Ordinary shares \| Class C-1 Shares
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	0	0
Level 2 \| Ordinary shares \| Class C-2 Shares
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	1,080	10,080
Level 2 \| Other investments
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	0	0
Level 3
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	2,414	2,333
Liability Fair Value	155,402	598,570
Level 3 \| Earn-out rights
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	155,402	598,570
Level 3 \| Ordinary shares \| Class C-1 Shares
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	0	0
Level 3 \| Ordinary shares \| Class C-2 Shares
Disclosure of detailed information about financial instruments [line items]
Liability Fair Value	0	0
Level 3 \| Other investments
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	$ 2,414	$ 2,333

Restatement of Prior Period Financial Statements - Consolidated Statement of Loss and Comprehensive Loss (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 2,378,562

$ 2,444,105

^[1]

$ 1,346,347

^[1]

(2,791,643)

(2,343,302)

^[1]

(1,336,688)

^[1]

(413,081)

100,803

^[1]

9,659

^[1]

(949,683)

(838,367)

^[1]

(685,049)

^[1]

Other operating expense, net

(158,406)

(174,916)

^[1]

(234,019)

^[1]

41,204

(305)

^[1]

(50,716)

^[1]

(372,318)

^[1]

(1,285,103)

(960,125)

69,454

8,552

^[1]

32,970

^[1]

(213,321)

(108,402)

^[1]

(45,218)

^[1]

443,168

902,068

^[1]

22,000

35,090

^[1]

(1,201,969)

(447,795)

^[1]

(972,373)

^[1]

7,138

(29,660)

^[1]

3,075

^[1]

$ (1,194,831)

$ (477,455)

^[1]

$ (969,298)

^[1]

Net loss per share - diluted (in dollars per share)

$ (0.57)

$ (0.24)

$ (0.51)

$ (0.57)

$ (0.24)

$ (0.51)

Items that may be subsequently reclassified to the Consolidated Statement of Loss:

Exchange rate differences from translation of foreign operations

$ (10,237)

$ 180

^[1]

$ (32,318)

^[1]

(10,237)

180

^[1]

(32,318)

^[1]

$ (1,205,068)

$ (477,275)

^[1]

$ (1,001,616)

^[1]

Net loss per share - diluted (in dollars per share)

$ (0.57)

$ (0.24)

^[1]

$ (0.51)

^[1]

(0.57)

(0.24)

^[1]

(0.51)

^[1]

Net loss per share - diluted (in dollars per share)

(0.57)

(0.24)

(0.51)

$ (0.57)

$ (0.24)

$ (0.51)

Originally Reported Amounts

Disclosure of initial application of standards or interpretations [line items]

$ 2,461,896

$ 1,337,181

(2,342,453)

(1,336,321)

119,443

860

(864,598)

(714,724)

Other operating expense, net

(167,242)

(232,922)

(1,565)

(48,053)

(372,318)

(1,286,280)

(994,839)

8,552

32,970

(108,435)

(45,249)

902,068

35,090

(449,005)

(1,007,118)

(16,784)

(336)

Items that may be subsequently reclassified to the Consolidated Statement of Loss:

(465,789)

(1,007,454)

Exchange rate differences from translation of foreign operations

4,519

(33,149)

4,519

(33,149)

Originally Reported Amounts | Class A Shares

$ (461,270)

$ (1,040,603)

Net loss per share - diluted (in dollars per share)

$ (0.23)

$ (0.53)

(0.23)

(0.53)

Originally Reported Amounts | Class B Shares

Net loss per share - diluted (in dollars per share)

(0.23)

(0.53)

$ (0.23)

$ (0.53)

Adjustments

Disclosure of initial application of standards or interpretations [line items]

$ (17,791)

$ 9,166

(849)

(367)

(18,640)

8,799

26,231

29,675

Other operating expense, net

(7,674)

(1,097)

1,260

(2,663)

1,177

34,714

1,210

34,745

(12,876)

3,411

Items that may be subsequently reclassified to the Consolidated Statement of Loss:

(11,666)

38,156

Exchange rate differences from translation of foreign operations

(4,339)

831

(4,339)

831

Adjustments | Class A Shares

$ (16,005)

$ 38,987

Net loss per share - diluted (in dollars per share)

$ 0.01

$ (0.02)

0.01

(0.02)

Adjustments | Class B Shares

Net loss per share - diluted (in dollars per share)

0.01

(0.02)

$ 0.01

$ (0.02)

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Supplemental cash flow information - Changes in current and non-current liabilities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Jan. 01, 2023

Disclosure of reconciliation of liabilities arising from financing activities [line items]

$ 3,762,489

$ 2,069,094

$ 727,359

$ 2,069,094

3,262,831

2,149,799

^[1]

698,882

^[1]

Repayments of borrowings, classified as financing activities

1,381,738

^[1]

(2,553,008)

(1,426,935)

Proceeds from related party capital contribution

(21,916)

(19,448)

(8,913)

Increase (decrease) through financing cash flows, liabilities arising from financing activities

2,069,645

703,416

Increase through new leases, liabilities arising from financing activities

54,569

43,514

Decrease through cancellation of leases, liabilities arising from financing activities

(3,067)

(157)

Increase through recognition of earn-outs and shares

1,563,728

Increase (decrease) through interest expense, liabilities arising from financing activities

175,432

33,891

Increase (decrease) through interest paid, liabilities arising from financing activities

(152,392)

(31,650)

Increase (decrease) through other changes, liabilities arising from financing activities

74,542

1,609,326

Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities

7,547

(33,849)

Increase (decrease) through changes in fair values, liabilities arising from financing activities

(458,339)

(937,158)

Financial liabilities, principal

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Financial liabilities, accrued interest

3,447,896

1,343,078

649,408

1,343,078

Disclosure of reconciliation of liabilities arising from financing activities [line items]

25,943

2,614

428

2,614

Disclosure of reconciliation of liabilities arising from financing activities [line items]

2,031,820

1,329,002

642,644

1,329,002

Repayments of borrowings, classified as financing activities

3,174,669

2,059,298

(2,482,674)

(1,347,392)

Increase (decrease) through financing cash flows, liabilities arising from financing activities

691,995

711,906

Increase (decrease) through interest expense, liabilities arising from financing activities

110,097

27,179

Increase (decrease) through interest paid, liabilities arising from financing activities

(104,762)

(24,822)

Increase (decrease) through other changes, liabilities arising from financing activities

5,335

2,357

Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities

5,488

(27,905)

Liabilities to credit institutions | Financial liabilities, principal

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Liabilities to credit institutions | Financial liabilities, accrued interest

2,023,582

1,326,388

642,339

1,326,388

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Disclosure of reconciliation of liabilities arising from financing activities [line items]

8,238

2,614

305

2,614

Convertible liabilities

1,274,534

Increase (decrease) through financing cash flows, liabilities arising from financing activities

1,250,000

1,250,000

Increase (decrease) through interest expense, liabilities arising from financing activities

60,325

Increase (decrease) through interest paid, liabilities arising from financing activities

(42,620)

Increase (decrease) through other changes, liabilities arising from financing activities

17,705

Increase (decrease) through changes in fair values, liabilities arising from financing activities

6,829

Convertible liabilities | Financial liabilities, principal

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Convertible liabilities | Financial liabilities, accrued interest

1,256,829

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Other financing liabilities

17,705

Disclosure of reconciliation of liabilities arising from financing activities [line items]

167,485

16,690

7,192

16,690

88,162

90,501

Repayments of borrowings, classified as financing activities

131,738

(70,334)

(79,543)

Increase (decrease) through financing cash flows, liabilities arising from financing activities

149,566

10,958

Increase (decrease) through interest expense, liabilities arising from financing activities

511

Increase (decrease) through interest paid, liabilities arising from financing activities

(2)

(627)

Increase (decrease) through other changes, liabilities arising from financing activities

(116)

Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities

1,229

(1,344)

Other financing liabilities | Financial liabilities, principal

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Other financing liabilities | Financial liabilities, accrued interest

167,485

16,690

7,069

16,690

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Earn-out and class C share liabilities

123

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Increase through recognition of earn-outs and shares

161,402

626,570

1,563,728

Increase (decrease) through other changes, liabilities arising from financing activities

1,563,728

Increase (decrease) through changes in fair values, liabilities arising from financing activities

(465,168)

(937,158)

Lease liabilities

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Proceeds from related party capital contribution

127,248

96,832

77,523

$ 96,832

(21,916)

(19,448)

Increase (decrease) through financing cash flows, liabilities arising from financing activities

(21,916)

(19,448)

Increase through new leases, liabilities arising from financing activities

54,569

43,514

Decrease through cancellation of leases, liabilities arising from financing activities

(3,067)

(157)

Increase (decrease) through interest expense, liabilities arising from financing activities

5,008

6,201

Increase (decrease) through interest paid, liabilities arising from financing activities

(5,008)

(6,201)

Increase (decrease) through other changes, liabilities arising from financing activities

51,502

43,357

Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities

$ 830

$ (4,600)

Lease liabilities | Financial liabilities, principal

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Disclosure Of List Of Accounting Policies [Abstract]

$ 0

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Significant accounting policies and judgements (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share

The Group’s classes of POSs and their related EPIS denominator adjustment methods are as follows:


POS Class			EPIS Denominator Adjustment Method
Unvested equity-settled RSUs			Treasury share1
Class C Shares			Treasury share
Earn-out Rights and PSUs			The number of shares issuable if the reporting date were the end of the contingency period
Convertible Notes			The number of shares issued assuming conversion occurred at the beginning of the reporting period
Convertible Credit Facilities with Volvo Cars and Geely			If the instrument is converted, the number of shares issued on the date of the conversion

1 - The treasury share method prescribed by IAS 33, Earnings Per Share (“IAS 33”), includes only the bonus element as the EPIS denominator adjustment. The bonus element is the difference between the number of ordinary shares that would be issued at the exercise of the options and the number of ordinary shares deemed to be repurchased at the average market price.

The following table presents the computation of basic and diluted Net loss per share for the years ended December 31, 2023, 2022, and 2021 when applying the exchange ratio:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)
	Class A and B Common Shares
Net loss attributable to common shareholders	(1,194,831)	(477,455)	(969,298)
Weighted-average number of common shares outstanding:
Basic and diluted	2,110,069	2,027,328	1,911,580
Net loss per share (in ones):
Basic and diluted	(0.57)	(0.24)	(0.51)

The following table presents shares that were not included in the calculation of diluted loss per share as their effects would have been antidilutive for the years ended December 31, 2023, 2022, and 2021:


	For the year ended December 31,
	2023	2022	2021
Earn-out Shares	158,177,609	158,177,609	—
Class C-1 Shares	20,499,965	15,999,965	—
Class C-2 Shares	4,500,000	9,000,000	—
PSUs	1,971,076	858,821	—
RSUs	762,071	458,620	—
Marketing consulting services agreement	—	125,000	—
Convertible Notes	—	—	4,306,466
Total antidilutive shares	185,910,721	184,620,015	4,306,466

Disclosure of detailed information about intangible assets

The following useful lives are applied in Polestar Group:


Asset			Useful lives (in years)
Buildings			30-50
Machinery and equipment (excluding tooling)			3-7

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte AB
Auditor Location	Rehnsgatan 11, SE-113 79 Stockholm, Sweden
Auditor Firm ID	1126

Financial instruments - Schedule of Maturities of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 372,968	$ 384,009
Financial liabilities	4,684,997	3,010,414
Trade payables and trade payables - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	2,023,582	1,326,388
Liabilities to credit institutions
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	593,056	1,032,579
Accrued expenses and accrued expenses - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	368,145	332,046
Advance payments from customers
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	87,879	73,241
Liabilities related to repurchase commitments
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	58,482	69,062
Interest-bearing current liabilities and interest-bearing current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	16,415	38,553
Other current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	606	35,717
Other non-current liabilities and other non-current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,463,683	74,969
Other non-current interest-bearing liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	73,149	27,859
Trade receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets	187,231	318,803
Accrued income - related parties
Disclosure of detailed information about financial instruments [line items]
Financial assets	152,605	49,060
Other current receivables and insurance recovery assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	25,920	10,840
Other non-current assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	7,212	5,306
Due within 1 year
Disclosure of detailed information about financial instruments [line items]
Financial assets	365,756	378,703
Financial liabilities	3,148,165	2,907,586
Due within 1 year \| Trade payables and trade payables - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	368,145	1,032,579
Due within 1 year \| Liabilities to credit institutions
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	2,023,582	1,326,388
Due within 1 year \| Accrued expenses and accrued expenses - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	593,056	332,046
Due within 1 year \| Advance payments from customers
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	16,415	35,717
Due within 1 year \| Liabilities related to repurchase commitments
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	58,482	73,241
Due within 1 year \| Interest-bearing current liabilities and interest-bearing current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	87,879	38,553
Due within 1 year \| Other current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	606	69,062
Due within 1 year \| Other non-current liabilities and other non-current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due within 1 year \| Other non-current interest-bearing liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due within 1 year \| Trade receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets	187,231	318,803
Due within 1 year \| Accrued income - related parties
Disclosure of detailed information about financial instruments [line items]
Financial assets	152,605	49,060
Due within 1 year \| Other current receivables and insurance recovery assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	25,920	10,840
Due within 1 year \| Other non-current assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Due between 1 and 5 years
Disclosure of detailed information about financial instruments [line items]
Financial assets	7,212	5,306
Financial liabilities	1,525,361	92,044
Due between 1 and 5 years \| Trade payables and trade payables - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due between 1 and 5 years \| Liabilities to credit institutions
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due between 1 and 5 years \| Accrued expenses and accrued expenses - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due between 1 and 5 years \| Advance payments from customers
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due between 1 and 5 years \| Liabilities related to repurchase commitments
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due between 1 and 5 years \| Interest-bearing current liabilities and interest-bearing current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		0
Due between 1 and 5 years \| Other current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due between 1 and 5 years \| Other non-current liabilities and other non-current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	73,149	27,859
Due between 1 and 5 years \| Other non-current interest-bearing liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,452,212	64,185
Due between 1 and 5 years \| Trade receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Due between 1 and 5 years \| Accrued income - related parties
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Due between 1 and 5 years \| Other current receivables and insurance recovery assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Due between 1 and 5 years \| Other non-current assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	7,212	5,306
Due beyond 5 years
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Financial liabilities	11,471	10,784
Due beyond 5 years \| Trade payables and trade payables - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due beyond 5 years \| Liabilities to credit institutions
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due beyond 5 years \| Accrued expenses and accrued expenses - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due beyond 5 years \| Advance payments from customers
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due beyond 5 years \| Liabilities related to repurchase commitments
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due beyond 5 years \| Interest-bearing current liabilities and interest-bearing current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		0
Due beyond 5 years \| Other current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due beyond 5 years \| Other non-current liabilities and other non-current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Due beyond 5 years \| Other non-current interest-bearing liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	11,471	10,784
Due beyond 5 years \| Trade receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Due beyond 5 years \| Accrued income - related parties
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Due beyond 5 years \| Other current receivables and insurance recovery assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Due beyond 5 years \| Other non-current assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 0	$ 0

Income taxes benefit (expense) - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 USD ($)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses	$ 3,378,760,000
Profit tax rate threshold, minimum		$ 2,000,000
Profit tax rate threshold, minimum, percentage	8.25%
Profit tax rate threshold, maximum		$ 2,000,000
Profit tax rate threshold, maximum, percentage	16.50%
Netting of asset and liability tax positions	$ (68,335,000)		$ (83,906,000)
Unused tax credits for which no deferred tax asset recognised	698,037,000		469,498,000
Tax loss carryforwards as of December 31	3,378,760,000		2,146,264,000
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised	$ 423,744		251,566
Tax rate effect from change in tax rate	15.00%
Disposal groups classified as held for sale
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax loss carryforwards as of December 31			115,423,000
SWEDEN
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses	$ 2,815,756,000		1,573,484
CHINA
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses	$ 546,825,000		$ 561,601,000

Financial risk management - Summary of Market Volatility Risk (Details) - Market risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contingent Consideration Liability
Disclosure of credit risk exposure [line items]
Impact on loss before income taxes due to increase	$ 32,137	$ 60,531
Impact on loss before income taxes due to decrease	(43,341)	(55,828)
Class C Shares Liability \| Class C-1 Ordinary Shares
Disclosure of credit risk exposure [line items]
Impact on loss before income taxes due to increase	640	800
Impact on loss before income taxes due to decrease	(640)	(960)
Class C Shares Liability \| Class C-2 American Depositary Shares
Disclosure of credit risk exposure [line items]
Impact on loss before income taxes due to increase	360	450
Impact on loss before income taxes due to decrease	$ (360)	$ (540)

Related party transactions - Amounts Due To And From Related Parties (Details) - Related parties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Trade payables – related parties, accrued expenses, and other current liabilities to related parties	$ 726,310	$ 1,161,649
Short-Term Loan Interest Bearing- Related Parties	68,332	26,618
Long-Term Interest Bearing Liabilities- Related Parties	1,409,244	43,643
Interest expense - related parties	92,033	37,924	$ 30,832
Trade receivables – related parties, accrued income – related parties, and other current assets - related parties	223,207	128,285
Volvo Cars
Disclosure of transactions between related parties [line items]
Trade payables – related parties, accrued expenses, and other current liabilities to related parties	499,480	1,089,144
Short-Term Loan Interest Bearing- Related Parties	10,628	9,928
Long-Term Interest Bearing Liabilities- Related Parties	1,049,463	43,643
Trade receivables – related parties, accrued income – related parties, and other current assets - related parties	168,523	124,531
Geely
Disclosure of transactions between related parties [line items]
Trade payables – related parties, accrued expenses, and other current liabilities to related parties	224,808	71,116
Short-Term Loan Interest Bearing- Related Parties	21,956	0
Long-Term Interest Bearing Liabilities- Related Parties	359,781	0
Trade receivables – related parties, accrued income – related parties, and other current assets - related parties	53,730	3
Volvofinans Bank AB
Disclosure of transactions between related parties [line items]
Trade payables – related parties, accrued expenses, and other current liabilities to related parties	2,022	1,389
Trade receivables – related parties, accrued income – related parties, and other current assets - related parties	954	3,751
Volvo Car Financial Services UK
Disclosure of transactions between related parties [line items]
Short-Term Loan Interest Bearing- Related Parties	$ 35,748	$ 16,690

Other operating income and expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Net foreign exchange rate difference	$ 38,240	$ 0	$ 0
Sales of plant operation services to a related party	25,202	0	0
Gain on asset grouping sold to a related party	16,334	0	0
Sales of carbon credits to a related party	5,628	0	0
Other operating income	15,773	4,723	1,520
Total	101,177	4,723	1,520
Transition services to Polestar Technology	27,630	0	0
Litigation expense, net of insurance	27,326	0	0
Non-income tax expense	669	1,083	1,064
Net foreign exchange rate difference	0	2,264	50,850
Other operating expenses	4,348	1,681	322
Total	$ 59,973	$ 5,028	$ 52,236

Liabilities to credit institutions - Liabilities to Credit Institutions (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 2,023,582	$ 1,326,388
Working capital loans from banks
Disclosure of detailed information about borrowings [line items]
Borrowings	1,923,755	1,300,108
Floorplan facilities
Disclosure of detailed information about borrowings [line items]
Borrowings	87,039	14,561
Sale-leaseback facilities
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 12,788	$ 11,719

Current and non-current provisions (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of other provisions [abstract]

Changes in Current and Non-Current Provisions

Changes in the Group’s current and non-current provisions were as follows:


	Warranties		Employee benefits		Litigation		Other		Total
Balance as of January 1, 2022 - (Restated)	58,453		7,628		—		11,038		77,119
Additions - (Restated)	106,680		14,590		—		8,986		130,256
Utilization - (Restated)	(25,239)		(8,608)		—		(10,431)		(44,278)
Reversals - (Restated)	(10,785)		(192)		—		(17)		(10,994)
Unwinding of discount and effect in changes due to discount rate - (Restated)	(3,892)		—		—		—		(3,892)
Balance as of December 31, 2022 - (Restated)	$	125,217	$	13,418	$	—	$	9,576	$	148,211
of which current - (Restated)	53,595		13,322		—		5,932		72,849
of which non-current - (Restated)	71,622		96		—		3,644		75,362

Balance as of January 1, 2023	125,217		13,418		—		9,576		148,211
Additions	93,609		3,333		35,676		20,043		152,661
Utilization	(44,995)		(11,704)		—		(13,053)		(69,752)
Reversals	(17,091)		(1,825)		—		(1,661)		(20,577)
Unwinding of discount and effect in changes due to discount rate	(10,975)		—		—		—		(10,975)
Balance as of December 31, 2023	$	145,765	$	3,222	$	35,676	$	14,905	$	199,568
of which current	44,581		2,139		35,676		12,491		94,887
of which non-current	101,184		1,083		—		2,414		104,681

Reverse recapitalization - Schedule of Reverse Recapitalization Share Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 22, 2023	Jun. 23, 2022
Reverse Recapitalization [Line Items]
Liability Fair Value	$ 161,402	$ 626,570
Class C-1 Ordinary Shares
Reverse Recapitalization [Line Items]
Liability Fair Value	$ 4,920	$ 17,920
Number Outstanding	20,499,965	15,999,965
Fair value of shares issued	$ 4,920	$ 17,920	$ 0
Shares issued		40,320
Change in fair value measurement	(16,285)	(22,400)
Change in fair value measurement	(13,000)	(22,400)	0
Class C-2 Shares converted to Class C-1 Shares
Reverse Recapitalization [Line Items]
Liability Fair Value				$ 3,285
Fair value of shares issued					$ 3,285
Class C-2 American Depositary Shares
Reverse Recapitalization [Line Items]
Liability Fair Value	$ 1,080	$ 10,080
Number Outstanding	4,500,000	9,000,000
Fair value of shares issued	$ 1,080	$ 10,080	0
Shares issued		22,770
Change in fair value measurement	(5,715)	(12,690)
Change in fair value measurement	(9,000)	(12,690)	0
Class C Shares
Reverse Recapitalization [Line Items]
Change in fair value measurement	(22,000)	(35,090)	$ 0
Class C-1 and Class C-2 Shares
Reverse Recapitalization [Line Items]
Liability Fair Value	$ 6,000	$ 28,000
Number Outstanding	24,999,965	24,999,965

Net loss per share

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Net loss per share

Note 14 - Net loss per share

For the year ended December 31, 2023, potentially dilutive instruments issued were unvested equity-settled payments discussed in Note 8 - Share-based payment. For the year ended December 31, 2022, potentially dilutive instruments issued were the Class C Shares and the earn-out to the Former Parent related to the Closing of the BCA discussed in Note 18 - Reverse recapitalization, and unvested equity-settled payments discussed in Note 8 - Share-based payment. The Convertible Notes of the Former Parent were the only dilutive instrument outstanding prior to the reverse recapitalization and were converted to Class A Shares in the Group upon the Closing of the BCA. These financial instruments were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive. For the year ended December 31, 2021, 4,306,466 shares issuable upon conversion of the Convertible Notes were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive. Dilutive Net loss per share was the same as basic Net loss per share for all periods presented.

Loss per share for the periods prior to the reverse recapitalization are retrospectively adjusted to reflect the number of equivalent shares issued by the parent to the former parent, based on the number of shares outstanding on the reporting dates multiplied by the exchange ratio of 8.335. Refer to Note 22 - Equity for further details. The following table presents the computation of basic and diluted Net loss per share for the years ended December 31, 2023, 2022, and 2021 when applying the exchange ratio:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)
	Class A and B Common Shares
Net loss attributable to common shareholders	(1,194,831)	(477,455)	(969,298)
Weighted-average number of common shares outstanding:
Basic and diluted	2,110,069	2,027,328	1,911,580
Net loss per share (in ones):
Basic and diluted	(0.57)	(0.24)	(0.51)


	For the year ended December 31,
	2023	2022	2021
Earn-out Shares	158,177,609	158,177,609	—
Class C-1 Shares	20,499,965	15,999,965	—
Class C-2 Shares	4,500,000	9,000,000	—
PSUs	1,971,076	858,821	—
RSUs	762,071	458,620	—
Marketing consulting services agreement	—	125,000	—
Convertible Notes	—	—	4,306,466
Total antidilutive shares	185,910,721	184,620,015	4,306,466

Expenses by nature (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Depreciation and amortisation expense [abstract]

Raw materials and consumables used

$ 2,204,298

$ 2,182,124

$ 1,232,715

Impairment of property, plant and equipment, vehicles under operating leases, and intangible assets

351,241

Advertising expense

387,701

296,879

313,165

Professional fees expense

262,212

276,373

200,045

Other employee expense

248,401

203,345

109,782

Depreciation and amortisation expense

134,877

14,830

^[1]

30,782

^[1]

115,010

142,991

217,841

Cost of merchandise sold

90,931

131,486

63,457

Directors' remuneration expense

53,570

54,611

39,438

Insurance expense

21,844

15,901

22,117

Other expenses

29,647

38,045

26,414

Total cost of sales, selling, general and administrative expense, and research and development expense

$ 3,899,732

$ 3,356,585

$ 2,255,756

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Restatement of Prior Period Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of initial application of standards or interpretations [abstract]

Schedule of Financial Statements


Particulars	Originally Reported Amounts		Adjustments		Restated Amounts		Restatement Reference
Revenue	2,461,896		(17,791)		2,444,105		(i),(ii),(iv)
Cost of sales	(2,342,453)		(849)		(2,343,302)		(i),(ii),(iii),(iv)
Gross profit	$	119,443	$	(18,640)	$	100,803
Selling, general and administrative expense	(864,598)		26,231		(838,367)		(i),(ii),(iii),(iv)
Research and development expense	(167,242)		(7,674)		(174,916)		(i),(ii),(iii)
Other operating expense, net	(1,565)		1,260		(305)		(i)
Listing expense	(372,318)		—		(372,318)
Operating loss	$	(1,286,280)	$	1,177	$	(1,285,103)
Finance income	8,552		—		8,552
Finance expense	(108,435)		33		(108,402)		(i)
Fair value change - Earn-out rights	902,068		—		902,068
Fair value change - Class C Shares	35,090		—		35,090


Loss before income taxes	$	(449,005)	$	1,210	$	(447,795)
Income tax expense	(16,784)		(12,876)		(29,660)		(v)
Net loss	$	(465,789)	$	(11,666)	$	(477,455)
Net loss per share (in U.S. dollars)
Class A - Basic and Diluted	(0.23)		0.01		(0.24)
Class B - Basic and Diluted	(0.23)		0.01		(0.24)

Consolidated Statement of Comprehensive Loss

Net loss	(465,789)		(11,666)		(477,455)
Other comprehensive income:
Items that may be subsequently reclassified to the Consolidated Statement of Loss:
Exchange rate differences from translation of foreign operations	4,519		(4,339)		180		(i), (ii), (iii), (iv), (v)
Total other comprehensive income	$	4,519	$	(4,339)	$	180
Total comprehensive loss	$	(461,270)	$	(16,005)	$	(477,275)

Consolidated Statement of Financial Position as of December 31, 2022


Particulars	Originally Reported Amounts		Adjustments		Restated Amounts		Restatement Reference
Assets
Non-current assets
Intangible assets and goodwill	1,396,477		(2,195)		1,394,282		(i), (iii)
Property, plant and equipment	258,048		17,906		275,954		(i), (iii), (iv)
Vehicles under operating leases	92,198		4,988		97,186		(i), (iv)
Other non-current assets	5,306		—		5,306
Deferred tax asset	7,755		3,532		11,287		(v)
Other investments	2,333		—		2,333
Total non-current assets	$	1,762,117	$	24,231	$	1,786,348
Current assets
Cash and cash equivalents	973,877		—		973,877

Trade receivables	246,107		(6,529)		239,578		(i), (iv)
Trade receivables - related parties	74,996		4,229		79,225		(iv)
Accrued income - related parties	49,060		—		49,060
Inventories	658,559		(28,405)		630,154		(i), (iv)
Current tax assets	7,184		—		7,184
Assets held for sale	63,224		(7,223)		56,001		(iv)
Other current assets	107,327		5,656		112,983		(iii), (v)
Total current assets	$	2,180,334	$	(32,272)	$	2,148,062
Total assets	$	3,942,451	$	(8,041)	$	3,934,410
Equity
Share capital	(21,165)		—		(21,165)
Other contributed capital	(3,584,232)		—		(3,584,232)
Foreign currency translation reserve	12,265		3,508		15,773		(i), (ii), (iii), (iv), (v)
Accumulated deficit	3,726,775		(48,962)		3,677,813		(i), (ii), (iii), (iv), (v)
Total equity	$	133,643	$	(45,454)	$	88,189
Liabilities
Non-current liabilities
Non-current contract liabilities	(50,252)		1,234		(49,018)		(i)(v)
Deferred tax liabilities	(476)		(11,994)		(12,470)		(v)
Other non-current provisions	(73,985)		(1,377)		(75,362)		(i), (iv)
Other non-current liabilities	(14,753)		(13,106)		(27,859)		(i)
Earn-out liability	(598,570)		—		(598,570)


Other non-current interest-bearing liabilities	(85,556)		54,230		(31,326)		(iv)
Other non-current interest-bearing liabilities - related parties	—		(43,643)		(43,643)		(i), (iv)
Total non-current liabilities	$	(823,592)	$	(14,656)	$	(838,248)
Current liabilities
Trade payables	(98,458)		1,040		(97,418)		(i)
Trade payables - related parties	(957,497)		22,336		(935,161)		(i)
Accrued expenses - related parties	(164,902)		7,476		(157,426)		(i), (ii)
Advance payments from customers	(40,869)		5,152		(35,717)		(iv)
Current provisions	(74,907)		2,058		(72,849)		(i), (ii)
Liabilities to credit institutions	(1,328,752)		2,364		(1,326,388)		(iv)
Current tax liabilities	(10,617)		(3,777)		(14,394)		(v)
Interest-bearing current liabilities	(21,545)		9,610		(11,935)		(iv)
Interest-bearing current liabilities - related parties	(16,690)		(9,928)		(26,618)		(i), (iv)
Current contract liabilities	(46,217)		1,098		(45,119)		(i), (ii)
Class C Shares liability	(28,000)		—		(28,000)
Other current liabilities	(393,790)		29,526		(364,264)		(i), (ii), (iii)
Other current liabilities - related parties	(70,258)		1,196		(69,062)		(i), (iv)
Total current liabilities	$	(3,252,502)	$	68,151	$	(3,184,351)
Total liabilities	$	(4,076,094)	$	53,495	$	(4,022,599)
Total equity and liabilities	$	(3,942,451)	$	8,041	$	(3,934,410)

Consolidated Statement of Cash Flows as for the year ended December 31, 2022


Particulars	Originally Reported Amounts		Adjustments		Restated Amounts		Restatement Reference
Cash flows from operating activities
Net loss	(465,789)		(11,666)		(477,455)		(i), (ii), (iii), (iv), (v)
Adjustments to reconcile net loss to net cash flows:
Depreciation and amortization	158,392		(15,401)		142,991		(i), (iii)
Warranties	84,992		6,291		91,283		(i), (ii)
Impairment of inventory	27,877		(13,047)		14,830		(i), (iv)

Finance income	(8,552)		—		(8,552)
Finance expense	108,435		(33)		108,402		(i)
Fair value change - Earn-out rights	(902,068)		—		(902,068)
Fair value change - Class C Shares	(35,090)		—		(35,090)
Listing expense	372,318		—		372,318
Income tax expense	16,784		12,876		29,660		(iv), (v)


Disposals and derecognition of property plant and equipment and intangible assets	—		11,036		11,036		(iv)

Other provisions	—		23,367		23,367		(iv)
Unrealised Exchange Gain/Loss Operating Payables	—		(26,672)		(26,672)		(iv)
Other non-cash expense and income	18,997		(7,731)		11,266		(iv)
Change in operating assets and liabilities:
Inventories	(226,638)		40,245		(186,393)		(i), (iii), (iv)
Contract liabilities	13,373		8,256		21,629		(i), (ii), (iv)
Trade receivables, prepaid expenses and other assets	(220,118)		(2,573)		(222,691)		(i), (ii), (iii), (iv)
Trade payables, accrued expenses and other liabilities	52,801		(30,820)		21,981		(i), (ii), (iii), (iv),
Interest received	8,552		—		8,552
Interest paid	(68,130)		—		(68,130)
Taxes paid	(19,559)		—		(19,559)
Cash used for operating activities	$	(1,083,423)	$	(5,872)	$	(1,089,295)
Cash flows from investing activities


Additions to property, plant and equipment	(32,269)		—		(32,269)
Additions to intangible assets	(681,204)		6,929		(674,275)		(iii)



Additions to other investments	(2,500)		—		(2,500)
Cash used for investing activities	$	(715,973)	$	6,929	$	(709,044)
Cash flows from financing activities

Proceeds from short-term borrowings	2,149,799		—		2,149,799

Principal repayments of short-term borrowings	(1,426,935)		—		(1,426,935)
Principal repayments of lease liabilities	(18,905)		(543)		(19,448)		(i), (iv)
Proceeds from the issuance of share capital and other contributed capital	1,417,973		—		1,417,973
Transaction costs	(38,903)		—		(38,903)
Cash provided by financing activities	$	2,083,029	$	(543)	$	2,082,486
Effect of foreign exchange rate changes on cash and cash equivalents	(66,433)		(514)		(66,947)		(i), (ii), (iii), (iv), (v)
Net increase in cash and cash equivalents	$	217,200	$	—	$	217,200
Cash and cash equivalents at the beginning of the period	$	756,677	$	—	$	756,677
Cash and cash equivalents at the end of the period	$	973,877	$	—	$	973,877

Consolidated Statement of Loss and Comprehensive Loss for the year ended December 31, 2021


Particulars	Originally Reported Amounts		Adjustments		Restated Amounts		Restatement Reference
Revenue	1,337,181		9,166		1,346,347		(i),(ii)
Cost of sales	(1,336,321)		(367)		(1,336,688)		(i),(ii),(iii)
Gross profit	$	860	$	8,799	$	9,659
Selling, general and administrative expense	(714,724)		29,675		(685,049)		(i),(ii)
Research and development expense	(232,922)		(1,097)		(234,019)		(iii)
Other operating expense, net	(48,053)		(2,663)		(50,716)		(i)

Operating loss	$	(994,839)	$	34,714	$	(960,125)
Finance income	32,970		—		32,970
Finance expense	(45,249)		31		(45,218)		(i)


Loss before income taxes	$	(1,007,118)	$	34,745	$	(972,373)
Income tax benefit (expense)	(336)		3,411		3,075		(v)
Net loss	$	(1,007,454)	$	38,156	$	(969,298)
Net loss per share (in U.S. dollars)
Class A - Basic and Diluted	(0.53)		(0.02)		(0.51)
Class B - Basic and Diluted	(0.53)		(0.02)		(0.51)

Consolidated Statement of Comprehensive Loss

Net loss	(1,007,454)		38,156		(969,298)
Other comprehensive loss:
Items that may be subsequently reclassified to the Consolidated Statement of Loss:
Exchange rate differences from translation of foreign operations	(33,149)		831		(32,318)		(i), (ii), (iii), (iv), (v)
Total other comprehensive loss	$	(33,149)	$	831	$	(32,318)
Total comprehensive loss	$	(1,040,603)	$	38,987	$	(1,001,616)

Consolidated Statement of Cash Flows as for the year ended December 31, 2021

Particulars

Originally Reported Amounts

Adjustments

Restated Amounts

Restatement Reference


Cash flows from operating activities
Net loss	(1,007,454)		38,156		(969,298)		(i), (ii), (iii), (iv), (v)
Adjustments to reconcile net loss to net cash flows:
Depreciation and amortization	239,164		(21,323)		217,841		(i), (iii), (iv)
Warranties	63,114		(5,634)		57,480		(ii)
Impairment of inventory	31,984		(1,202)		30,782		(i)

Finance income	(32,969)		(1)		(32,970)		(iv)
Finance expense	45,249		(31)		45,218		(i)



Income tax benefit (expense)	336		(3,411)		(3,075)		(iv), (v)




Other provisions	—		11,560		11,560		(iv)
Unrealised Exchange Gain/Loss Operating Payables	—		9,876		9,876		(iv)
Other non-cash expense and income	11,560		(11,560)		—		(iv)
Change in operating assets and liabilities:
Inventories	(290,442)		6,666		(283,776)		(i), (iii), (iv)
Contract liabilities	70,220		(11,146)		59,074		(i), (ii)
Trade receivables, prepaid expenses and other assets	48,574		8,545		57,119		(i), (ii)
Trade payables, accrued expenses and other liabilities	519,676		(22,894)		496,782		(i), (ii), (iv)
Interest received	1,396		—		1,396
Interest paid	(12,564)		—		(12,564)

Cash used for operating activities	$	(312,156)	$	(2,399)	$	(314,555)
Cash flows from investing activities
Additions to property, plant and equipment	(24,701)		—		(24,701)
Additions to intangible assets	(104,971)		2,735		(102,236)		(iii)




Cash used for investing activities	$	(129,672)	$	2,735	$	(126,937)
Cash flows from financing activities
Change in restricted deposits	48,830		—		48,830
Proceeds from short-term borrowings	698,882		—		698,882
Principal repayments of short-term borrowings	(411,950)		—		(411,950)
Principal repayments of lease liabilities	(8,578)		(335)		(8,913)		(i)
Proceeds from the issuance of share capital and other contributed capital	582,388		—		582,388
Transaction costs	—		—		—
Cash provided by financing activities	$	909,572	$	(335)	$	909,237
Effect of foreign exchange rate changes on cash and cash equivalents	(27,491)		(1)		(27,492)		(i), (ii), (iii), (v)
Net increase in cash and cash equivalents	$	440,253	$	—	$	440,253
Cash and cash equivalents at the beginning of the period	$	316,424	$	—	$	316,424
Cash and cash equivalents at the end of the period	$	756,677	$	—	$	756,677

Revenue

12 Months Ended

Dec. 31, 2023

Revenue [abstract]

Property, plant and equipment [abstract]

Note 4 - Revenue

Polestar Group disaggregates Revenue by major category based on the primary economic factors that may impact the nature, amount, timing, and uncertainty of Revenue and cash flows from these customer contracts as seen in the table below:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Sales of vehicles1	2,319,947		2,386,454		1,299,196
Sales of software and performance engineered kits	18,994		21,308		25,881
Sales of carbon credits	1,452		10,984		6,299
Vehicle leasing revenue	17,421		16,719		6,217
Other revenue	20,748		8,640		8,754
Total	$	2,378,562	$	2,444,105	$	1,346,347

1 - Revenue related to sales of vehicles is inclusive of extended and connected services recognized over time.

For the years ended December 31, 2023, 2022 and 2021, other revenue primarily consisted of license revenue generated from sales-based royalties received from Volvo Cars on sales of parts and accessories for Polestar vehicles and software performance upgrades.

For the year ended December 31, 2023, the Group's largest customer that is not a related party accounted for $372,597 (16%) of Revenue. For the years ended December 31, 2022 and December 31, 2021, no sole customer exceeded 10% of total Revenue. The Group’s two largest customers that are not related parties accounted for $156,400 (6%) and $135,544 (10%) of Revenue respectively, for the years ended December 31, 2022 and December 31, 2021. Refer to Note 27 - Related party transactions for further details on revenue from related parties.

Contract liabilities


	Sales generated obligation		Deferred revenue - extended service		Deferred revenue - connected services		Deferred revenue - operating leases & other		Total
Balance as of January 1, 2022 - (Restated)	20,050		21,830		17,120		16,693		75,693


Provided for during the year - (Restated)	70,896		31,648		16,058		18,902		137,504
Settled during the year - (Restated)	(77,667)		—		—		—		(77,667)
Released during the year - (Restated)	—		(12,807)		(2,889)		(22,512)		(38,208)
Effect of foreign currency exchange rate differences - (Restated)	(612)		(747)		(1,778)		(48)		(3,185)
Balance as of December 31, 2022 - (Restated)	$	12,667	$	39,924	$	28,511	$	13,035	$	94,137


of which current - (Restated)	12,667		18,111		4,083		10,258		45,119
of which non-current - (Restated)	—		21,813		24,428		2,777		49,018

Provided for during the year	82,182		30,800		14,469		56,022		183,473
Settled during the year	(59,999)		—		—		—		(59,999)
Released during the year	—		(23,917)		(4,973)		(18,704)		(47,594)
Effect of foreign currency exchange rate differences	2,184		757		1,558		609		5,108
Balance as of December 31, 2023	$	37,034	$	47,564	$	39,565	$	50,962	$	175,125
of which current	35,781		23,552		6,135		46,594		112,062
of which non-current	1,253		24,012		33,430		4,368		63,063

As of December 31, 2023, total contract liabilities amounted to $175,125, of which $37,034 was related to variable consideration payable to fleet customers in the form of volume related bonuses and $138,091 was related to remaining performance obligations associated with sales of vehicles and vehicle leasing revenue. As of December 31, 2022, the aggregate amount of the transaction price related to sales of vehicles allocated to the remaining performance obligations was $94,137.

Revenue recognized during the year ended December 31, 2023 related to contract liabilities outstanding as of January 1, 2023 was $32,452, and no Revenue was recognized during the period related to performance obligations fully (or partially) satisfied in prior periods. Revenue recognized during the year ended December 31, 2022 related to contract liabilities outstanding as of January 1, 2022 was $27,989, and no Revenue was recognized during the period related to performance obligations fully (or partially) satisfied in prior periods. Revenue recognized during the year ended December 31, 2021 related to contract liabilities outstanding as of January 1, 2021 was $4,648, and no Revenue was recognized during the period related to performance obligation fully or (partially) satisfied in prior periods.

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Disclosure of contingent liabilities [abstract]

Note 16 - Property, plant and equipment

As of December 31, 2023 and 2022, PPE has been reported in the Consolidated Statement of Financial Position with carrying amounts of $316,867 and $275,954, respectively. Of these amounts, $88,322 and $59,254 is related to ROU assets for leased buildings and land, and $9,896 and $35,307 is related to ROU assets for leased machinery and equipment, respectively. Refer to Note 12 - Leases for more details on the Group's ROU assets and operating leases.

Property, plant and equipment was as follows:


	Buildings and land	Machinery and equipment	Machinery under development	Total
Acquisition cost
Balance as of January 1, 2022 - (Restated)	52,230	137,476	27,666	217,372
Additions1 - (Restated)	2,789	13,434	58,171	74,394


Divestments and disposals	(604)		(919)		—		(1,523)
Reclassifications² - (Restated)	(1,976)		53,477		33		51,534
Reclassified to Assets held for sale - (Restated)	(44,342)		(17,582)		—		(61,924)
Effect of foreign currency exchange rate differences - (Restated)	(4,027)		(10,202)		(1,976)		(16,205)
Balance as of December 31, 2022 - (Restated)	$	4,070	$	175,684	$	83,894	$	263,648
Additions1	4,699		81,253		42,419		128,371
Divestments and disposals	(313)		(47,419)		—		(47,732)
Reclassifications²	433		(27,606)		(29,726)		(56,899)
Effect of foreign currency exchange rate differences	27		(967)		(2,445)		(3,385)
Balance as of December 31, 2023	$	8,916	$	180,945	$	94,142	$	284,003
Depreciation and impairment
Balance as of January 1, 2022 - (Restated)	(4,712)		(77,149)		—		(81,861)
Depreciation expense - (Restated)	(3,101)		(15,136)		—		(18,237)
Divestments and disposal	47		447		—		494
Reclassifications²	195		(195)		—		—
Reclassified to Assets held for Sale - (Restated)	5,623		4,753		—		10,376
Effect of foreign currency exchange rate differences - (Restated)	938		6,035		—		6,973
Balance as of December 31, 2022 - (Restated)	$	(1,010)	$	(81,245)	$	—	$	(82,255)
Depreciation expense	(1,715)		(13,736)		—		(15,451)
Divestments and disposal	25		45,206		—		45,231
Impairment loss3	—		(22,381)		(602)		(22,983)
Reclassifications²	(6)		9,879		—		9,873
Effect of foreign currency exchange rate differences	(3)		234		—		231
Balance as of December 31, 2023	$	(2,709)	$	(62,043)	$	(602)	$	(65,354)

Carrying amount at December 31, 2022 - (Restated)	$	3,060	$	94,439	$	83,894	$	181,393
Carrying amount at December 31, 2023	$	6,207	$	118,902	$	93,540	$	218,649

1 - Of $128,371 in additions for the year ended December 31, 2023, $109,141 has been settled in cash. These $109,141 are included in the $137,400 in the cash-flow from investing activities related to additions to Property, plant and equipment, and the remaining $28,259 relates to decreases in Trade payables from prior years which were settled in cash during the year ended December 31, 2023. Of $74,394 in additions for the year ended December 31, 2022, $30,881 was settled in cash. These $30,881 are included in the $32,269 cash-flow from investing activities related to additions to Property, plant and equipment, and the remaining $1,388 relates to increases in Trade payables - related parties from prior years which were settled in cash during the year ended December 31, 2022.

2 - For the year ended December 31, 2023, $47,026 is a reclassification from Property, plant and equipment to Assets under operating lease for vehicles that have been repurposed permanently and are currently in use for leasing business with customers. For the year ended December 31, 2022, $51,039 was a reclassification from Inventories to Property, plant and equipment for vehicles that were in the process of being repurposed permanently for leasing business with customers and were not sold during the year ended December 31, 2022.

3 - For the year ended December 31, 2023, Polestar 2 CGU was assessed for impairment, and impairment losses amounting to $22,983 were recognized in Cost of Sales. The impairment amount was allocated to Machinery and equipment, and Machinery under development.

Leases - Summary of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis of operating lease payments [line items]
Lease liability, payment, due	$ 146,045	$ 121,396
Within 1 year
Disclosure of maturity analysis of operating lease payments [line items]
Lease liability, payment, due	31,627	22,384
Between 1 and 2 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liability, payment, due	36,225	24,749
Between 2 and 3 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liability, payment, due	31,487	20,739
Between 3 and 4 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liability, payment, due	19,785	17,924
Between 4 and 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liability, payment, due	11,463	5,987
Later than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liability, payment, due	$ 15,458	$ 29,613

Liabilities to credit institutions - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 2,023,582	$ 1,326,388
Floorplan facilities
Disclosure of detailed information about borrowings [line items]
Borrowings	87,039	14,561
Borrowings, Average Amount Outstanding	122,786	31,251
Floorplan facilities \| Related parties
Disclosure of detailed information about borrowings [line items]
Borrowings	35,747	16,690
Sale-leaseback facilities
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 12,788	$ 11,719

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Future Minimum Purchase Commitments

The amounts in the table below represent Polestar´s future commitments as of December 31, 2023:


	Total		Less than 1 year		Between 1-5 years		After 5 years
PS2 battery purchase volume commitments	19,448		19,448		—		—
Logistics service commitments	57,108		57,108		—		—
PS3 and PS4 purchase volume commitments1	277,496		277,496		—		—
PS4 sales volume commitments	83,842		14,903		61,439		7,500
Other commitments	5,463		5,463		—		—
Total	$	443,357	$	374,418	$	61,439	$	7,500

1 - The PS3 manufacturing agreement with Volvo Cars was signed on January 8, 2024, however commitments related to the agreement existed as of December 31, 2023 based on the terms in the agreement governing Polestar's sale of PS3 Tooling and Equipment to Geely that was signed on December 8, 2023. Refer to Note 27 - Related party transactions and Note 30 - Subsequent events for further details.

Net loss per share - Summary of Antidilutive Shares (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [line items]
Earn-out Shares (in shares)	158,177,609	158,177,609	0
PSUs (in shares)	1,971,076	858,821	0
RSUs (in shares)	762,071	458,620	0
Marketing consulting services agreement (in shares)	0	125,000	0
Convertible Notes (in shares)	0	0	4,306,466
Total antidilutive shares (in shares)	185,910,721	184,620,015	4,306,466
Class C-1 Ordinary Shares
Earnings per share [line items]
Class C Shares (in shares)	20,499,965	15,999,965	0
Class C-2 American Depositary Shares
Earnings per share [line items]
Class C Shares (in shares)	4,500,000	9,000,000	0

Intangible assets and goodwill - Summary of Intangible Assets (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

$ 1,345,515

Ending balance, Intangible assets other than goodwill

1,362,281

$ 1,345,515

Cash-settled additions

237,778

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

(457,364)

(674,275)

^[1]

$ (102,236)

^[1]

Investing Activities

Cash-settled additions

217,861

Investing Activities | Trade payables and trade payables - related parties

(457,364)

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

(239,503)

Internally developed IP

Beginning balance, Intangible assets other than goodwill

194,854

Ending balance, Intangible assets other than goodwill

294,051

194,854

Software

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

2,530

Ending balance, Intangible assets other than goodwill

9,832

2,530

Acquired IP

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

1,148,131

Ending balance, Intangible assets other than goodwill

1,058,398

1,148,131

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

1,778,761

1,692,270

Effect of foreign currency exchange rate differences

347,339

306,315

54,631

(209,817)

(8,341)

(10,007)

Ending balance, Intangible assets other than goodwill

(12,347)

2,160,043

1,778,761

1,692,270

Acquisition cost | Internally developed IP

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

209,710

149,148

Effect of foreign currency exchange rate differences

99,362

89,744

12,214

(19,175)

(8,341)

(10,007)

Ending balance, Intangible assets other than goodwill

312,945

209,710

149,148

Acquisition cost | Software

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

3,203

2,446

Effect of foreign currency exchange rate differences

7,665

1,039

512

(282)

Ending balance, Intangible assets other than goodwill

11,380

3,203

2,446

Acquisition cost | Acquired IP

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

1,565,848

1,540,676

Effect of foreign currency exchange rate differences

240,312

215,532

41,905

(190,360)

Ending balance, Intangible assets other than goodwill

(12,347)

1,835,718

1,565,848

1,540,676

Depreciation and impairment

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

(433,246)

(374,563)

Effect of foreign currency exchange rate differences

(12,711)

44,407

12,297

(257,067)

Ending balance, Intangible assets other than goodwill

(107,035)

(103,090)

(797,762)

(433,246)

(374,563)

Depreciation and impairment | Internally developed IP

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

(14,856)

(15,659)

Effect of foreign currency exchange rate differences

(597)

2,014

(2,693)

Ending balance, Intangible assets other than goodwill

(748)

(1,211)

(18,894)

(14,856)

(15,659)

Depreciation and impairment | Software

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

(673)

(433)

Effect of foreign currency exchange rate differences

(63)

Ending balance, Intangible assets other than goodwill

(812)

(275)

(1,548)

(673)

(433)

Depreciation and impairment | Acquired IP

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Beginning balance, Intangible assets other than goodwill

(417,717)

(358,471)

Effect of foreign currency exchange rate differences

(12,051)

42,358

12,297

(254,374)

Ending balance, Intangible assets other than goodwill

(105,475)

(101,604)

$ (777,320)

$ (417,717)

$ (358,471)

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Overview and basis of presentation	12 Months Ended
Overview and basis of presentation	Dec. 31, 2023
Corporate information and statement of IFRS compliance [abstract]
Overview and basis of presentation	Note 1 - Overview and basis of preparation General information Polestar Automotive Holding UK PLC (the “Parent”), together with its subsidiaries, hereafter referred to as “Polestar,” “Polestar Group” and the “Group,” is a limited company incorporated in the United Kingdom. Polestar Group operates principally in the automotive industry, engaging in research and development, branding and marketing, and the commercialization and selling of battery electric vehicles, and related technology solutions. Polestar Group's current lineup of battery electric vehicles consists of the Polestar 2 ("PS2"), a premium fast-back sedan, the Polestar 3 ("PS3"), a luxury aero sport-utility vehicle, the Polestar 4 ("PS4"), a premium sport utility vehicle, the Polestar 5 ("PS5"), a luxury sport grand-touring sedan, and the Polestar 6 ("PS6"), a luxury roadster. As of December 31, 2023, the PS2 and PS4 are in production while the remaining vehicles are under development. Operating sustainably is a critical priority of the Group; targeting climate neutrality by 2040, creating a climate neutral car (cradle-to-gate) by 2030, and halving the emission intensity per car sold by 2030. Polestar Group has a presence in 27 markets across Europe, North America, and Asia. Polestar Group has its management headquarters located at Assar Gabrielssons väg 9, 405 31 Göteborg, Sweden. As of December 31, 2023, 2022, and 2021, related parties owned 88.3%, 89.2%, and 94.1% of the Group, respectively. The remaining 11.7%, 10.8%, and 5.9% of the Group at each respective year end was owned by external investors. Merger with Gores Guggenheim, Inc. Gores Guggenheim, Inc. (“GGI”) was a special purpose acquisition company (“SPAC”) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or a similar business combination. GGI was incorporated in Delaware on December 21, 2021 and completed its initial public offering (“IPO”) on March 25, 2021. On September 27, 2021, GGI entered into a Business Combination Agreement (“BCA”) with Polestar Automotive Holding Limited, a Hong Kong incorporated company (“Former Parent”), Polestar Automotive (Singapore) Pte. Ltd., a private company limited by shares in Singapore (“Polestar Singapore”), Polestar Holding AB, a private limited liability company incorporated under the laws of Sweden (“Polestar Sweden”), Polestar Automotive Holding UK Limited, a limited company incorporated under the laws of England and Wales and a direct wholly owned subsidiary of the Former Parent, and PAH UK Merger Sub Inc., a Delaware corporate and a direct wholly owned subsidiary of the Parent (“US Merger Sub”). On June 23, 2022 (“Closing”), the Former Parent consummated a reverse recapitalization pursuant to the terms and conditions of the BCA. At the Closing, Polestar Holding AB and its subsidiaries became wholly owned subsidiaries of Parent. US Merger Sub merged with GGI, pursuant to which the separate corporate existence of US Merger Sub ceased and GGI became a wholly owned subsidiary of the Parent. Simultaneously, the following events occurred: •the Convertible Notes of the Former Parent outstanding immediately prior to the Closing were automatically converted into 4,306,466 Class A Shares in the Parent in the form of American depositary shares; •the Former Parent was separated from Polestar Group and issued 294,877,349 Class A Shares in the Parent in the form of American depositary shares, 1,642,233,575 Class B Shares in the Parent in the form of American depositary shares, and the right to receive an earn out of a variable number of additional Class A Shares and Class B Shares, depending on the daily volume weighted average price of Class A Shares in the future; •all GGI units outstanding immediately prior to the Closing held by GGI Stockholders were automatically separated and the holder was deemed to hold one share of GGI Class A Common Stock and one-fifth of a GGI Public Warrant; •all GGI Class A Common Stock issued and outstanding, other than those held in treasury, were exchanged for 63,734,797 Class A Shares in the Parent in the form of American depositary shares; •all GGI Class F Common Stock issued and outstanding, other than those held in treasury, were exchanged for 18,459,165 Class A Shares in the Parent in the form of American depositary shares; •all GGI Common Stock held in treasury were canceled and extinguished without consideration; •all GGI Public Warrants issued and outstanding immediately prior to the Closing were exchanged for 15,999,965 Class C-1 Shares in the Parent in the form of American depositary shares with effectively the same terms as the GGI Public Warrants and are exercisable for Class A Shares in the Parent; •all GGI Private Warrants issued and outstanding immediately prior to the Closing were exchanged for 9,000,000 Class C-2 Shares in the Parent in the form of American depositary shares with effectively the same terms as the GGI Private Warrants and are exercisable for Class A Shares in the Parent; •pursuant to the PIPE Subscription Agreements, third-party investors purchased 25,423,445 Class A Shares in Parent in the form of American depositary shares and Volvo Cars purchased 1,117,390 Class A Shares in Parent in the form of American depositary shares, for a total of 26,540,835 Class A Shares in Parent in the form of American depositary shares for an aggregate total of $250,000; and •pursuant to the Volvo Cars Preference Subscription Agreement, Volvo Cars purchased 58,882,610 Preference Shares in the Parent for an aggregate total of $588,826 which automatically converted to Class A Shares in the Parent in the form of American depositary shares thereafter. The merger with GGI, including all related arrangements, raised net cash proceeds of $1,417,973. Gross proceeds of $638,197 was assumed from GGI, $250,000 was sourced from the PIPE Subscription Agreements, and $588,826 was sourced from the Volvo Cars Preference Subscription Agreement. Polestar incurred total transaction costs of $97,953 in connection with the merger, of which $59,050 had been recognized by GGI and deducted from the gross proceeds raised. The merger was accounted for as a reverse recapitalization, in accordance with the IFRS. Refer to Note 18 - Reverse recapitalization for additional information on the reverse recapitalization. Immediately following the closing of the transaction, Parent changed its name to Polestar Automotive Holding UK PLC and began trading on the National Association of Securities Dealers Automated Quotations (“Nasdaq”) under the ticker symbol PSNY. Net loss per share was recast to retroactively reflect the shares issued by the parent to the Former Parent for December 31, 2022 and December 31, 2021. Refer to Note 14 - Net loss per share and Note 22 - Equity for additional information. Basis of preparation The Consolidated Financial Statements in this annual report of Polestar Group are prepared in accordance with the IFRS, issued by the IASB and UK-adopted international accounting standards. The Consolidated Financial Statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. For group financial reporting purposes, Polestar Group companies apply the same accounting principles, irrespective of national legislation, as defined in the Group accounting directives. Such accounting principals have been applied consistently for all periods, unless otherwise stated. This annual report is prepared in the presentation currency, U.S. Dollar (“USD”). All amounts are stated in thousands of USD (“TUSD”), unless otherwise stated. Periods discussed prior to June 23, 2022 represent the operations of Polestar Automotive Holding Limited and its consolidated subsidiaries. Going Concern Polestar Group’s financial statements have been prepared on a basis that assumes Polestar Group will continue as a going concern and the ordinary course of business will continue in alignment with management’s 2024-2028 business plan. Management assessed Polestar Group’s ability to continue as a going concern and evaluated whether there are certain events or conditions, considered in the aggregate, that may cast substantial doubt about Polestar’s ability to continue as a going concern. All information available to management, including cash flow forecasts, liquidity forecasts, and internal risk assessments, pertaining to the twelve-month period after the issuance date of these Consolidated Financial Statements was used in performing this assessment. As a result of scaling up commercialization and continued capital expenditures related to the PS2, PS3, PS4, PS5, and PS6, managing the Company’s liquidity profile and funding needs remains one of management’s key priorities. If Polestar is not able to raise the necessary funds through operations, equity raises, debt financing, or other means, the Group may be required to delay, limit, reduce, or, in the worst case, terminate research and development and commercialization efforts. Since inception, Polestar Group has generated recurring net losses and negative operating and investing cash flows. Net losses for the years ended December 31, 2023, 2022, and 2021, amounted to $1,194,831, $477,455, and $969,298, respectively. Negative operating and investing cash flows for the years ended December 31, 2023, 2022, and 2021, amounted to $2,299,241, $1,798,339, and $441,492, respectively. Management’s 2024-2028 business plan indicates that Polestar will generate negative operating cash flows in the near future and positive operating cash flows starting the second half of 2025; investing cash flows of Polestar will continue to be negative in the near and long-term future due to the nature of Polestar’s business. Securing financing to support operating and development activities represents an ongoing challenge for Polestar Group. Polestar Group primarily finances its operations through short-term working capital loan arrangements with credit institutions (i.e., 12 months or less), contributions from shareholders, extended trade credit from related parties, and long-term financing arrangements with related parties. Management’s 2024-2028 business plan indicates that Polestar Group depends on additional financing that is expected to be funded via a combination of new short-term working capital loan arrangements, long-term loan arrangements, shareholder loans with related parties, and executing capital market transactions through offerings of debt and/or equity. The timely realization of these financing endeavors is crucial for Polestar Group’s ability to continue as a going concern. If Polestar is unable to obtain financing from these sources or if such financing is not sufficient to cover forecasted operating and investing cash flow needs, Polestar Group will need to seek additional funding through other means (e.g., issuing new shares of equity or issuing bonds). Management has no certainty that Polestar Group will be successful in securing the funds necessary to continue operating and development activities as planned. During the year ended December 31, 2023, Polestar demonstrated efforts towards achieving liquidity targets in management's 2024-2028 business plan by: •Renegotiating the terms of its convertible credit facility with Volvo Cars to extend the principal repayment date to June 30, 2027 and achieve an additional borrowing capacity; •Securing long-term financing support from Geely in the form of various facilities; and •Entering into multiple short-term working capital loan arrangements with banking partners in China. Polestar is party to financing instruments during the 12 months following the reporting period that contain financial covenants with which Polestar must comply. A failure to comply with such covenants may result in an event of default that could have material adverse effects on the business. Due to the factors discussed above, there is material uncertainty as to whether Polestar will be able to comply with all covenants in future periods. Remedies to an event of default include proactively applying for a covenant waiver prior to such event of default occurring.

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Disclosure of detailed information about property, plant and equipment

Property, plant and equipment was as follows:


	Buildings and land	Machinery and equipment	Machinery under development	Total
Acquisition cost
Balance as of January 1, 2022 - (Restated)	52,230	137,476	27,666	217,372
Additions1 - (Restated)	2,789	13,434	58,171	74,394


Divestments and disposals	(604)		(919)		—		(1,523)
Reclassifications² - (Restated)	(1,976)		53,477		33		51,534
Reclassified to Assets held for sale - (Restated)	(44,342)		(17,582)		—		(61,924)
Effect of foreign currency exchange rate differences - (Restated)	(4,027)		(10,202)		(1,976)		(16,205)
Balance as of December 31, 2022 - (Restated)	$	4,070	$	175,684	$	83,894	$	263,648
Additions1	4,699		81,253		42,419		128,371
Divestments and disposals	(313)		(47,419)		—		(47,732)
Reclassifications²	433		(27,606)		(29,726)		(56,899)
Effect of foreign currency exchange rate differences	27		(967)		(2,445)		(3,385)
Balance as of December 31, 2023	$	8,916	$	180,945	$	94,142	$	284,003
Depreciation and impairment
Balance as of January 1, 2022 - (Restated)	(4,712)		(77,149)		—		(81,861)
Depreciation expense - (Restated)	(3,101)		(15,136)		—		(18,237)
Divestments and disposal	47		447		—		494
Reclassifications²	195		(195)		—		—
Reclassified to Assets held for Sale - (Restated)	5,623		4,753		—		10,376
Effect of foreign currency exchange rate differences - (Restated)	938		6,035		—		6,973
Balance as of December 31, 2022 - (Restated)	$	(1,010)	$	(81,245)	$	—	$	(82,255)
Depreciation expense	(1,715)		(13,736)		—		(15,451)
Divestments and disposal	25		45,206		—		45,231
Impairment loss3	—		(22,381)		(602)		(22,983)
Reclassifications²	(6)		9,879		—		9,873
Effect of foreign currency exchange rate differences	(3)		234		—		231
Balance as of December 31, 2023	$	(2,709)	$	(62,043)	$	(602)	$	(65,354)

Carrying amount at December 31, 2022 - (Restated)	$	3,060	$	94,439	$	83,894	$	181,393
Carrying amount at December 31, 2023	$	6,207	$	118,902	$	93,540	$	218,649

Property, plant and equipment - Disclosure of Detailed Information About Property, Plant and Equipment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Reconciliation of changes in property, plant and equipment [abstract]

$ 181,393

Additions to property, plant, and equipment

218,649

$ 181,393

(137,400)

(32,269)

^[1]

$ (24,701)

^[1]

Reconciliation of changes in property, plant and equipment [abstract]

263,648

217,372

128,371

74,394

(47,732)

(1,523)

Decrease through classified as held for sale, property, plant and equipment

(56,899)

51,534

(61,924)

Effect of foreign currency exchange rate differences

(3,385)

(16,205)

Amounts payable, related party transactions

284,003

263,648

217,372

Cash-settled additions

109,141

30,881

28,259

1,388

Additions to property, plant, and equipment

(137,400)

Depreciation and impairment

Reconciliation of changes in property, plant and equipment [abstract]

(82,255)

(81,861)

45,231

494

(22,983)

Decrease through classified as held for sale, property, plant and equipment

9,873

10,376

Effect of foreign currency exchange rate differences

231

6,973

(15,451)

(18,237)

Reconciliation of changes in property, plant and equipment [abstract]

(65,354)

(82,255)

(81,861)

Buildings and land

3,060

Buildings and land | Acquisition cost

6,207

3,060

Reconciliation of changes in property, plant and equipment [abstract]

4,070

52,230

4,699

2,789

(313)

(604)

Decrease through classified as held for sale, property, plant and equipment

433

(1,976)

(44,342)

Effect of foreign currency exchange rate differences

(4,027)

Buildings and land | Depreciation and impairment

8,916

4,070

52,230

Reconciliation of changes in property, plant and equipment [abstract]

(1,010)

(4,712)

Decrease through classified as held for sale, property, plant and equipment

(6)

195

5,623

Effect of foreign currency exchange rate differences

(3)

938

(1,715)

(3,101)

Reconciliation of changes in property, plant and equipment [abstract]

(2,709)

(1,010)

(4,712)

Machinery and equipment

94,439

Machinery and equipment | Acquisition cost

118,902

94,439

Reconciliation of changes in property, plant and equipment [abstract]

175,684

137,476

81,253

13,434

(47,419)

(919)

Decrease through classified as held for sale, property, plant and equipment

(27,606)

53,477

(17,582)

Effect of foreign currency exchange rate differences

(967)

(10,202)

Machinery and equipment | Depreciation and impairment

180,945

175,684

137,476

Reconciliation of changes in property, plant and equipment [abstract]

(81,245)

(77,149)

45,206

447

(22,381)

Decrease through classified as held for sale, property, plant and equipment

9,879

(195)

4,753

Effect of foreign currency exchange rate differences

234

6,035

(13,736)

(15,136)

Machinery under development

(62,043)

(81,245)

(77,149)

Reconciliation of changes in property, plant and equipment [abstract]

83,894

Machinery under development | Acquisition cost

93,540

83,894

Reconciliation of changes in property, plant and equipment [abstract]

83,894

27,666

42,419

58,171

Decrease through classified as held for sale, property, plant and equipment

(29,726)

Effect of foreign currency exchange rate differences

(2,445)

(1,976)

Machinery under development | Depreciation and impairment

94,142

83,894

27,666

Reconciliation of changes in property, plant and equipment [abstract]

(602)

Decrease through classified as held for sale, property, plant and equipment

Effect of foreign currency exchange rate differences

Property, Plant and Equipment for Vehicles | Acquisition cost

(602)

$ 0

Reconciliation of changes in property, plant and equipment [abstract]

Depreciation and amortisation expense [abstract]

$ 47,026

$ 51,039

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Expenses by nature

12 Months Ended

Dec. 31, 2023

Expenses by nature

Note 6 - Expenses by nature

The following table illustrates the Group's expenses for major functions by nature:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Inventory costs	2,204,298		2,182,124		1,232,715
Impairment of property, plant and equipment, vehicles under operating leases, and intangible assets	351,241		—		—
Advertising, selling, and promotion costs	387,701		296,879		313,165
Professional services and consultant costs	262,212		276,373		200,045
Employee benefit costs	248,401		203,345		109,782
Impairment of inventory	134,877		14,830		30,782
Depreciation and amortization expense	115,010		142,991		217,841
Warranties and costs associated with settling contract liabilities	90,931		131,486		63,457
Polestar Space investor remuneration costs	53,570		54,611		39,438
Maintenance and insurance service costs	21,844		15,901		22,117
Other costs	29,647		38,045		26,414
Total cost of sales, selling, general and administrative expense, and research and development expense	$	3,899,732	$	3,356,585	$	2,255,756

Restatement of Prior Period Financial Statements - Consolidated Statement of Cash Flows (Details) - USD ($)
$ in Thousands

12 Months Ended

Jun. 23, 2022

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Adjustments to reconcile net loss to net cash flows:

$ (1,194,831)

$ (477,455)

^[1]

$ (969,298)

^[1]

Depreciation and amortization

115,010

142,991

^[2]

217,841

^[2]

Warranties

65,543

91,283

^[2]

57,480

^[2]

134,877

14,830

^[2]

30,782

^[2]

(69,454)

(8,552)

^[2]

(32,970)

^[2]

213,321

108,402

^[2]

45,218

^[2]

(443,168)

(902,068)

^[1]

(22,000)

(35,090)

^[1]

372,318

^[2]

Loss on derecognition and disposal of property, plant, and equipment and intangible assets

(7,138)

29,660

^[2]

(3,075)

^[2]

10,892

11,036

^[2]

19,890

23,367

^[2]

11,560

^[2]

26,787

(26,672)

^[2]

9,876

^[2]

(8,510)

11,266

^[2]

(358,392)

(186,393)

^[2]

(283,776)

^[2]

Trade receivables, prepaid expenses and other assets

77,424

21,629

^[2]

59,074

^[2]

(151,634)

(222,691)

^[2]

57,119

^[2]

Trade payables, accrued expenses and other liabilities

(459,002)

21,981

^[2]

496,782

^[2]

32,280

8,552

^[2]

1,396

^[2]

(220,147)

(68,130)

^[2]

(12,564)

^[2]

(35,477)

(19,559)

^[2]

(1,859,842)

(1,089,295)

^[2]

(314,555)

^[2]

Additions to property, plant and equipment

(137,400)

(32,269)

^[2]

(24,701)

^[2]

(457,364)

(674,275)

^[2]

(102,236)

^[2]

(2,500)

^[2]

(439,399)

(709,044)

^[2]

(126,937)

^[2]

(1,906)

^[2]

48,830

^[2]

Principal repayments of short-term borrowings

3,262,831

2,149,799

^[2]

698,882

^[2]

(1,426,935)

(411,950)

Principal repayments of lease liabilities

(21,916)

(19,448)

(8,913)

Proceeds from the issuance of share capital and other contributed capital

$ 1,417,973

1,417,973

^[2]

582,388

^[2]

(38,903)

^[2]

Effect of foreign exchange rate changes on cash and cash equivalents

2,093,304

2,082,486

^[2]

909,237

^[2]

987

(66,947)

^[2]

(27,492)

^[2]

Net (decrease) increase in cash and cash equivalents

(204,950)

217,200

^[2]

440,253

^[2]

Cash and cash equivalents at the beginning of the period

973,877

^[3]

756,677

^[2]

316,424

^[2]

Originally Reported Amounts

768,927

973,877

^[3]

756,677

^[2]

Adjustments to reconcile net loss to net cash flows:

(465,789)

(1,007,454)

Depreciation and amortization

158,392

239,164

Warranties

84,992

63,114

27,877

31,984

(8,552)

(32,969)

108,435

45,249

(902,068)

(35,090)

372,318

Loss on derecognition and disposal of property, plant, and equipment and intangible assets

16,784

336

18,997

11,560

(226,638)

(290,442)

Trade receivables, prepaid expenses and other assets

13,373

70,220

(220,118)

48,574

Trade payables, accrued expenses and other liabilities

52,801

519,676

8,552

1,396

(68,130)

(12,564)

(19,559)

(1,083,423)

(312,156)

Additions to property, plant and equipment

(32,269)

(24,701)

(681,204)

(104,971)

(2,500)

(715,973)

(129,672)

48,830

Principal repayments of short-term borrowings

2,149,799

698,882

(1,426,935)

(411,950)

Principal repayments of lease liabilities

(18,905)

(8,578)

Proceeds from the issuance of share capital and other contributed capital

1,417,973

582,388

(38,903)

Effect of foreign exchange rate changes on cash and cash equivalents

2,083,029

909,572

(66,433)

(27,491)

Net (decrease) increase in cash and cash equivalents

217,200

440,253

Cash and cash equivalents at the beginning of the period

973,877

756,677

316,424

973,877

756,677

Adjustments

Adjustments to reconcile net loss to net cash flows:

(11,666)

38,156

Depreciation and amortization

(15,401)

(21,323)

Warranties

6,291

(5,634)

(13,047)

(1,202)

(1)

(33)

(31)

Loss on derecognition and disposal of property, plant, and equipment and intangible assets

12,876

(3,411)

11,036

23,367

11,560

(26,672)

9,876

(7,731)

(11,560)

40,245

6,666

Trade receivables, prepaid expenses and other assets

8,256

(11,146)

(2,573)

8,545

Trade payables, accrued expenses and other liabilities

(30,820)

(22,894)

(5,872)

(2,399)

Additions to property, plant and equipment

6,929

2,735

6,929

2,735

Principal repayments of short-term borrowings

Principal repayments of lease liabilities

(543)

(335)

Proceeds from the issuance of share capital and other contributed capital

Effect of foreign exchange rate changes on cash and cash equivalents

(543)

(335)

(514)

(1)

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

$ 0

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

$ 0

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[2]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[3]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Income taxes benefit (expense) - Composition Of Recognized Deferred Tax Assets (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Netting of asset and liability tax positions

$ 111,376

$ 95,193

(68,335)

(83,906)

Deferred tax assets

43,041

11,287

^[1]

71,670

96,376

Tax losses carried forward

3,335

12,470

^[1]

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

25,530

47,898

Right-of use assets

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

29,077

24,615

Inventory

17,837

1,117

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

3,071

19,884

Accruals

25,865

13,808

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

13,008

11,393

Warranty

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

11,019

7,755

Tangible assets

Other temporary differences

612

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

1,436

Intangible assets other than goodwill

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

23,825

39,546

Warranty

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

6,259

938

Lease liability

Disclosure of disaggregation of revenue from contracts with customers [line items]

$ 25,507

$ 24,615

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Revenue - Narrative (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 2,378,562

$ 2,444,105

^[1]

$ 1,346,347

^[1]

Sales generated obligation

175,125

94,137

75,693

Disclosure of disaggregation of revenue from contracts with customers [line items]

Disclosure of disaggregation of revenue from contracts with customers [line items]

37,034

12,667

20,050

Deferred Revenue

32,452

27,989

4,648

Unrelated Customer | Revenue

138,091

Disclosure of disaggregation of revenue from contracts with customers [line items]

Concentration risk, percentage

$ 372,597

16.00%

Customer One | Revenue

Disclosure of disaggregation of revenue from contracts with customers [line items]

Concentration risk, percentage

$ 156,400

$ 135,544

6.00%

10.00%

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2023-03-23

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_103&doctype=Standard
-URIDate 2023-03-23

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_102&doctype=Standard
-URIDate 2023-03-23

+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of classes of share capital [abstract]

Disclosure of classes of share capital

Changes in the Group's equity during the years ended December 31, 2023, 2022, and 2021 were as follows:


	Class A Shares	Class B Shares	Share capital	Other contributed capital
Pre-closing of the merger with GGI
Balance as of January 1, 2021	214,371,808	—	(1,318,752)	—
Issuance during the year	—	18,032,787	(547,157)	—
Conversion from Class A to Class B	(17,345,079)	17,345,079	—	—
Issuance of Convertible Notes	—	—	—	(35,231)


Balance as of December 31, 2021	197,026,729	35,377,866	$	(1,865,909)	$	(35,231)
Issuance during the period	—	—	—		—
Balance as of June 23, 2022	197,026,729	35,377,866	$	(1,865,909)	$	(35,231)
Closing of the merger with GGI
Removal of Polestar Automotive Holding Limited from the Group
Exchange of Class A for Class B (1:8.335)	(197,026,729)	1,642,233,575	1,565,447		(1,565,447)
Exchange of Class B for Class A (1:8.335)	294,877,349	(35,377,866)	281,090		(281,090)
Reclassification of GBP Redeemable Preferred Shares	—	—	(65)		65
Issuance of Volvo Cars Preference Shares1	58,882,610	—	(589)		(588,237)
Issuance to Convertible Note holders	4,306,466	—	(43)		43
Issuance to PIPE investors	26,540,835	—	(265)		(249,735)
Issuance to GGI shareholders	82,193,962	—	(822)		(521,285)
Listing expense	—	—	—		(372,318)
Transaction costs	—	—	—		38,903
Post-closing of the merger with GGI
Equity-settled share-based payment	876,451	—	(9)		(9,900)
Balance as of December 31, 2022	467,677,673	1,642,233,575	$	(21,165)	$	(3,584,232)
Equity-settled share-based payment	299,075	—	(3)		(5,390)
Related party capital contribution2	—	—	—		(25,565)
Balance as of December 31, 2023	467,976,748	1,642,233,575	$	(21,168)	$	(3,615,187)

1 - The Volvo Cars Preference Shares subsequently converted into Class A shares following the merger with GGI on June 23, 2022.

2 - Refer to the Other financing instruments section of Note 27 - Related party transactions for more details.

Finance income and expense (Tables)

12 Months Ended

Dec. 31, 2023

Finance Income And Expense [Abstract]

Summary of Finance Income and Expense

The following table details the Group’s finance income and expense:


	For the year ended December 31,
Finance income	2023		2022		2021
Net foreign exchange rate gains on financial activities	37,125		—		31,574
Interest income on bank deposits	32,280		7,658		1,396
Other finance income	49		894		—
Total	$	69,454	$	8,552	$	32,970

	For the year ended December 31,
Finance expense	2023		2022		2021
			(Restated)		(Restated)
Interest expense on credit facilities and financing obligations	116,270		33,331		11,681
Interest expense to related parties	85,203		37,945		30,770
Loss on debt modification	6,829		—		—
Interest expense related to lease liabilities	5,008		6,201		2,377
Credit facility expenses	—		—		377
Other finance expenses	11		5		13
Net foreign exchange rate losses on financial activities	—		30,920		—
Total	$	213,321	$	108,402	$	45,218

Intangible assets and goodwill - Summary of Goodwill and Trademarks (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in intangible assets and goodwill [abstract]
Beginning balance, Goodwill and trademarks	$ 48,767	$ 55,929
Effect of foreign currency exchange rate differences	1,681	(7,162)
Ending balance, Goodwill and trademarks	50,448	48,767
Goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Beginning balance, Goodwill and trademarks	46,460	53,282
Effect of foreign currency exchange rate differences	1,601	(6,822)
Ending balance, Goodwill and trademarks	48,061	46,460
Trademarks
Reconciliation of changes in intangible assets and goodwill [abstract]
Beginning balance, Goodwill and trademarks	2,307	2,647
Effect of foreign currency exchange rate differences	80	(340)
Ending balance, Goodwill and trademarks	$ 2,387	$ 2,307

Intangible assets and goodwill - Summary of Intangible Assets, Goodwill And Trademarks (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Intangible Assets [Abstract]

Total intangible assets, goodwill and trademarks

$ 1,362,281

$ 1,345,515

Goodwill and trademarks

50,448

48,767

$ 55,929

$ 1,412,729

$ 1,394,282

^[1]

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Financial instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Purchase of investments other than investments accounted for using equity method	$ 2,500
Financial assets, at fair value	2,414	$ 2,333
Interest revenue for financial assets measured at amortised cost	32,280	7,658	$ 1,396
Interest expense for financial liabilities measured at amortised cost	206,481	77,477	$ 44,828
Realized gain (loss) on derivatives	465,168	937,158
Level 3
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	2,414	2,333
Other investments
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	2,414	2,333
Other investments \| Level 3
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	$ 2,414	$ 2,333

Financial instruments - Schedule of Financial Assets and Liabilities at Amortized Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 372,968	$ 384,009
Financial liabilities	4,684,997	3,010,414
Financial liabilities at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	4,684,997	3,010,414
Financial liabilities at amortised cost, category \| Trade payables and trade payables - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	368,145	1,032,579
Financial liabilities at amortised cost, category \| Liabilities to credit institutions
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	2,023,582	1,326,388
Financial liabilities at amortised cost, category \| Accrued expenses and accrued expenses - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	593,056	332,046
Financial liabilities at amortised cost, category \| Advance payments from customers
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	16,415	35,717
Financial liabilities at amortised cost, category \| Liabilities related to repurchase commitments
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	58,482	73,241
Financial liabilities at amortised cost, category \| Interest-bearing current liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	87,879	38,553
Financial liabilities at amortised cost, category \| Other current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	606	69,062
Financial liabilities at amortised cost, category \| Other non-current liabilities and other non-current liabilities - related parties
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	73,149	27,859
Financial liabilities at amortised cost, category \| Other non-current interest-bearing liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,463,683	74,969
Financial assets at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	1,141,895	1,357,886
Financial assets at amortised cost, category \| Trade receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets	187,231	318,803
Financial assets at amortised cost, category \| Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial assets	768,927	973,877
Financial assets at amortised cost, category \| Accrued income - related parties
Disclosure of detailed information about financial instruments [line items]
Financial assets	152,605	49,060
Financial assets at amortised cost, category \| Other current receivables and insurance recovery assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	25,920	10,840
Financial assets at amortised cost, category \| Other non-current assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 7,212	$ 5,306

Other current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Subclassifications of Other Liabilities

Other current liabilities for the Group were as follows:


	As of December 31,
	2023		2022
			(Restated)
Accrued expenses	134,818		172,006
Liabilities related to repurchase commitments	58,482		73,241
Accrued interest	8,238		2,614
Personnel related liabilities	37,518		28,816
VAT liabilities	88,520		78,942
Other liabilities	20,326		8,645
Total	$	347,902	$	364,264

Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-cash investing and financing activities
Purchases of intangible assets in trade payables - related parties and accrued expenses - related parties	$ 129,478	$ 74,781	$ 357,760
Initial recognition of ROU assets and lease liabilities	54,569		13,039
Purchases of property, plant and equipment in trade payables	19,230	47,156	18,611
Prepaid assets and warrant liabilities assumed upon closing of the merger with GGI	0	$ 57,040	$ 0
Investment in Polestar Technology	$ 29,400

Share-based payment

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangements [Abstract]

Share-based payment

Note 8 - Share-based payment

As noted in Note 1 - Overview and basis of preparation, Polestar granted shares to employees under the Omnibus Plan as part of the Group’s employee compensation. Under the Omnibus Plan, there are three kinds of programs: At-listing Plan, Post-listing Plan, and the Free Share Plan, all of which are equity-settled. The following table illustrates share activity for the year ended December 31, 2023:


	Number of PSUs	Number of RSUs	Number of Free Shares	Total
Outstanding as of January 1, 2023	858,821	458,620	4,222	1,321,663
Granted	1,378,621	530,424	—	1,909,045
Vested	—	(169,853)	(4,222)	(174,075)
Cancelled	(266,366)	(57,120)	—	(323,486)
Outstanding as of December 31, 2023	1,971,076	762,071	—	2,733,147

The following table illustrates share activity for the year ended December 31, 2022:


	Number of PSUs	Number of RSUs	Number of Free Shares	Total
Outstanding as of January 1, 2022	—	—	—	—
Granted	858,821	629,303	334,990	1,823,114
Vested	—	(170,683)	(330,768)	(501,451)


Cancelled	—	—	—	—
Outstanding as of December 31, 2022	858,821	458,620	4,222	1,321,663

The following table illustrates total share-based compensation expense, all of which was equity settled, for the years ended December 31, 2023, 2022 and 2021:


	For the year ended December 31,
	2023		2022		2021
Selling, general and administrative expense	5,131		7,128		—
Research and development expense	262		2,781		—
Total	$	5,393	$	9,909	$	—

At-listing plan

All executives and other key management members are eligible to receive RSUs under this plan. RSUs were granted on September 9, 2022 with the vesting commencement date of June 24, 2022; 33% of the RSUs vested on October 3, 2022 and 33% of the RSUs vested on June 24, 2023. The remaining RSUs will vest in one installment, with the final 34% of awards vesting on June 24, 2024. In order for the RSUs to vest, the employee must remain employed with Polestar at the vesting date. The total number of RSUs granted in 2022 was 517,220, with a fair value of $3,476 as of the grant date. During 2023 the total numbers of awards vested was 169,853 with a fair value of $1,141. During 2022 the total number of awards vested was 170,683 with a fair value of $1,147. The total number of awards cancelled due to employees who left the company in 2023 amounted to 23,780 with a fair value of $160. During 2022 there were no changes to the number of awards granted during the period due to leavers or any vesting/non-vesting conditions.

Post-listing plan

Under this plan, the EMT (i.e., CEO, CFO, and COO), are eligible to receive PSUs and other key management members are eligible to receive RSUs and PSUs. Awards were granted on April 3, 2023 and are equity-settled with a three-year cliff vesting period, where the vesting commencement date was January 1, 2023 and final vesting date is April 3, 2026. Awards were also granted on September 9, 2022 with a three-year cliff vesting period, where the vesting start date is October 3, 2022 with a final vesting date of June 24, 2025. For the shares granted on September 9, 2022 the vesting commencement date was June 24, 2022.

In order for the participants to receive the awards, they must remain employees at Polestar throughout the three-year vesting period, and achieve certain market and non-market performance-based targets in order to receive the PSUs:

Market condition

•25% Value Creation – The target is equal to positive relative market value development compared to a specified peer group. This is measured by Relative Total Shareholder Return (“rTSR”) which captures share price change (of a single share) and dividend reinvestment. Relative rTSR is a metric that will be externally measured.

Non-market conditions

•25% Cash flow – The target is equal to unleveraged free cash flow accumulated from 2022 – forecasted 2024 for the awards granted during 2022 and from 2023 – forecasted 2025 for the awards granted during 2023.

•20% Environmental, Social, Governance ("ESG") – The target is equal to Polestar’s total yearly greenhouse gas emissions divided by the number of cars sold for the applicable year. The greenhouse gas emissions are calculated every year according to Greenhouse gas protocol reporting standards. Polestar includes Scope 1, 2 and 3 emissions. The results and methodology are reported in the annual sustainability report.

•30% Operational milestones – The target is the fulfillment of operational milestones driving growth and stand-alone capabilities.

During 2023, under the Post-listing plan, the Group granted 1,909,045 awards, of which 1,378,621 are PSUs, with a fair value of $5,073 as of grant date. The total number of RSUs granted was 530,424, with a fair value of $2,010 as of the grant date. Changes to numbers of awards granted during 2023 due to leavers amounted to 299,706, where the total number of PSUs was 266,366 with a fair value of $980 and RSUs was 33,340 with a fair value of $126. There were no changes to numbers of awards granted during the period due to any vesting/non-vesting conditions. During 2022, the total number of RSUs granted was 112,083, with a fair value of $753 as of the grant date. The total number of PSUs granted in 2022 was 858,821, with a fair value of $6,031 as of the grant date. During 2022, there were no changes to the number of shares granted during the period due to leavers or any vesting/non-vesting conditions.

Free share plan

All permanent employees hired no later than December 31, 2021 who remained employed were granted free shares on September 30, 2022. The awards vested on October 3, 2022 and are subject to a one-year holding period. During 2022, the total number of Free Shares granted and vested was 334,990 and 330,768, respectively, with vested shares fair value of $1,715 as of the grant date. During 2023 the remaining free shares were vested with a fair value of $22. The fair value of the Free shares was determined using the market value of the shares listed on the Nasdaq. Under the Free Share plan, Polestar must withhold the tax obligation related to the share-based payment and transfer that amount in cash to the tax authority on the employee's behalf. Polestar does not withhold shares in order to settle the employee's tax obligations.

Marketing consulting services agreement

On March 24, 2022, Polestar granted an equity-settled share-based payment in exchange for marketing services through November 1, 2023. Per the terms of the agreement, 250,000 Class A Shares vested on August 31, 2022, the date the F-1 Registration Statement became effective. The remaining 250,000 Class A Shares vest over eight equal quarterly installments with the final vesting date of November 1, 2023. The grant date fair value of the marketing consulting agreement was $5,308 which was determined using the market value of the shares listed on the Nasdaq. Of the 500,000 Class A Shares granted, 375,000 Class A Shares with a fair value of $4,946 were vested as of December 31, 2022. As of December 31, 2023, the final 125,000 Class A shares were vested and the Group incurred a share-based compensation expense of $359.

Cover	12 Months Ended
Cover	Dec. 31, 2023
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41431
Entity Registrant Name	Polestar Automotive Holding UK PLC
Entity Address, Address Line One	Assar Gabrielssons Väg 9
Entity Address, Postal Zip Code	405 31
Entity Address, City or Town	Gothenburg
Entity Address, Country	SE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001884082
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Assar Gabrielssons Väg 9
Entity Address, Postal Zip Code	405 31
Entity Address, City or Town	Gothenburg
Entity Address, Country	SE
Contact Personnel Name	Thomas Ingenlath
Country Region	+1
City Area Code	551
Local Phone Number	284 9479
Class A American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	Class A American Depositary Shares
Trading Symbol	PSNY
Security Exchange Name	NASDAQ
Class A Shares
Document Information [Line Items]
Title of 12(b) Security	Class A Ordinary Shares, par value $0.01 each*
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
Class C-1 American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	Class C-1 American Depositary Shares
Trading Symbol	PSNYW
Security Exchange Name	NASDAQ
Class C-1 Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Class C-1 Ordinary Shares, par value $0.10 each**
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

Share-based payment (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangements [Abstract]

Disclosure of number and weighted average exercise prices of other equity instruments

The following table illustrates share activity for the year ended December 31, 2023:


	Number of PSUs	Number of RSUs	Number of Free Shares	Total
Outstanding as of January 1, 2023	858,821	458,620	4,222	1,321,663
Granted	1,378,621	530,424	—	1,909,045
Vested	—	(169,853)	(4,222)	(174,075)
Cancelled	(266,366)	(57,120)	—	(323,486)
Outstanding as of December 31, 2023	1,971,076	762,071	—	2,733,147

The following table illustrates share activity for the year ended December 31, 2022:


	Number of PSUs	Number of RSUs	Number of Free Shares	Total
Outstanding as of January 1, 2022	—	—	—	—
Granted	858,821	629,303	334,990	1,823,114
Vested	—	(170,683)	(330,768)	(501,451)


Cancelled	—	—	—	—
Outstanding as of December 31, 2022	858,821	458,620	4,222	1,321,663

Schedule of share-based payment arrangements

The following table illustrates total share-based compensation expense, all of which was equity settled, for the years ended December 31, 2023, 2022 and 2021:


	For the year ended December 31,
	2023		2022		2021
Selling, general and administrative expense	5,131		7,128		—
Research and development expense	262		2,781		—
Total	$	5,393	$	9,909	$	—

Other current liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Subclassifications of assets, liabilities and equities [abstract]

Accrued expenses

$ 134,818

$ 172,006

58,482

73,241

Accrued interest

8,238

2,614

Personnel related liabilities

37,518

28,816

VAT liabilities

88,520

78,942

Other liabilities

20,326

8,645

Disclosure of voluntary change in accounting policy [line items]

$ 347,902

$ 364,264

^[1]

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Net loss per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Earnings per share

The Group’s classes of POSs and their related EPIS denominator adjustment methods are as follows:


POS Class			EPIS Denominator Adjustment Method
Unvested equity-settled RSUs			Treasury share1
Class C Shares			Treasury share
Earn-out Rights and PSUs			The number of shares issuable if the reporting date were the end of the contingency period
Convertible Notes			The number of shares issued assuming conversion occurred at the beginning of the reporting period
Convertible Credit Facilities with Volvo Cars and Geely			If the instrument is converted, the number of shares issued on the date of the conversion

The following table presents the computation of basic and diluted Net loss per share for the years ended December 31, 2023, 2022, and 2021 when applying the exchange ratio:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)
	Class A and B Common Shares
Net loss attributable to common shareholders	(1,194,831)	(477,455)	(969,298)
Weighted-average number of common shares outstanding:
Basic and diluted	2,110,069	2,027,328	1,911,580
Net loss per share (in ones):
Basic and diluted	(0.57)	(0.24)	(0.51)


	For the year ended December 31,
	2023	2022	2021
Earn-out Shares	158,177,609	158,177,609	—
Class C-1 Shares	20,499,965	15,999,965	—
Class C-2 Shares	4,500,000	9,000,000	—
PSUs	1,971,076	858,821	—
RSUs	762,071	458,620	—
Marketing consulting services agreement	—	125,000	—
Convertible Notes	—	—	4,306,466
Total antidilutive shares	185,910,721	184,620,015	4,306,466

Significant accounting policies and judgements - Narrative (Details)
$ / shares in Units, € in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Apr. 03, 2023

iteration

$ / shares

Sep. 09, 2022

iteration

$ / shares

Jun. 23, 2022

USD ($)

Jul. 31, 2021

Mar. 31, 2021

$ / shares

Dec. 31, 2023

USD ($)

market

subsidiary

tranche

$ / shares

Dec. 31, 2023

USD ($)

market

subsidiary

tranche

$ / shares

Dec. 31, 2023

EUR (€)

Dec. 31, 2022

USD ($)

subsidiary

$ / shares

Dec. 31, 2021

USD ($)

Number of markets | market

Proceeds from the issuance of share capital and other contributed capital

$ 1,417,973,000

$ 0

$ 1,417,973,000

^[1]

$ 582,388,000

^[1]

Acquisition related costs

$ 97,953,000

Cash flows from (used in) operating and investing activities

(1,194,831,000)

(477,455,000)

^[2]

(969,298,000)

^[2]

$ (2,299,241,000)

(1,798,339,000)

(441,492,000)

Tax rate effect from change in tax rate

15.00%

Effective tax rate value, amount | €

€ 750,000

$ 2,378,562,000

2,444,105,000

^[2]

1,346,347,000

^[2]

$ 1,850,194,000

1,850,194,000

1,786,348,000

^[3]

59,999,000

77,667,000

Number of subsidiaries | subsidiary

$ 47,594,000

$ 38,208,000

Market securities

$ 0

Restricted cash

1,834,000

Assets related to government grants

4,223,000

3,745,000

Government grants

$ 1,402,000

1,402,000

59,000

309,000

Percent share of benefits paid or payable

(2,791,643,000)

$ (2,343,302,000)

^[2]

$ (1,336,688,000)

^[2]

Benefits paid or payable

$ 4,532,000

0.0031903

0.0020597

0.0013056

Number of active policyholders, percentage

0.0008470

0.0007340

0.0004485

Surplus of consolidation level, percentage

1.58

1.72

$ 939,359,000

$ 630,154,000

^[3]

Recoverable amount of asset or cash-generating unit

(158,406,000)

(174,916,000)

^[2]

$ (234,019,000)

^[2]

$ 696,950,000

Polestar Ownership Interest In Equity

49.00%

Polestar Ownership Interest In Board Of Directors

40.00%

Individual assets or cash-generating units [member]

Disclosure of voluntary change in accounting policy [line items]

Impairment loss recognised in profit or loss

$ 351,241,000

Revision of Prior Period, Change in Accounting Principle, Adjustment

Disclosure of voluntary change in accounting policy [line items]

$ 3,402,000

Disclosure of voluntary change in accounting policy [line items]

$ (12,485,000)

Restricted Stock Units

Weighted average share price, share options granted (in usd per share) | $ / shares

$ 3.79

$ 6.72

Performance Stock Units

Disclosure of voluntary change in accounting policy [line items]

Weighted average share price, share options granted (in usd per share) | $ / shares

3.79

6.72

Closing share price (in usd per share) | $ / shares

$ 3.68

$ 7.02

Performance Stock Units | Market-Based Vesting Conditions

Disclosure of voluntary change in accounting policy [line items]

Number of instruments granted in share-based payment arrangement (in shares) | shares

368,732

241,705

Performance Stock Units | Non-Market-Based Vesting Conditions

Disclosure of voluntary change in accounting policy [line items]

Number of instruments granted in share-based payment arrangement (in shares) | shares

1,106,195

644,116

Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares

$ 3.33

$ 7.93

Gores Guggenheim, Inc. Business Combination Agreement (BCA)

Disclosure of voluntary change in accounting policy [line items]

Earn-out rights

$ 598,570,000

Closing share price (in usd per share) | $ / shares

$ 11.23

Binomial Lattice Option Pricing Model

Disclosure of voluntary change in accounting policy [line items]

Time-steps, share options granted

1,000

Monte Carlo

Disclosure of voluntary change in accounting policy [line items]

Earnout payment term

3 years 11 months 23 days

Number of earn-out tranches | tranche

Monte Carlo | Performance Stock Units

Disclosure of voluntary change in accounting policy [line items]

Dividend yield, share options granted

Expected dividend as percentage, share options granted

0.00%

Implied volatility, share options granted

75.00%

70.00%

Historical average volatility, share options granted

0.635

0.819

Risk free interest rate, share options granted

3.80%

3.50%

Simulation term, share option granted

2 years 8 months 12 days

2 years 3 months 18 days

Number of simulation iterations | iteration

100,000

Monte Carlo | Gores Guggenheim, Inc. Business Combination Agreement (BCA)

Disclosure of voluntary change in accounting policy [line items]

Earn-out rights

$ 155,402,000

$ 598,570,000

2024-2028 Business Plan

Disclosure of voluntary change in accounting policy [line items]

Growth rate used to extrapolate cash flow projections

15.50%

2023-2027 Business Plan

Disclosure of voluntary change in accounting policy [line items]

Discount rate applied to cash flow projections

14.00%

2021-2025 Business Plan

Disclosure of voluntary change in accounting policy [line items]

Growth rate used to extrapolate cash flow projections

2.00%

Cash flow projections, growth rate duration

10 years

Maximum

Disclosure of voluntary change in accounting policy [line items]

Deferred compensation arrangement, cash awards, percentage of annual base salary

Collective funding ratio

1.75

Maximum | Acquired IP

Disclosure of voluntary change in accounting policy [line items]

Useful life measured as period of time, intangible assets other than goodwill

7 years

Useful life measured as period of time, intangible assets other than goodwill, remaining period

6 years

Maximum | Internally developed IP

Disclosure of voluntary change in accounting policy [line items]

Useful life measured as period of time, intangible assets other than goodwill

7 years

Maximum | Software

Disclosure of voluntary change in accounting policy [line items]

Useful life measured as period of time, intangible assets other than goodwill

8 years

Minimum

Disclosure of voluntary change in accounting policy [line items]

Collective funding ratio

1.25

Minimum | Acquired IP

Disclosure of voluntary change in accounting policy [line items]

Useful life measured as period of time, intangible assets other than goodwill

3 years

Useful life measured as period of time, intangible assets other than goodwill, remaining period

1 year

Minimum | Internally developed IP

Disclosure of voluntary change in accounting policy [line items]

Useful life measured as period of time, intangible assets other than goodwill

3 years

Minimum | Software

Disclosure of voluntary change in accounting policy [line items]

Useful life measured as period of time, intangible assets other than goodwill

3 years

Executives and Key Management

Disclosure of voluntary change in accounting policy [line items]

Long term variable pay program, vesting period

3 years

Extended Service

Disclosure of voluntary change in accounting policy [line items]

Capitalized contract cost, amortization period

3 years

Connected Service

Disclosure of voluntary change in accounting policy [line items]

Capitalized contract cost, amortization period

8 years

Disclosure of voluntary change in accounting policy [line items]

Issuance of Volvo Cars preference shares (in shares) | shares

58,882,610

Disclosure of voluntary change in accounting policy [line items]

Shares issued to convertible note holders (in shares) | shares

4,306,466

4,306,466,000

Closing share price (in usd per share) | $ / shares

$ 18

$ 8.04

Class A Shares | Minimum

Disclosure of voluntary change in accounting policy [line items]

Closing share price (in usd per share) | $ / shares

$ 10.00

Disclosure of voluntary change in accounting policy [line items]

Proceeds from the issuance of share capital and other contributed capital

$ 550,000,000

Closing share price (in usd per share) | $ / shares

$ 30.50

$ 8.04

Class C-2 American Depositary Shares

Disclosure of voluntary change in accounting policy [line items]

Fair value of shares issued

$ 1,080,000

$ 10,080,000

$ 0

Stock price per share (in dollars per share) | $ / shares

$ 0.24

$ 1.12

Fair value measurement input implied volatility

0.88

0.89

Fair value measurement input risk free rate

0.039

0.040

Dividend yield, share options granted

Class C-2 American Depositary Shares | Monte Carlo

Disclosure of voluntary change in accounting policy [line items]

Fair value measurement input implied volatility

0.80

0.75

Fair value measurement input risk free rate

0.039

0.04

Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of voluntary change in accounting policy [line items]

Shares issued to convertible note holders (in shares) | shares

4,306,466

Polestar Automotive Holding Limited ("Former Parent") | Class B Shares

294,877,349

Disclosure of voluntary change in accounting policy [line items]

Polestar Automotive Holding Limited ("Former Parent") | Polestar Automotive Holding UK PLC ("Parent")

1,642,233,575

Disclosure of voluntary change in accounting policy [line items]

External Investors | Polestar Automotive Holding UK PLC ("Parent")

88.30%

89.20%

94.10%

Disclosure of voluntary change in accounting policy [line items]

Disclosure of voluntary change in accounting policy [line items]

11.70%

10.80%

5.90%

Gores Guggenheim, Inc.

Proceeds from the issuance of share capital and other contributed capital

$ 638,197,000

Acquisition related costs

$ 59,050,000

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of voluntary change in accounting policy [line items]

Stock per unit outstanding (in shares) | shares

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Gores Guggenheim Class A Common Stock Exchanged For Class A Ordinary Shares

Disclosure of voluntary change in accounting policy [line items]

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Gores Guggenheim Class F Common Stock Exchanged For Class A Ordinary Shares

63,734,797

Disclosure of voluntary change in accounting policy [line items]

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Gores Guggenheim Public Warrants Exchanged For Class C-1 Ordinary Shares

18,459,165

Disclosure of voluntary change in accounting policy [line items]

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Gores Guggenheim Private Warrants Exchanged For Class C-2 Ordinary Shares

15,999,965

Disclosure of voluntary change in accounting policy [line items]

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Gores Guggenheim Public Warrants

9,000,000

Disclosure of voluntary change in accounting policy [line items]

Stock per unit outstanding (in shares) | shares

0.20

Third-Party Investors | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of voluntary change in accounting policy [line items]

Volvo Cars | Class A Shares

25,423,445

Disclosure of voluntary change in accounting policy [line items]

Proceeds from the issuance of share capital and other contributed capital

$ 588,826,000

Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of voluntary change in accounting policy [line items]

Issuance of Volvo Cars preference shares (in shares) | shares

58,882,610,000

Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of voluntary change in accounting policy [line items]

Third-Party Investors And Volvo Cars | Class A Shares

1,117,390

Disclosure of voluntary change in accounting policy [line items]

Proceeds from the issuance of share capital and other contributed capital

$ 250,000,000

Third-Party Investors And Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of voluntary change in accounting policy [line items]

26,540,835

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[2]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[3]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Income taxes benefit (expense) - Income Tax Expense Recognized (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Current income tax for the year

$ (16,356)

$ (21,058)

$ (3,337)

Deferred taxes

39,128

(7,619)

8,929

Foreign taxes

(15,634)

(983)

(2,517)

Beginning balance at Dec. 31, 2020

$ 7,138

$ (29,660)

^[1]

$ 3,075

^[1]

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Consolidated Statement of Changes in Equity - USD ($)
$ in Thousands

Total

PIPE Investors

Gores Guggenheim, Inc.

Share capital

PIPE Investors

Share capital

Gores Guggenheim, Inc.

Other contributed capital

PIPE Investors

Other contributed capital

Gores Guggenheim, Inc.

Currency translation reserve

Accumulated deficit

$ (603,183)

$ (1,318,752)

$ 0

$ (16,365)

$ 731,934

Other comprehensive loss - (Restated)

969,298

^[1]

969,298

32,318

^[1]

32,318

Comprehensive loss

1,001,616

^[1]

32,318

969,298

Issuance of Convertible Notes

(35,231)

Issuance of shares

(547,157)

Ending balance at Dec. 31, 2021

(183,955)

(1,865,909)

(35,231)

15,953

1,701,232

Other comprehensive loss - (Restated)

477,455

^[1]

477,455

(180)

^[1]

(180)

Comprehensive loss

477,275

^[1]

(180)

477,455

Merger with Gores Guggenheim Inc.

Issuance of Convertible Notes

(1,512)

1,846,472

(1,846,472)

(1,512)

Issuance of Volvo Cars Preference Shares

(588,826)

(589)

(588,237)

(43)

Issuance of shares

$ (250,000)

$ (522,107)

$ (265)

$ (822)

$ (249,735)

$ (521,285)

(372,318)

Equity-settled share-based payment

38,903

Earn-out rights

1,500,638

(9,909)

(9)

(9,900)

Ending balance at Dec. 31, 2022

(88,189)

^[2]

(21,165)

(3,584,232)

15,773

3,677,813

Other comprehensive loss - (Restated)

1,194,831

10,237

Comprehensive loss

1,205,068

10,237

1,194,831

Equity-settled share-based payment

(5,393)

(3)

(5,390)

Related party capital contribution

(25,565)

Ending balance at Dec. 31, 2023

$ (1,262,299)

$ (21,168)

$ (3,615,187)

$ 26,010

$ 4,872,644

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[2]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of transactions between related parties

Major product development agreements Polestar entered into with related parties during the years ended December 31, 2023, 2022, and 2021 are as follows:


Product			Agreements


PS2			•On November 9, 2022 and December 27, 2022, Polestar entered into amendment agreements related to the service and joint development agreements with Volvo Cars regarding the PS2 model year updates entered on April 13, 2021. The amendment agreements added the specific fee for model year 2022 and 2023 updates. The fee Polestar agreed to pay Volvo Cars for model year 2022 and 2023 updates was $39,623. The fee Polestar agreed to pay Volvo Cars for model year 2021 updates was amended to $54,684 from $31,366. •On June 23, 2021, Polestar entered into a supplement agreement to the PS2 car model assignment and license agreement to reconcile the actual development cost incurred by Volvo Cars and the category of technology developed for Polestar throughout 2020. The fee Polestar agreed to pay Volvo Cars under the agreement was $31,554. •On April 13, 2021, Polestar entered into service and joint development agreements with Volvo Cars related to development of model year updates throughout the life-time of the PS2. The fee for these services is dependent on actual development costs incurred by Volvo Cars and the category of technology developed for Polestar. The fee Polestar agreed to pay Volvo Cars for model year 2021 updates was $31,366 and costs related to future model year updates are based on actual hours incurred by Volvo Cars through a cost-plus methodology.
PS3			•No material agreements were signed in the years ended December 31, 2023, 2022, and 2021.
PS4			•On March 4, 2022, Polestar entered into two technology license agreements related to the right to use Geely's PMA-1 platform and GEEA2.0 electrical architecture for the PS4 in and outside of China. Under these agreements, Polestar agreed to pay Geely a monthly license royalty fee based on the net revenue of PS4s sold each month during the vehicle's lifecycle. The agreements also include a minimum sales volume commitment for sales inside and outside of China each year during the vehicle's lifecycle. Polestar is required to pay Geely compensation for any deficit between the actual volume sold and the minimum sales volume commitment each year. Polestar also entered into a third technology license agreement with Zhejiang Zeekr Automobile Research and Development Co., Ltd ("Zeekr"), an entity controlled by Geely, related to the right to use Zeekr carry-over tophat technology in the PS4 in China. Polestar agreed to pay Zeekr a monthly license royalty fee based on the net revenue of PS4s sold each month in China during the vehicle's lifecycle. The agreement also includes a minimum sales volume commitment for China for each year during the vehicle's lifecycle. Polestar is required to pay Zeekr compensation for any deficit in China between the actual volume sold and the minimum sales volume commitment each year. •On December 30, 2021, Polestar entered into a technology license agreement with Zeekr related to the right to use certain Zeekr carry-over tophat technology in the PS4 outside of China. This agreement has terms similar to those included in the agreement signed with Zeekr on March 4, 2022 regarding Zeekr technology used in the PS4 in China, except the minimum sales volume commitment thresholds are different and pertain to sales outside of China. •On December 28, 2021, Polestar entered into a R&D service agreement for the development phase of the PS4 beginning after the program confirmation milestone; ending with the final status report from Geely in 2025. The service charges are required to be paid in eight installments through 2025, based on predefined project milestones, and was calculated based on time and materials estimated to be incurred by Geely through 2025 under a cost-plus methodology. The total fee Polestar agreed to pay Geely through 2025 was $368,718. •On January 18, 2021, Polestar entered into a R&D service agreement for the concept phase of the PS4; ending at the program confirmation milestone. The service charge was a fixed price compensation dependent on the hours and resources required for the services to be performed by Geely throughout 2021, based on predefined project milestones. The total fee Polestar agreed to pay Geely throughout 2021 was $23,718.
PS5			•On September 28, 2023, Polestar entered into a technology license agreement with Geely related to the right to use Zeekr's ZEEA2.5 and Geely's GEEA2.0 electrical architectures for the PS5. The total license fee of $31,245 is required to be paid in two installments: a payment of $14,011 that occurred in October 2023 and a payment of $17,234 in December 2024.
PS6			•No material agreements were signed in the years ended December 31, 2023, 2022, and 2021.

Major manufacturing agreements Polestar entered into with related parties during the years ended December 31, 2023, 2022, and 2021 are listed below.


Product			Agreements
PS2			•No material agreements were signed in the years ended December 31, 2023, 2022, and 2021.
PS3			•On December 8, 2023, Polestar entered into an asset transfer agreement with Geely under which Polestar agreed to sell Polestar unique tooling and equipment that will be used in the manufacturing of the PS3 to Geely in exchange for $156,056. This agreement was accounted for as a financing transaction instead of a sale due to the terms of the agreement and the terms of other agreements with Volvo Cars and Geely that were signed on January 8, 2024 and March 3, 2024. Refer to the Financing section of this footnote and Note 30 - Subsequent events for more details. •On March 17, 2021 and March 23, 2021, Polestar entered into two financial undertaking agreements with Volvo Cars related to investments required prior to production of the PS3 in Volvo Cars' plant in Ridgeville, South Carolina. Under the first agreement, Volvo Cars agreed to invest $49,969 in common equipment that will be utilized in the production of both the PS3 and certain Volvo Cars branded vehicles and Polestar committed to pay Volvo Cars for its share of use of the common equipment via piece price of each PS3 produced. Under the second agreement, Volvo Cars agreed to invest $40,451 in PS3 unique equipment that will be utilized in the production of only the PS3 and Polestar committed to pay Volvo Cars for use of the PS3 unique equipment via piece price of each PS3 produced. Both agreements subject Polestar to making a lump sum payment to Volvo Cars in the event that Volvo Cars' investment costs are not recovered prior to the end of production of the PS3.
PS4			•On November 9, 2023, Polestar entered into a framework agreement with Geely and Renault Korea Motors Co., Ltd .("RKM") related to the production of the PS4 in RKM's plant in Busan, South Korea for sale in South Korea, Canada, and the United States. Under the agreement, Polestar agreed to pay RKM per vehicle produced based on a cost-plus methodology inclusive of cost components such as bill of materials, manufacturing service, long-lived asset, and outbound logistics fees. The agreement includes a purchase volume commitments for each year during the vehicle's lifecycle and Polestar is required to pay RKM compensation each year if the purchase volume commitment is not met. Between signing of the agreement and 2026, Polestar, Geely, and RKM are committed to invest approximately $242,000 to prepare the plant for production of the PS4. Polestar's share of the commitments that are required to be paid outside of piece price of each PS4 produced total approximately $200,000 and approximately $38,000 are required to be paid in piece price. The remaining commitment will be paid by Geely. •On July 17, 2023 and July 24, 2023, Polestar entered into two manufacturing and vehicle supply agreements with Geely related to production of the PS4 in Geely's plant in Hangzhou, China for sale in and outside of China. Under the agreements, Polestar agreed to pay Geely per vehicle produced based on a cost-plus methodology inclusive of cost components such as bill of materials, manufacturing service, and outbound logistics fees. The agreements include purchase volume commitments for each year during the vehicle's lifecycle. Polestar is required to pay Geely compensation for the deficit between the actual volume purchased during the year and 90% of Polestar's fixed reserved volume for the year. Polestar's fixed reserve volume for each year is negotiated and agreed upon in November of the year prior. •On January 17, 2022, Polestar entered into a tooling and equipment agreement with Geely related to PS4 unique equipment, tooling, and launch costs related to the manufacturing of the PS4. Under the agreement, Geely agreed to invest a total of $60,948 for PS4 unique equipment, tooling, and launch costs on behalf of Polestar and Polestar agreed to pay Geely in seven installments at certain pre-defined milestones between contract signing and February 2024. The cost to Polestar for PS4 unique equipment and tooling is $39,371 and $21,577 for PS4 launch costs. •On December 23, 2021, Polestar entered into a unique vendor tooling agreement with Geely related to PS4 unique vendor tooling related to the manufacturing of the PS4. Under the agreement, Geely agreed to invest a maximum of $83,646 for PS4 unique vendor tooling on behalf of Polestar and Polestar agreed to pay Geely monthly as costs are incurred.
PS5			•On July 26, 2022, Polestar entered into a vehicle supply agreement with Asia Europe New Energy Vehicle Manufacturing (Chongqing) Co., Ltd. ("AECQ"), a subsidiary of Geely, related to the production of PS5 prototypes. Under the agreement, AECQ agreed to manufacture and sell Polestar prototypes of the PS5 for a total cost of $25,398 that was determined under a cost-plus methodology. On February 3, 2023, the agreement was amended to change the timing and composition of prototypes, including adding production for spare parts and components, and increased the total cost to $25,783. On December 1, 2023, the agreement was amended again for similar reasons and increased the total cost to $27,290.

The total revenue recognized from each related party is shown in the table below:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)
Volvo Cars	90,114	68,076	82,090


Volvofinans Bank AB	46,683		68,391		52,973
Geely	5,895		—		2,347
Total	$	142,692	$	136,467	$	137,410

The total purchases of goods, services and other for each related party is shown in the table below:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Volvo Cars	2,345,639		2,219,169		560,451
Geely	260,103		249,108		1,200,295
Volvofinans Bank AB	463		1,003		5,748
Total	$	2,606,205	$	2,469,280	$	1,766,494

Amounts due to related parties include transactions from agreements associated with purchases of intangible assets, sales and distribution, procurement, manufacturing and other support from Volvo Cars and Geely.


	As of December 31,
	2023		2022
Trade payables – related parties, accrued expenses, and other current liabilities to related parties			(Restated)
Volvo Cars	499,480		1,089,144
Geely	224,808		71,116
Volvofinans Bank AB	2,022		1,389
Total	$	726,310	$	1,161,649


	As of December 31,
Interest-bearing current liabilities - related parties	2023		2022
Volvo Cars	10,628		9,928
Geely	21,956		—

Volvo Car Financial Services UK	35,748		16,690
Total	$	68,332	$	26,618


			As of December 31,


Other non-current interest-bearing liabilities - related parties	2023		2022
Volvo Cars	1,049,463		43,643
Geely	359,781		—

Total	$	1,409,244	$	43,643

The Group’s interest expense related to related party liabilities is as follows:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)
Interest expense - related parties	92,033	37,924	30,832

Amounts due from related parties

Amounts due from related parties include transactions related to the sales of products and related goods and services, sales of software technology and performance engineered kits, sales of carbon credits and sales of prototype engines discussed above.


	As of December 31,
	2023		2022
Trade receivables – related parties, accrued income – related parties, and other current assets - related parties			(Restated)
Volvo Cars	168,523		124,531
Geely	53,730		3
Volvofinans Bank AB	954		3,751
Total	$	223,207	$	128,285

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease liabilities [abstract]
Income from sub-leasing right-of-use assets	$ 1,729	$ 1,415	$ 0
Expense relating to short-term leases	(888)	(1,598)	(1,300)
Expense relating to lease of low value assets	(5)	0	0
Interest expense on leases	(5,008)	(6,201)	(2,377)
Effect of foreign currency exchange rate differences - (Restated)	$ 0	$ 0	$ (39)

Inventories

12 Months Ended

Dec. 31, 2023

Inventories [Abstract]

Note 20 - Inventories

The Group’s inventory primarily consisted of vehicles as follows:


	As of December 31,
	2023		2022
			(Restated)
Work in progress	32		1,387
Finished goods and goods for resale	1,070,897		664,789
Provision for impairment	(131,570)		(36,022)
Total	$	939,359	$	630,154

Inventories recognized as an expense during the years ended December 31, 2023, 2022 and 2021 amounted to $2,204,298, $2,182,124 and $1,232,715, respectively, and were included in Cost of sales in the Consolidated Statement of Loss and Comprehensive Loss.

As of December 31, 2023, 2022, and 2021 write-downs of Inventories to net realizable value amounted to $134,877, $14,830 and $30,782 respectively. The write down was recognized as an expense during the years ended December 31, 2023, 2022, and 2021 and was included in Cost of sales in the Consolidated Statement of Loss and Comprehensive Loss.

Inventories can be pledged as security for liabilities. Refer to Note 25 - Liabilities to credit institutions for further details.

Restatement of Prior Period Financial Statements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of initial application of standards or interpretations [abstract]
Inventories	$ 16,539	$ 16,491
Accruals and deferrals	6,688	20,090
Capitalization of expenses	8,187	1,837
Deferred taxes and income taxes	$ 12,876	$ 3,411

Income taxes benefit (expense)

12 Months Ended

Dec. 31, 2023

Income taxes benefit (expense)

Note 13 - Income tax benefit (expense)

Income tax benefit (expense) recognized in the Consolidated Statement of Loss and Comprehensive Loss is as follows:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Current income tax for the year	(16,356)		(21,058)		(3,337)
Deferred taxes	39,128		(7,619)		8,929
Foreign taxes	(15,634)		(983)		(2,517)
Total	$	7,138	$	(29,660)	$	3,075

Information regarding current year income tax benefit (expense) based on the applicable UK and Hong Kong tax rates are as follows:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Loss before tax for the year	(1,189,566)		(447,795)		(972,373)
Tax according to the applicable tax rate1	279,786		85,081		160,441
Effect of different tax rates in other countries	(25,904)		16,528		62,523
Operating income/costs, non taxable2	22,851		85,861		(7,000)
Withholding tax	(15,634)		(983)		(2,517)
Not recognized tax losses carried forward	(212,003)		(188,351)		(213,928)
Non-recognition of deferred tax assets on other temporary differences	(40,585)		(12,185)		144
Recognition/derecognition of deferred taxes from previous year	368		(11,830)		3,412
Current tax related to previous year	(1,741)		(3,781)		—

Total	$	7,138	$	(29,660)	$	3,075

1 - 2023: 23.52% (UK rate), 2022: 19% (UK rate), 2021: 16.5% (Hong Kong rate).

2 - 2023: Main non-taxable income attributable to the fair value changes of the earn-out rights, corresponding tax $104,233. Within the group there are non-deductible expenses such as non-deductible interest expenses in the parent company of corresponding tax $15,300. Other nondeductible items net $66,082, including non-taxable income.

3 - 2022: Primarily attributable to the Listing expense being non-tax deductible, corresponding tax $70,740 and Fair value changes of the Earn-out rights being non-taxable income, corresponding tax $171,393. Other non-tax items net $14,792.

The 2021 Hong Kong tax rate in the table above is reflective of the Inland Revenue (Amendment) (No. 7) Bill 2017 (the “Bill”), which was passed by the Hong Kong Legislative Council in 2018. The Bill introduces the two-tiered profits tax rates regime, under which, the first 2,000,000 Hong Kong Dollar (“HKD”) of profits of the qualifying group entity will be taxed at 8.25%, and profits above 2,000,000 HKD will be taxed at 16.5%.

Information regarding the composition of recognized Deferred tax assets is as follows:


	As of December 31,
Specification of deferred tax assets	2023		2022
			(Restated)
Tax losses carried forward	25,530		47,898
Right-of use assets	29,077		24,615
Intangibles	—		—
Inventory	17,837		1,117
Accruals	25,865		13,808
Warranty	11,019		7,755
Tangible assets	612		—
Other temporary differences	1,436		—
Recognized value of deferred tax assets as of December 31	$	111,376	$	95,193
Netting of asset and liability tax positions	(68,335)		(83,906)
Deferred tax assets as of December 31	$	43,041	$	11,287

Information regarding the composition of recognized Deferred tax liabilities is as follows:


			As of December 31,


Specification of deferred tax liabilities	2023		2022
			(Restated)
Intangible assets	23,825		39,546
Inventory	3,071		19,884
Accruals	13,008		11,393
Warranty	6,259		938
Lease liability	25,507		24,615
Other temporary differences	—		—
Recognized value of deferred tax liabilities as of December 31	$	71,670	$	96,376
Netting of asset and liability tax position	(68,335)		(83,906)
Deferred tax liability as of December 31	$	3,335	$	12,470

All changes in Deferred tax assets and liabilities have been reported in the Consolidated Statement of Loss and Comprehensive Loss for the years ended December 31, 2023, 2022, and 2021 respectively. Deferred taxes have been calculated by applying the tax rate per jurisdiction.

Information regarding unrecognized Deferred tax assets:

The Group recognizes Deferred tax assets to the extent that the Group believes that the likelihood of recognition is probable. In making such a determination, the Group considers reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and the results of recent operations. Unrecognized Deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. Significant management judgements and assumptions are required in determining the recognition of Deferred tax assets related to tax losses and other temporary deductible differences. A change in judgement or assumption could have a material impact on the recognition of Deferred tax assets.

As of December 31, 2023 and 2022, the Group made the judgement that there is not sufficient, objectively verifiable evidence available which would demonstrate that it is more likely than not that the Group would be able to realize all Deferred tax assets in the future. This resulted in Deferred tax assets on tax loss carry forwards not being recognized amounting to $698,037 and $469,498 as of December 31, 2023 and 2022, respectively.

Tax loss carryforwards through the year of expiration are as follows:


	As of December 31,
	2023		2022
			(Restated)
2023	—		—
2024	—		67,221
2025	—		174,128
2026	169,970		131,524
2027	109,965		188,728
2028	147,666		215,925
2029 onwards	2,951,159		1,368,738
Tax loss carryforwards as of December 31	$	3,378,760	$	2,146,264

The increase in tax losses available for carryforward are mainly attributable to losses incurred as a consequence of the Group scaling its Research and development expense to meet the demands of the growing business. Further, for the year ended December 31, 2022, tax loss carryforwards and other temporary differences of $115,423 were attributable to the Chengdu facility which was held for sale. Refer to Note 28 - Assets held for sale for further details.

As of December 31, 2023, the Group had unused tax losses of $3,378,760, for which no deferred tax asset has been recognized due to unpredictability of future profit streams. As of December 31, 2023 and 2022, tax losses in Sweden of $2,815,756 and $1,573,484, respectively, have an indefinite carryforward period. As of December 31, 2023 and 2022, tax losses in China of $546,825 and $561,601, respectively, have a five-year carryforward period.In addition to the losses referred to above, the Group also had Deferred tax assets arising on other temporary differences of $423,744 and $251,566 as of December 31, 2023 and 2022, respectively, where no Deferred tax assets have been recognized.

The Pillar Two legislation has been enacted or substantively enacted in several of the jurisdictions in which the Polestar Group operates. The legislation will be effective for the Group’s financial year beginning 1 January 2024. The Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the Group’s potential exposure to Pillar Two income taxes for the current year ending on 31 December 2023, had the legislation been effective for this year.

The assessment of the potential exposure to Pillar Two income taxes is based on the Group’s consolidated financial statements for the current year. Based on the assessment performed, the transitional safe harbor relief applies for most jurisdictions and in the few jurisdictions where this relief does not apply, the full ETR calculation results in an effective tax rate above 15%. Management is not

currently aware of any circumstances under which this might change. Therefore, the Group does not expect a potential exposure to Pillar Two top-up taxes.

Other current liabilities

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of transactions between related parties [line items]

Note 21 - Other current assets

Other current assets for the Group were as follows:


	As of December 31,
	2023		2022
			(Restated)
Value added tax receivables	124,906		66,354
Prepaid expenses and accrued income	36,864		32,452
Advances to suppliers	16,452		3,337

Other current receivables	17,570		10,840
Insurance recovery assets	8,350		—
Total	$	204,142	$	112,983

As of December 31, 2023, prepaid expenses and accrued interest income consisted primarily of prepaid insurance expenses. As of December 31, 2022, prepaid expenses and accrued interest income consisted primarily of prepaid insurance and accrued income related to carbon credits.

Note 24 - Other current liabilities

Other current liabilities for the Group were as follows:


	As of December 31,
	2023		2022
			(Restated)
Accrued expenses	134,818		172,006
Liabilities related to repurchase commitments	58,482		73,241
Accrued interest	8,238		2,614
Personnel related liabilities	37,518		28,816
VAT liabilities	88,520		78,942
Other liabilities	20,326		8,645
Total	$	347,902	$	364,264

Accrued expenses were mainly related to marketing and product development; personnel related liabilities consisted of wages, salaries, and other benefits payable.

Related party transactions - Product Agreements (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 01, 2023

Nov. 09, 2023

Oct. 31, 2023

Sep. 28, 2023

Jul. 24, 2023

Feb. 03, 2023

Jul. 26, 2022

Jan. 17, 2022

Dec. 28, 2021

Dec. 23, 2021

Mar. 23, 2021

Mar. 17, 2021

Jan. 18, 2021

Dec. 31, 2020

Proceeds from sale of property, plant, and equipment

$ 17,234

$ 14,011

$ 31,245

$ 368,718

$ 23,718

$ 1,779

$ 0

^[1]

$ 0

^[1]

Disclosure of transactions between related parties [line items]

Disclosure of transactions between related parties [line items]

$ 39,623

31,366

$ 54,684

Disclosure of transactions between related parties [line items]

$ 31,554

PS3 Tooling and Equipment | Related parties | Volvo Cars

$ 31,366

Disclosure of transactions between related parties [line items]

PS5 Prototype | Related parties | AECQ

$ 40,451

$ 49,969

Disclosure of transactions between related parties [line items]

Disclosure of transactions between related parties [line items]

$ 27,290

$ 25,783

$ 25,398

PS4 | Related parties

PS4 | Related parties | Geely

$ 242,000

38,000

$ 200,000

Disclosure of transactions between related parties [line items]

Disclosure of detailed information about investment property [line items]

$ 60,948

$ 83,646

39,371

$ 21,577

90.00%

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Investment in Associates - Narrative (Details) - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Jun. 19, 2023

Commitment initial injections

100.00%

$ 60,000

Cost of sales delivered to carrying amount investment

$ 2,791,643,000

$ 2,343,302,000

^[1]

$ 1,336,688,000

^[1]

(28,376,000)

Transition services to Polestar Technology

27,630,000

$ 0

Property, plan and equipment investment

$ 8,159,000

Investment, Secondary Contribution

140,000

Polestar Technology

Disclosure of detailed information about investment property [line items]

Commitment capital injections

49.00%

98,000

Proportion of proportionate share percentage

0.40

Recognized share of losses in Polestar Technology

$ (43,304,000)

Investment, Secondary Contribution

68,600

Xingji Meizu

Disclosure of detailed information about investment property [line items]

Commitment capital injections

51.00%

102,000

Commitment initial injections

30,600

Proportion of proportionate share percentage

0.60

Investment, Secondary Contribution

$ 71,400

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Leases - Current and Noncurrent Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lease liabilities [abstract]
Current lease liability	$ 19,547	$ 11,935
Current lease liabilities - related parties	10,628	9,928
Non-current lease liability	54,439	31,326
Non-current lease liabilities - related parties	42,634	43,643
Total	$ 127,248	$ 96,832

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of maturity analysis of operating lease payments [line items]
Payments of lease liabilities, inclusive of interest paid	$ 26,924	$ 25,649	$ 11,290
Land
Disclosure of maturity analysis of operating lease payments [line items]
Lessee, term of contract	50 years
Minimum \| Buildings and land
Disclosure of maturity analysis of operating lease payments [line items]
Lessee, term of contract	2 years
Minimum \| Machinery and equipment
Disclosure of maturity analysis of operating lease payments [line items]
Lessee, term of contract	2 years
Maximum \| Buildings and land
Disclosure of maturity analysis of operating lease payments [line items]
Lessee, term of contract	15 years
Maximum \| Machinery and equipment
Disclosure of maturity analysis of operating lease payments [line items]
Lessee, term of contract	6 years

Overview and basis of presentation (Details)
$ in Thousands

1 Months Ended

12 Months Ended

Jun. 23, 2022

USD ($)

Jul. 31, 2021

Dec. 31, 2023

USD ($)

market

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Disclosure of classes of share capital [line items]

Number of markets | market

Proceeds from the issuance of share capital and other contributed capital | $

$ 1,417,973

$ 0

$ 1,417,973

^[1]

$ 582,388

^[1]

Acquisition related costs | $

$ 97,953

Net loss | $

(1,194,831)

(477,455)

^[2]

(969,298)

^[2]

Cash flows from (used in) operating and investing activities | $

$ (2,299,241)

(1,798,339)

$ (441,492)

Disclosure of classes of share capital [line items]

Issuance of Volvo Cars preference shares (in shares)

58,882,610

Disclosure of classes of share capital [line items]

Shares issued to convertible note holders (in shares)

4,306,466

4,306,466,000

Disclosure of classes of share capital [line items]

Proceeds from the issuance of share capital and other contributed capital | $

$ 550,000

Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of classes of share capital [line items]

Shares issued to convertible note holders (in shares)

4,306,466

Polestar Automotive Holding Limited ("Former Parent") | Class B Shares

294,877,349

Disclosure of classes of share capital [line items]

Polestar Automotive Holding Limited ("Former Parent") | Polestar Automotive Holding UK PLC ("Parent")

1,642,233,575

Disclosure of classes of share capital [line items]

External Investors | Polestar Automotive Holding UK PLC ("Parent")

88.30%

89.20%

94.10%

Disclosure of classes of share capital [line items]

Disclosure of classes of share capital [line items]

11.70%

10.80%

5.90%

Gores Guggenheim, Inc.

Proceeds from the issuance of share capital and other contributed capital | $

$ 638,197

Acquisition related costs | $

$ 59,050

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of classes of share capital [line items]

Stock per unit outstanding (in shares)

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Gores Guggenheim Class A Common Stock Exchanged For Class A Ordinary Shares

Disclosure of classes of share capital [line items]

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Gores Guggenheim Class F Common Stock Exchanged For Class A Ordinary Shares

63,734,797

Disclosure of classes of share capital [line items]

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Gores Guggenheim Public Warrants Exchanged For Class C-1 Ordinary Shares

18,459,165

Disclosure of classes of share capital [line items]

Gores Guggenheim, Inc. | Polestar Automotive Holding UK PLC ("Parent") | Gores Guggenheim Private Warrants Exchanged For Class C-2 Ordinary Shares

15,999,965

Disclosure of classes of share capital [line items]

Third-Party Investors | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

9,000,000

Disclosure of classes of share capital [line items]

Volvo Cars | Class A Shares

25,423,445

Disclosure of classes of share capital [line items]

Proceeds from the issuance of share capital and other contributed capital | $

$ 588,826

Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of classes of share capital [line items]

Issuance of Volvo Cars preference shares (in shares)

58,882,610,000

Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of classes of share capital [line items]

Third-Party Investors And Volvo Cars | Class A Shares

1,117,390

Disclosure of classes of share capital [line items]

Proceeds from the issuance of share capital and other contributed capital | $

$ 250,000

Third-Party Investors And Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of classes of share capital [line items]

Subclassifications of assets, liabilities and equities [abstract]

26,540,835

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[2]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Related party transactions - Related Party Share Activity (Details)	Dec. 31, 2023 shares
Related parties \| Class A Shares
Disclosure of transactions between related parties [line items]
Number of shares issued (in shares)	220,918,695

Other current assets

12 Months Ended

Dec. 31, 2023

Disclosure of initial application of standards or interpretations [abstract]

Note 21 - Other current assets

Other current assets for the Group were as follows:


	As of December 31,
	2023		2022
			(Restated)
Value added tax receivables	124,906		66,354
Prepaid expenses and accrued income	36,864		32,452
Advances to suppliers	16,452		3,337

Other current receivables	17,570		10,840
Insurance recovery assets	8,350		—
Total	$	204,142	$	112,983

Note 24 - Other current liabilities

Other current liabilities for the Group were as follows:


	As of December 31,
	2023		2022
			(Restated)
Accrued expenses	134,818		172,006
Liabilities related to repurchase commitments	58,482		73,241
Accrued interest	8,238		2,614
Personnel related liabilities	37,518		28,816
VAT liabilities	88,520		78,942
Other liabilities	20,326		8,645
Total	$	347,902	$	364,264

Accrued expenses were mainly related to marketing and product development; personnel related liabilities consisted of wages, salaries, and other benefits payable.

Investment in Associates - Schedule of Activity Related of Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Disclosure of detailed information about investment property [line items]
Investment in Polestar Technology	$ 29,400
Polestar Technology
Disclosure of detailed information about investment property [line items]
Recognized share of losses in Polestar Technology	(43,304)
Elimination of effects of downstream sales	$ 13,904

Restatement of Prior Period Financial Statements

12 Months Ended

Dec. 31, 2023

Restatement of Prior Period Financial Statements

Note 31 - Restatement of prior period financial statements

In connection with the preparation of our consolidated financial statements as of and for the year ended December 31, 2023, management identified various misstatements in our previously issued 2021 and 2022 annual financial statements. Management has assessed the materiality of the misstatements on the 2021 and 2022 financial statements in accordance with the SEC Staff Accounting Bulletin (“SAB”) Topic 1.M, Materiality. Based on this, management concluded that the prior year financial statements should be corrected, even though such revision previously was and continues to be immaterial to the prior year financial statements. Accordingly, these misstatements have been corrected, including the previously recorded out of period adjustments, for all periods presented by revising the accompanying consolidated financial statements. The errors relate to the following categories of misstatements:

(i) Inventories

The errors identified in the Inventories category encompass errors relating to incorrect valuation, classification, recognition, and allocation of costs associated with inventory. The most significant errors in this category include the incorrect treatment of certain launch costs, capitalization of inventory cost allocation, failed sale/lease transactions, and vehicles with repurchase obligations. The net impact of the inventory related error corrections on the Consolidated Statements of Loss and Comprehensive Loss was a reduction of the loss of $16,539 and $16,491 in 2022 and 2021, respectively.

(ii) Accruals and Deferrals

The errors identified in the Accruals and Deferrals category encompass errors relating to the recognition and measurement of accruals and deferrals. These errors include both the understatement and overstatement of accruals and deferrals before the issuance of the financial statements, despite the availability of accurate information. The most significant transactions in this

category include incorrect warranty accrual release, over accrual of operating expenses in North America and timing of revenue recognition and deferred revenue related to vehicle subscription services. The net impact of the accrual and deferral related error corrections on the Consolidated Statements of Loss and Comprehensive Loss was an increase of the loss by $6,688 in 2022 and a reduction of the loss of $20,090 in 2021.

(iii) Capitalization of expenses

The errors identified in the Capitalization of Expenses category encompass errors relating to expenses that were erroneously capitalized as an asset and vice-versa as of and for the years ended December 31, 2022 and December 31, 2021. The most significant transactions in this category include incorrect recognition of certain assets in China, and the incorrect capitalization of manufacturing engineering expenses as an intangible asset related to services provided to certain contract manufacturing facilities. The net impact of the capitalization related error corrections on the Consolidated Statements of Loss and Comprehensive Loss was an increase in the loss of $8,187 and $1,837 in 2022 and 2021, respectively.

(iv) Other - Reclassifications

The errors identified in the Other - Reclassifications category encompass errors arising from misallocations of assets and liabilities between different financial statement captions and misallocations of assets and liabilities between current and non-current. The most significant adjustments in this category include non-current reclassification misstatements related to certain buyback liabilities, an error in lease asset and liability in the United Kingdom, and overstatement of advances from customers and accounts receivable in Germany. There is a marginal impact to the Consolidated Statements of Loss and Comprehensive Loss for the twelve months ended December 31, 2021, and December 31, 2022, due to reclassifications relating to lease expense reversals upon the reclassification of a lease liability to a financing obligation in Korea. Furthermore, related party balances from Other non-current interest-bearing liabilities and Interest-bearing current liabilities have been reclassified to respective related party line items on the Consolidated Statements of Financial Position as of December 31, 2021, and December 31, 2022, to maintain consistency with the Consolidated Statement of Financial Position as of December 31, 2023.

(v) Deferred Taxes and Income Taxes

The errors identified in the Deferred Taxes and Income Taxes category encompass errors relating to the recognition, measurement, and reporting of the Group’s Deferred tax assets, Deferred tax liabilities, and income tax expenses as of and for the years ended December 31, 2022 and December 31, 2021. These errors include improper estimation of deferred tax amounts, errors in tax calculations, and errors pertaining to the treatment of value added tax. The most significant transactions in this category include incorrect recognition of Deferred tax assets and deferred liabilities at the Sweden tax rate, instead of the local market rate, and incorrect recording of Deferred taxes and Income tax expense in North America resulting from the other misstatement categories explained. The tax impact of all misstatement corrections has also been recognized. The net impact of the tax related error corrections and the tax effect of the other error corrections on the Consolidated Statements of Loss and Comprehensive Loss was an increase in the loss of $12,876 in 2022 and a reduction of the loss of $3,411 in 2021, respectively.

The tables below present the effect of the correction of the misstatements and the revision on the Consolidated Statements of Loss and Comprehensive Loss, Consolidated Statements of Financial Position and Consolidated Statements of Cash Flows as of and for the years ended December 31, 2022, and December 31, 2021. The adjustments identified related to the Consolidated Statements of Cash Flows for the years ended December 31, 2022, and December 31, 2021 only impact the classifications between cash flows (used in)/from operating, investing and financing, and do not result in a change in Cash and cash equivalents as of December 31, 2022 and December 31, 2021, from the originally reported amounts.

Consolidated Statement of Loss and Comprehensive Loss for the year ended December 31, 2022


Particulars	Originally Reported Amounts		Adjustments		Restated Amounts		Restatement Reference
Revenue	2,461,896		(17,791)		2,444,105		(i),(ii),(iv)
Cost of sales	(2,342,453)		(849)		(2,343,302)		(i),(ii),(iii),(iv)
Gross profit	$	119,443	$	(18,640)	$	100,803
Selling, general and administrative expense	(864,598)		26,231		(838,367)		(i),(ii),(iii),(iv)
Research and development expense	(167,242)		(7,674)		(174,916)		(i),(ii),(iii)
Other operating expense, net	(1,565)		1,260		(305)		(i)
Listing expense	(372,318)		—		(372,318)
Operating loss	$	(1,286,280)	$	1,177	$	(1,285,103)
Finance income	8,552		—		8,552
Finance expense	(108,435)		33		(108,402)		(i)
Fair value change - Earn-out rights	902,068		—		902,068
Fair value change - Class C Shares	35,090		—		35,090


Loss before income taxes	$	(449,005)	$	1,210	$	(447,795)
Income tax expense	(16,784)		(12,876)		(29,660)		(v)
Net loss	$	(465,789)	$	(11,666)	$	(477,455)
Net loss per share (in U.S. dollars)
Class A - Basic and Diluted	(0.23)		0.01		(0.24)
Class B - Basic and Diluted	(0.23)		0.01		(0.24)

Consolidated Statement of Comprehensive Loss

Net loss	(465,789)		(11,666)		(477,455)
Other comprehensive income:
Items that may be subsequently reclassified to the Consolidated Statement of Loss:
Exchange rate differences from translation of foreign operations	4,519		(4,339)		180		(i), (ii), (iii), (iv), (v)
Total other comprehensive income	$	4,519	$	(4,339)	$	180
Total comprehensive loss	$	(461,270)	$	(16,005)	$	(477,275)

Consolidated Statement of Financial Position as of December 31, 2022


Particulars	Originally Reported Amounts		Adjustments		Restated Amounts		Restatement Reference
Assets
Non-current assets
Intangible assets and goodwill	1,396,477		(2,195)		1,394,282		(i), (iii)
Property, plant and equipment	258,048		17,906		275,954		(i), (iii), (iv)
Vehicles under operating leases	92,198		4,988		97,186		(i), (iv)
Other non-current assets	5,306		—		5,306
Deferred tax asset	7,755		3,532		11,287		(v)
Other investments	2,333		—		2,333
Total non-current assets	$	1,762,117	$	24,231	$	1,786,348
Current assets
Cash and cash equivalents	973,877		—		973,877

Trade receivables	246,107		(6,529)		239,578		(i), (iv)
Trade receivables - related parties	74,996		4,229		79,225		(iv)
Accrued income - related parties	49,060		—		49,060
Inventories	658,559		(28,405)		630,154		(i), (iv)
Current tax assets	7,184		—		7,184
Assets held for sale	63,224		(7,223)		56,001		(iv)
Other current assets	107,327		5,656		112,983		(iii), (v)
Total current assets	$	2,180,334	$	(32,272)	$	2,148,062
Total assets	$	3,942,451	$	(8,041)	$	3,934,410
Equity
Share capital	(21,165)		—		(21,165)
Other contributed capital	(3,584,232)		—		(3,584,232)
Foreign currency translation reserve	12,265		3,508		15,773		(i), (ii), (iii), (iv), (v)
Accumulated deficit	3,726,775		(48,962)		3,677,813		(i), (ii), (iii), (iv), (v)
Total equity	$	133,643	$	(45,454)	$	88,189
Liabilities
Non-current liabilities
Non-current contract liabilities	(50,252)		1,234		(49,018)		(i)(v)
Deferred tax liabilities	(476)		(11,994)		(12,470)		(v)
Other non-current provisions	(73,985)		(1,377)		(75,362)		(i), (iv)
Other non-current liabilities	(14,753)		(13,106)		(27,859)		(i)
Earn-out liability	(598,570)		—		(598,570)


Other non-current interest-bearing liabilities	(85,556)		54,230		(31,326)		(iv)
Other non-current interest-bearing liabilities - related parties	—		(43,643)		(43,643)		(i), (iv)
Total non-current liabilities	$	(823,592)	$	(14,656)	$	(838,248)
Current liabilities
Trade payables	(98,458)		1,040		(97,418)		(i)
Trade payables - related parties	(957,497)		22,336		(935,161)		(i)
Accrued expenses - related parties	(164,902)		7,476		(157,426)		(i), (ii)
Advance payments from customers	(40,869)		5,152		(35,717)		(iv)
Current provisions	(74,907)		2,058		(72,849)		(i), (ii)
Liabilities to credit institutions	(1,328,752)		2,364		(1,326,388)		(iv)
Current tax liabilities	(10,617)		(3,777)		(14,394)		(v)
Interest-bearing current liabilities	(21,545)		9,610		(11,935)		(iv)
Interest-bearing current liabilities - related parties	(16,690)		(9,928)		(26,618)		(i), (iv)
Current contract liabilities	(46,217)		1,098		(45,119)		(i), (ii)
Class C Shares liability	(28,000)		—		(28,000)
Other current liabilities	(393,790)		29,526		(364,264)		(i), (ii), (iii)
Other current liabilities - related parties	(70,258)		1,196		(69,062)		(i), (iv)
Total current liabilities	$	(3,252,502)	$	68,151	$	(3,184,351)
Total liabilities	$	(4,076,094)	$	53,495	$	(4,022,599)
Total equity and liabilities	$	(3,942,451)	$	8,041	$	(3,934,410)

Consolidated Statement of Cash Flows as for the year ended December 31, 2022


Particulars	Originally Reported Amounts		Adjustments		Restated Amounts		Restatement Reference
Cash flows from operating activities
Net loss	(465,789)		(11,666)		(477,455)		(i), (ii), (iii), (iv), (v)
Adjustments to reconcile net loss to net cash flows:
Depreciation and amortization	158,392		(15,401)		142,991		(i), (iii)
Warranties	84,992		6,291		91,283		(i), (ii)
Impairment of inventory	27,877		(13,047)		14,830		(i), (iv)

Finance income	(8,552)		—		(8,552)
Finance expense	108,435		(33)		108,402		(i)
Fair value change - Earn-out rights	(902,068)		—		(902,068)
Fair value change - Class C Shares	(35,090)		—		(35,090)
Listing expense	372,318		—		372,318
Income tax expense	16,784		12,876		29,660		(iv), (v)


Disposals and derecognition of property plant and equipment and intangible assets	—		11,036		11,036		(iv)

Other provisions	—		23,367		23,367		(iv)
Unrealised Exchange Gain/Loss Operating Payables	—		(26,672)		(26,672)		(iv)
Other non-cash expense and income	18,997		(7,731)		11,266		(iv)
Change in operating assets and liabilities:
Inventories	(226,638)		40,245		(186,393)		(i), (iii), (iv)
Contract liabilities	13,373		8,256		21,629		(i), (ii), (iv)
Trade receivables, prepaid expenses and other assets	(220,118)		(2,573)		(222,691)		(i), (ii), (iii), (iv)
Trade payables, accrued expenses and other liabilities	52,801		(30,820)		21,981		(i), (ii), (iii), (iv),
Interest received	8,552		—		8,552
Interest paid	(68,130)		—		(68,130)
Taxes paid	(19,559)		—		(19,559)
Cash used for operating activities	$	(1,083,423)	$	(5,872)	$	(1,089,295)
Cash flows from investing activities


Additions to property, plant and equipment	(32,269)		—		(32,269)
Additions to intangible assets	(681,204)		6,929		(674,275)		(iii)



Additions to other investments	(2,500)		—		(2,500)
Cash used for investing activities	$	(715,973)	$	6,929	$	(709,044)
Cash flows from financing activities

Proceeds from short-term borrowings	2,149,799		—		2,149,799

Principal repayments of short-term borrowings	(1,426,935)		—		(1,426,935)
Principal repayments of lease liabilities	(18,905)		(543)		(19,448)		(i), (iv)
Proceeds from the issuance of share capital and other contributed capital	1,417,973		—		1,417,973
Transaction costs	(38,903)		—		(38,903)
Cash provided by financing activities	$	2,083,029	$	(543)	$	2,082,486
Effect of foreign exchange rate changes on cash and cash equivalents	(66,433)		(514)		(66,947)		(i), (ii), (iii), (iv), (v)
Net increase in cash and cash equivalents	$	217,200	$	—	$	217,200
Cash and cash equivalents at the beginning of the period	$	756,677	$	—	$	756,677
Cash and cash equivalents at the end of the period	$	973,877	$	—	$	973,877

Consolidated Statement of Loss and Comprehensive Loss for the year ended December 31, 2021


Particulars	Originally Reported Amounts		Adjustments		Restated Amounts		Restatement Reference
Revenue	1,337,181		9,166		1,346,347		(i),(ii)
Cost of sales	(1,336,321)		(367)		(1,336,688)		(i),(ii),(iii)
Gross profit	$	860	$	8,799	$	9,659
Selling, general and administrative expense	(714,724)		29,675		(685,049)		(i),(ii)
Research and development expense	(232,922)		(1,097)		(234,019)		(iii)
Other operating expense, net	(48,053)		(2,663)		(50,716)		(i)

Operating loss	$	(994,839)	$	34,714	$	(960,125)
Finance income	32,970		—		32,970
Finance expense	(45,249)		31		(45,218)		(i)


Loss before income taxes	$	(1,007,118)	$	34,745	$	(972,373)
Income tax benefit (expense)	(336)		3,411		3,075		(v)
Net loss	$	(1,007,454)	$	38,156	$	(969,298)
Net loss per share (in U.S. dollars)
Class A - Basic and Diluted	(0.53)		(0.02)		(0.51)
Class B - Basic and Diluted	(0.53)		(0.02)		(0.51)

Consolidated Statement of Comprehensive Loss

Net loss	(1,007,454)		38,156		(969,298)
Other comprehensive loss:
Items that may be subsequently reclassified to the Consolidated Statement of Loss:
Exchange rate differences from translation of foreign operations	(33,149)		831		(32,318)		(i), (ii), (iii), (iv), (v)
Total other comprehensive loss	$	(33,149)	$	831	$	(32,318)
Total comprehensive loss	$	(1,040,603)	$	38,987	$	(1,001,616)

Consolidated Statement of Cash Flows as for the year ended December 31, 2021

Particulars

Originally Reported Amounts

Adjustments

Restated Amounts

Restatement Reference


Cash flows from operating activities
Net loss	(1,007,454)		38,156		(969,298)		(i), (ii), (iii), (iv), (v)
Adjustments to reconcile net loss to net cash flows:
Depreciation and amortization	239,164		(21,323)		217,841		(i), (iii), (iv)
Warranties	63,114		(5,634)		57,480		(ii)
Impairment of inventory	31,984		(1,202)		30,782		(i)

Finance income	(32,969)		(1)		(32,970)		(iv)
Finance expense	45,249		(31)		45,218		(i)



Income tax benefit (expense)	336		(3,411)		(3,075)		(iv), (v)




Other provisions	—		11,560		11,560		(iv)
Unrealised Exchange Gain/Loss Operating Payables	—		9,876		9,876		(iv)
Other non-cash expense and income	11,560		(11,560)		—		(iv)
Change in operating assets and liabilities:
Inventories	(290,442)		6,666		(283,776)		(i), (iii), (iv)
Contract liabilities	70,220		(11,146)		59,074		(i), (ii)
Trade receivables, prepaid expenses and other assets	48,574		8,545		57,119		(i), (ii)
Trade payables, accrued expenses and other liabilities	519,676		(22,894)		496,782		(i), (ii), (iv)
Interest received	1,396		—		1,396
Interest paid	(12,564)		—		(12,564)

Cash used for operating activities	$	(312,156)	$	(2,399)	$	(314,555)
Cash flows from investing activities
Additions to property, plant and equipment	(24,701)		—		(24,701)
Additions to intangible assets	(104,971)		2,735		(102,236)		(iii)




Cash used for investing activities	$	(129,672)	$	2,735	$	(126,937)
Cash flows from financing activities
Change in restricted deposits	48,830		—		48,830
Proceeds from short-term borrowings	698,882		—		698,882
Principal repayments of short-term borrowings	(411,950)		—		(411,950)
Principal repayments of lease liabilities	(8,578)		(335)		(8,913)		(i)
Proceeds from the issuance of share capital and other contributed capital	582,388		—		582,388
Transaction costs	—		—		—
Cash provided by financing activities	$	909,572	$	(335)	$	909,237
Effect of foreign exchange rate changes on cash and cash equivalents	(27,491)		(1)		(27,492)		(i), (ii), (iii), (v)
Net increase in cash and cash equivalents	$	440,253	$	—	$	440,253
Cash and cash equivalents at the beginning of the period	$	316,424	$	—	$	316,424
Cash and cash equivalents at the end of the period	$	756,677	$	—	$	756,677

Investment in Associates - Schedule of Financial Information Own Financial Statements (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

^[2]

Disclosure of detailed information about investment property [line items]

$ 1,850,194

$ 1,786,348

^[1]

Group Share Of Net Liabilities

2,271,110

2,148,062

^[1]

Non-current liabilities

(1,863,313)

(838,248)

^[1]

Current liabilities

(3,520,290)

(3,184,351)

^[1]

(15,385)

Elimination Of Effect Of Downstream Sales

13,904

Unrecognized Losses in Polestar Technology

1,407

Other Reconciling Items

Carrying Amount Of Group Investment

2,378,562

2,444,105

^[2]

$ 1,346,347

(1,194,831)

(477,455)

^[2]

(969,298)

Disclosure of detailed information about investment property [line items]

213,321

$ 108,402

^[2]

$ 45,218

Polestar Technology

19,295

Supplemental cash flow information

95,770

Non-current liabilities

(8,774)

(137,689)

(31,398)

1,445

(91,247)

$ (44,711)

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[2]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Reverse recapitalization - Summary of Fair Value Change of Earn-Out Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gores Guggenheim, Inc. Business Combination Agreement (BCA)
Reverse Recapitalization [Line Items]
Gains (losses) on change in fair value of earn-out rights	$ 443,168	$ 902,068	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2023
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	false
Insider Trading Policies and Procedures Not Adopted	Not applicable.

Supplemental cash flow information

12 Months Ended

Dec. 31, 2023

Statement of cash flows [abstract]

Note 26 - Supplemental cash flow information

The Group's non-cash investing and financing activities were as follows:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)

Purchases of intangible assets in trade payables - related parties and accrued expenses - related parties	129,478	74,781	357,760
Initial recognition of ROU assets and lease liabilities	54,569	43,514	13,039
Purchases of property, plant and equipment in trade payables	19,230	47,156	18,611
Prepaid assets and warrant liabilities assumed upon closing of the merger with GGI	—	57,040	—
Issuance of Earn-out rights upon closing of the merger with GGI	—	1,500,638	—
Initial recognition of investment in associates	29,400	—	—

Changes in the Group's current and non-current liabilities arising from financing activities were as follows:


	Liabilities to credit institutions		Convertible liabilities		Other financing liabilities		Earn-out and Class C Shares liabilities		Lease liabilities		Total
Balance as of January 1, 2022	642,644		—		7,192		—		77,523		727,359
of which outstanding principal	642,339		—		7,069		—		—		649,408
of which accrued interest	305		—		123		—		—		428
Changes from financing cash flows
Proceeds from short-term borrowings	2,059,298		—		90,501		—		—		2,149,799

Repayments of borrowings	(1,347,392)		—		(79,543)		—		—		(1,426,935)
Repayments of lease liabilities	—		—		—		—		(19,448)		(19,448)
Total changes from financing cash flows	$	711,906	$	—	$	10,958	$	—	$	(19,448)	$	703,416
Changes from other items
Initial recognition of lease liabilities	—		—		—		—		43,514		43,514
Cancellation of lease liabilities	—		—		—		—		(157)		(157)
Interest expense	27,179		—		511		—		6,201		33,891
Interest paid	(24,822)		—		(627)		—		(6,201)		(31,650)
Issuance of Earn-out rights and assumption of warrant liabilities upon closing of the merger with GGI	—		—		—		1,563,728		—		1,563,728
Total changes from other items	$	2,357	$	—	$	(116)	$	1,563,728	$	43,357	$	1,609,326
Changes from effects of foreign exchange rates	(27,905)		—		(1,344)		—		(4,600)		(33,849)
Changes from effects of fair value measurement	—		—		—		(937,158)		—		(937,158)
Balance as of December 31, 2022	$	1,329,002	$	—	$	16,690	$	626,570	$	96,832	$	2,069,094
of which outstanding principal	1,326,388		—		16,690		—		—		1,343,078
of which accrued interest	2,614		—		—		—		—		2,614

Balance as of January 1, 2023	1,329,002		—		16,690		626,570		96,832		2,069,094
of which outstanding principal	1,326,388		—		16,690		—		—		1,343,078
of which accrued interest	2,614		—		—		—		—		2,614


Changes from financing cash flows
Proceeds from short-term borrowings	3,174,669		—		88,162		—		—		3,262,831
Proceeds from long-term borrowings			1,250,000		131,738		—		—		1,381,738
Repayments of borrowings	(2,482,674)		—		(70,334)		—		—		(2,553,008)
Repayments of lease liabilities	—		—		—		—		(21,916)		(21,916)
Total changes from financing cash flows	$	691,995	$	1,250,000	$	149,566	$	—	$	(21,916)	$	2,069,645
Changes from other items
Initial recognition of lease liabilities	—		—		—		—		54,569		54,569
Cancellation of lease liabilities	—		—		—		—		(3,067)		(3,067)
Interest expense	110,097		60,325		2		—		5,008		175,432
Interest paid	(104,762)		(42,620)		(2)		—		(5,008)		(152,392)
Total changes from other items	$	5,335	$	17,705	$	—	$	—	$	51,502	$	74,542
Changes from effects of foreign exchange rates	5,488		—		1,229		—		830		7,547
Changes from effects of fair value measurement	—		6,829		—		(465,168)		—		(458,339)
Balance as of December 31, 2023	$	2,031,820	$	1,274,534	$	167,485	$	161,402	$	127,248	$	3,762,489
of which outstanding principal	2,023,582		1,256,829		167,485		—		—		3,447,896
of which accrued interest	8,238		17,705		—						25,943

Significant accounting policies and judgements - Property, Plant and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2023
Buildings \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives (in years)	30 years
Buildings \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives (in years)	50 years
Machinery and equipment \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives (in years)	3 years
Machinery and equipment \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives (in years)	7 years

Investment in Associates

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about investment property [abstract]

Investment in Associates

Note 10 - Investment in associates

On June 19, 2023 Polestar entered into a strategic agreement with the technology company, Xingji Meizu, a limited liability company and subsidiary of DreamSmart Technology Pte. Ltd (“DreamSmart”), to combine Polestar’s capabilities of design and performance with the software and consumer electronics hardware development expertise of Xingji Meizu. Xingji Meizu and DreamSmart are related parties. The strategic agreement resulted in the inception of Polestar Technology (Shaoxing) Co., Ltd. ("Polestar Technology") which is incorporated in China and has its registered office in Zhejiang province. Polestar Technology engages in the sales and marketing of Polestar vehicles, DreamSmart smartphones, augmented reality glasses, and other technology products in China. Polestar Technology is not publicly listed.

Under the strategic agreement, Polestar and Xingji Meizu committed to invest $98,000 and $102,000, respectively, in Polestar Technology in stages; subject to the parties meeting certain conditions precedent to each contribution. In exchange for the investments, Polestar and Xingji Meizu were granted equity ownership, board seats, and a right to receive 50% of the undistributed profit in Polestar Technology, allocated by their equity ownership ratio, once Polestar Technology becomes profitable. The stages of agreed contributions were as follows:

•An initial contribution of $60,000, comprised of $29,400 from Polestar and $30,600 from Xingji Meizu (the "First Contributions"), subject to the signing of articles of association of Polestar Technology, Polestar Technology's receipt of government approvals and authorizations in China, Polestar Technology's establishment of bank accounts, Polestar's completion of an internal restructuring in China, and the signing of certain ancillary agreements between Polestar and Polestar Technology related to transition services, sales of vehicles, brand licensing, and a sale of operating assets.

•A second contribution or series of contributions, subject to each investor's preference, within six months of the completion of the First Contributions totaling $140,000, comprised of $68,600 from Polestar and $71,400 from Xingji Meizu (the "Remaining Contributions"). The timeframe for completion of the Remaining Contributions may be changed if mutually agreed upon by Polestar, Xingji Meizu, and Polestar Technology.

On December 20, 2023, all conditions precedent to Polestar's obligation to make its First Contribution to Polestar Technology were satisfied and an investment for $29,400 was initially recognized. However, due to Polestar Technology evaluating a change in province of registration in China, cash was not injected by Polestar and Xingji Meizu until subsequent to December 31, 2023. Refer to Note 30 - Subsequent events for further details.

As of December 31, 2023, Polestar owned 49% of Polestar Technology and the remaining 51% was owned by Xingji Meizu. Polestar and Xingji Meizu held 40% and 60%, respectively, of the voting interests in Polestar Technology by virtue of their board seats and associated rights. The Group accounts for its investment in Polestar Technology under the equity method.

Transition services

On June 19, 2023, Polestar began providing transition services to Polestar Technology to assist Polestar Technology through the start-up process. As the terms of the transition service agreement were not finalized and signed until December 20, 2023, these services were provided to Polestar Technology without an agreement of commercial and legal terms (i.e., a contract) between the Group and Polestar Technology; resulting in Polestar providing the transition services to Polestar Technology at its own risk and without rights to consideration from Polestar Technology prior to December 20, 2023. All related costs were expensed as incurred under their respective functional line items in the Consolidated Statement of Loss and Comprehensive Loss prior to signing and then reclassified to Other operating expenses at contract signing. Additionally, Polestar did not record an accrued asset and corresponding Other operating income associated with the right to receive payment for the transition services from Polestar Technology at contract signing because the probability of collecting consideration was deemed to be remote due to Polestar Technology's lack of available liquidity. Until facts and circumstances change such that it becomes probable Polestar will collect consideration under the terms of the agreement, Other operating income will be recognized if and when payment is received from Polestar Technology. During the year ended December 31, 2023, Polestar recognized $27,630 in expenses associated with providing transition services to Polestar Technology which are presented in Other operating income (expense), net in the Consolidated Statement of Loss and Comprehensive Loss.

Sales of vehicles

During the year ended December 31, 2023, Polestar and Polestar Technology entered into multiple vehicle sale and purchase agreements for Polestar to sell and deliver PS4s to Polestar Technology. Similar to transition services, the probability of collecting consideration under these agreements was deemed to be remote due to Polestar Technology's lack of available liquidity. As such, Polestar did not record an accrued asset and corresponding revenue associated with the right to receive payment for the vehicles. Until facts and circumstances change such that it becomes probable Polestar will collect consideration under the terms of the agreements, revenue will be recognized if and when payment is received from Polestar Technology. Additionally, despite Polestar Technology's lack of liquidity, physical possession and title to the vehicles are transferred to Polestar Technology without encumbrance or a right for Polestar to repossess the vehicles in the event Polestar Technology does not pay. This results in full recognition of inventory costs in Cost of sales in the Consolidated Statement of Loss and Comprehensive Loss upon delivery; offset only by an adjustment for the equity method elimination of downstream sales. During the year ended December 31, 2023, the total expense in Cost of sales for vehicles delivered where revenue was not recognized was $28,376, offset by adjustments for the elimination of downstream sales of $13,904.

Brand licensing

On November 15, 2023, Polestar licensed the use of the Polestar branding to Polestar Technology for use in its commercial operations in China in exchange for an annual royalty equal to 2% of Polestar Technology's net revenue each year. For the year ended December 31, 2023, no royalty revenue was recognized from Polestar Technology.

Sale of operating assets

On November 28, 2023, Polestar agreed to assign certain lease agreements and sell other related assets to Polestar Technology for their fair value of $8,159. This asset grouping was not classified as held for sale as of December 31, 2023 because Polestar deemed it unlikely that significant changes to the agreement would not occur or that the agreement would not be terminated after signing due to Polestar Technology's lack of liquidity and other unforeseen complexities.

The following table summarizes the activity related to Polestar's investment in Polestar Technology:


Balance as of January 1, 2023	—
Investment in Polestar Technology	29,400
Elimination of effects of downstream sales	13,904
Recognized share of losses in Polestar Technology	(43,304)
Balance as of December 31, 2023	$	—

The following table summarizes the activity related to Polestar's unrecognized losses in Polestar Technology:


Unrecognized balance as of January 1, 2023	—
Unrecognized share of losses in Polestar Technology	(1,407)
Unrecognized balance as of December 31, 2023	$	(1,407)

The following table provides summarized financial information from Polestar Technology's financial statements and a reconciliation to the carrying amount of Polestar's investment:


			For the year ended December 31,


	2023

Non-current assets	19,295
Current assets	95,770
Non-current liabilities	(8,774)
Current liabilities	(137,689)
Net liabilities	$	(31,398)
The Group's share of net liabilities	(15,385)
Elimination of effects of downstream sales	13,904
Unrecognized losses in Polestar Technology	1,407
Other reconciling items	74
Carrying amount of the Group's investment in Polestar Technology	$	—

Revenue	1,445
Net loss and total comprehensive loss	(91,247)
The Group's share of losses in Polestar Technology	$	(44,711)

Financial instruments (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Carrying Amount of Financial Assets

The following table shows the carrying amounts of financial assets and liabilities measured at fair value through profit and loss on a recurring basis:


	As of December 31, 2023								As of December 31, 2022
Assets measured at FVTPL	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Other investments	—		—		2,414		2,414		—		—		2,333		2,333
Total assets	$	—	$	—	$	2,414	$	2,414	$	—	$	—	$	2,333	$	2,333
Liabilities measured at FVTPL
Earn-out rights	—		—		155,402		155,402		—		—		598,570		598,570
Class C-1 Shares	4,920		—		—		4,920		17,920		—		—		17,920
Class C-2 Shares	—		1,080		—		1,080		—		10,080		—		10,080
Total liabilities	$	4,920	$	1,080	$	155,402	$	161,402	$	17,920	$	10,080	$	598,570	$	626,570

The following table shows the carrying amounts of financial assets and liabilities measured at amortized cost:


	As of December 31,
Financial assets	2023		2022
			(Restated)
Cash and cash equivalents	768,927		973,877
Trade receivables and trade receivables - related parties	187,231		318,803
Accrued income - related parties	152,605		49,060
Other current receivables and insurance recovery assets	25,920		10,840
Other non-current assets	7,212		5,306
Total	$	1,141,895	$	1,357,886
Financial liabilities
Liabilities to credit institutions	2,023,582		1,326,388
Other non-current interest-bearing liabilities and other non-current liabilities - related parties	1,463,683		74,969
Accrued expenses and accrued expenses - related parties	593,056		332,046
Trade payables and trade payables - related parties	368,145		1,032,579
Interest-bearing current liabilities1 and interest-bearing current liabilities - related parties	87,879		38,553
Other non-current liabilities and other non-current liabilities - related parties	73,149		27,859
Liabilities related to repurchase commitments	58,482		73,241
Advance payments from customers	16,415		35,717
Other current liabilities - related parties	606		69,062
Total	$	4,684,997	$	3,010,414

1 – The Group’s current and non-current lease liabilities are included in Interest-bearing current liabilities and Other non-current interest-bearing liabilities, respectively. These amounts are presented separately in Note 12 - Leases.

Carrying Amount of Financial Liabilities

The following table shows the carrying amounts of financial assets and liabilities measured at fair value through profit and loss on a recurring basis:


	As of December 31, 2023								As of December 31, 2022
Assets measured at FVTPL	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Other investments	—		—		2,414		2,414		—		—		2,333		2,333
Total assets	$	—	$	—	$	2,414	$	2,414	$	—	$	—	$	2,333	$	2,333
Liabilities measured at FVTPL
Earn-out rights	—		—		155,402		155,402		—		—		598,570		598,570
Class C-1 Shares	4,920		—		—		4,920		17,920		—		—		17,920
Class C-2 Shares	—		1,080		—		1,080		—		10,080		—		10,080
Total liabilities	$	4,920	$	1,080	$	155,402	$	161,402	$	17,920	$	10,080	$	598,570	$	626,570

The following table shows the carrying amounts of financial assets and liabilities measured at amortized cost:


	As of December 31,
Financial assets	2023		2022
			(Restated)
Cash and cash equivalents	768,927		973,877
Trade receivables and trade receivables - related parties	187,231		318,803
Accrued income - related parties	152,605		49,060
Other current receivables and insurance recovery assets	25,920		10,840
Other non-current assets	7,212		5,306
Total	$	1,141,895	$	1,357,886
Financial liabilities
Liabilities to credit institutions	2,023,582		1,326,388
Other non-current interest-bearing liabilities and other non-current liabilities - related parties	1,463,683		74,969
Accrued expenses and accrued expenses - related parties	593,056		332,046
Trade payables and trade payables - related parties	368,145		1,032,579
Interest-bearing current liabilities1 and interest-bearing current liabilities - related parties	87,879		38,553
Other non-current liabilities and other non-current liabilities - related parties	73,149		27,859
Liabilities related to repurchase commitments	58,482		73,241
Advance payments from customers	16,415		35,717
Other current liabilities - related parties	606		69,062
Total	$	4,684,997	$	3,010,414

Schedule of Maturities for Financial Assets and Liabilities

The following table shows the maturities for the Group’s non-derivative financial assets and liabilities as of December 31, 2023:


	Due within 1 year		Due between 1 and 5 years		Due beyond 5 years		Total
Financial assets
Trade receivables and trade receivables - related parties	187,231		—		—		187,231
Accrued income - related parties	152,605		—		—		152,605
Other current receivables and insurance recovery assets	25,920		—		—		25,920
Other non-current assets	—		7,212		—		7,212
Total	$	365,756	$	7,212	$	—	$	372,968
Financial liabilities
Liabilities to credit institutions	2,023,582		—		—		2,023,582
Accrued expenses and accrued expenses - related parties	593,056		—		—		593,056
Trade payables and trade payables - related parties	368,145		—		—		368,145
Interest-bearing current liabilities and interest-bearing current liabilities - related parties	87,879						87,879
Liabilities related to repurchase commitments	58,482		—		—		58,482
Advance payments from customers	16,415		—		—		16,415
Other current liabilities - related parties	606		—		—		606
Other non-current interest-bearing liabilities	—		1,452,212		11,471		1,463,683


Other non-current liabilities and other non-current liabilities - related parties	—		73,149		—		73,149
Total	$	3,148,165	$	1,525,361	$	11,471	$	4,684,997

The following table shows the maturities for the Group’s non-derivative financial assets and liabilities as of December 31, 2022:


	Due within 1 year		Due between 1 and 5 years		Due beyond 5 years		Total
Financial assets
Trade receivables and trade receivables - related parties (Restated)	318,803		—		—		318,803
Accrued income - related parties	49,060		—		—		49,060
Other current receivables	10,840		—		—		10,840
Other non-current assets	—		5,306		—		5,306
Total - (Restated)	$	378,703	$	5,306	$	—	$	384,009
Financial liabilities
Liabilities to credit institutions - (Restated)	1,326,388		—		—		1,326,388
Trade payables and trade payables - related parties (Restated)	1,032,579		—		—		1,032,579
Accrued expenses and accrued expenses - related parties (Restated)	332,046		—		—		332,046
Liabilities related to repurchase commitments - (Restated)	73,241		—		—		73,241
Other current liabilities - related parties (Restated)	69,062		—		—		69,062
Interest-bearing current liabilities and interest-bearing current liabilities - related parties (Restated)	38,553		—		—		38,553
Advance payments from customers - (Restated)	35,717		—		—		35,717
Other non-current interest-bearing liabilities and other non-current interest-bearing liabilities - related parties (Restated)	—		64,185		10,784		74,969
Other non-current liabilities - (Restated)	—		27,859		—		27,859
Total - (Restated)	$	2,907,586	$	92,044	$	10,784	$	3,010,414

Financial instruments

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Financial instruments

Note 17 - Financial instruments

The following table shows the carrying amounts of financial assets and liabilities measured at fair value through profit and loss on a recurring basis:


	As of December 31, 2023								As of December 31, 2022
Assets measured at FVTPL	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Other investments	—		—		2,414		2,414		—		—		2,333		2,333
Total assets	$	—	$	—	$	2,414	$	2,414	$	—	$	—	$	2,333	$	2,333
Liabilities measured at FVTPL
Earn-out rights	—		—		155,402		155,402		—		—		598,570		598,570
Class C-1 Shares	4,920		—		—		4,920		17,920		—		—		17,920
Class C-2 Shares	—		1,080		—		1,080		—		10,080		—		10,080
Total liabilities	$	4,920	$	1,080	$	155,402	$	161,402	$	17,920	$	10,080	$	598,570	$	626,570

During the year ended December 31, 2022, Polestar made a $2,500 investment in the fast charging innovator, StoreDot. During the year ended December 31, 2023, Polestar did not make any additional investments. The StoreDot investment made in the year ended December 31, 2022, is presented in Other investments in the Consolidated Statement of Financial Position and is valued at $2,414 as of December 31, 2023.

Refer to Note 1 - Overview and basis of preparation and Note 18 - Reverse recapitalization for more details on the financial liabilities related to the Class C Shares and the Earn-out rights.

The following table shows the carrying amounts of financial assets and liabilities measured at amortized cost:


	As of December 31,
Financial assets	2023		2022
			(Restated)
Cash and cash equivalents	768,927		973,877
Trade receivables and trade receivables - related parties	187,231		318,803
Accrued income - related parties	152,605		49,060
Other current receivables and insurance recovery assets	25,920		10,840
Other non-current assets	7,212		5,306
Total	$	1,141,895	$	1,357,886
Financial liabilities
Liabilities to credit institutions	2,023,582		1,326,388
Other non-current interest-bearing liabilities and other non-current liabilities - related parties	1,463,683		74,969
Accrued expenses and accrued expenses - related parties	593,056		332,046
Trade payables and trade payables - related parties	368,145		1,032,579
Interest-bearing current liabilities1 and interest-bearing current liabilities - related parties	87,879		38,553
Other non-current liabilities and other non-current liabilities - related parties	73,149		27,859
Liabilities related to repurchase commitments	58,482		73,241
Advance payments from customers	16,415		35,717
Other current liabilities - related parties	606		69,062
Total	$	4,684,997	$	3,010,414

Total interest income arising on financial assets measured at amortized cost related to Cash and cash equivalents as of December 31, 2023, 2022, and 2021, and amounted to $32,280, $7,658, and $1,396, respectively. Total interest expense arising on financial liabilities measured at amortized cost related to liabilities to credit institutions, lease liabilities, other financing obligations, and related party liabilities as of December 31, 2023 amounted to $206,481. Total interest expense arising on financial liabilities measured at amortized cost related mainly to liabilities to credit institutions and other financing obligations as of December 31, 2022, and 2021, and amounted to $77,477 and $44,828, respectively.

The following table shows the maturities for the Group’s non-derivative financial assets and liabilities as of December 31, 2023:


	Due within 1 year		Due between 1 and 5 years		Due beyond 5 years		Total
Financial assets
Trade receivables and trade receivables - related parties	187,231		—		—		187,231
Accrued income - related parties	152,605		—		—		152,605
Other current receivables and insurance recovery assets	25,920		—		—		25,920
Other non-current assets	—		7,212		—		7,212
Total	$	365,756	$	7,212	$	—	$	372,968
Financial liabilities
Liabilities to credit institutions	2,023,582		—		—		2,023,582
Accrued expenses and accrued expenses - related parties	593,056		—		—		593,056
Trade payables and trade payables - related parties	368,145		—		—		368,145
Interest-bearing current liabilities and interest-bearing current liabilities - related parties	87,879						87,879
Liabilities related to repurchase commitments	58,482		—		—		58,482
Advance payments from customers	16,415		—		—		16,415
Other current liabilities - related parties	606		—		—		606
Other non-current interest-bearing liabilities	—		1,452,212		11,471		1,463,683


Other non-current liabilities and other non-current liabilities - related parties	—		73,149		—		73,149
Total	$	3,148,165	$	1,525,361	$	11,471	$	4,684,997

The following table shows the maturities for the Group’s non-derivative financial assets and liabilities as of December 31, 2022:


	Due within 1 year		Due between 1 and 5 years		Due beyond 5 years		Total
Financial assets
Trade receivables and trade receivables - related parties (Restated)	318,803		—		—		318,803
Accrued income - related parties	49,060		—		—		49,060
Other current receivables	10,840		—		—		10,840
Other non-current assets	—		5,306		—		5,306
Total - (Restated)	$	378,703	$	5,306	$	—	$	384,009
Financial liabilities
Liabilities to credit institutions - (Restated)	1,326,388		—		—		1,326,388
Trade payables and trade payables - related parties (Restated)	1,032,579		—		—		1,032,579
Accrued expenses and accrued expenses - related parties (Restated)	332,046		—		—		332,046
Liabilities related to repurchase commitments - (Restated)	73,241		—		—		73,241
Other current liabilities - related parties (Restated)	69,062		—		—		69,062
Interest-bearing current liabilities and interest-bearing current liabilities - related parties (Restated)	38,553		—		—		38,553
Advance payments from customers - (Restated)	35,717		—		—		35,717
Other non-current interest-bearing liabilities and other non-current interest-bearing liabilities - related parties (Restated)	—		64,185		10,784		74,969
Other non-current liabilities - (Restated)	—		27,859		—		27,859
Total - (Restated)	$	2,907,586	$	92,044	$	10,784	$	3,010,414

Maturities are not provided for the Group's derivative liabilities related to the Earn-out rights and the Class C Shares that were assumed as part of the merger with GGI on June 23, 2022. The derivative liability related to the Earn-out rights can only be equity settled and therefore will never have a cash flow impact on the Group. The derivative liabilities related to the Class C Shares can be either cash or equity settled, depending on certain circumstances that may occur in the future. However, the timing of those circumstances are uncertain and any cash flow impacts cannot be forecasted in a useful manner. Refer to Note 1 - Overview and basis of preparation and Note 18 - Reverse recapitalization for more details on the financial liabilities related to the Class C Shares and the Earn-out rights.

Polestar's material financial instruments measured at FVTPL are its derivative financial liabilities for the Earn-out rights and Class C Shares. For the year ended December 31, 2023 and 2022, respectively, Polestar recognized $465,168 and $937,158, in gains for these financial instruments measured at FVTPL.

Employee benefits - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefits [Abstract]
Post-employment benefit expense, defined contribution plans	$ 21,125	$ 20,664	$ 13,916

Net loss per share - Narrative (Details)	12 Months Ended
Net loss per share - Narrative (Details)	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Earnings per share [abstract]
Dilutive effect of convertible instruments on number of ordinary shares (in shares)	0	0	4,306,466
Exchange ratio	8.335

Expenses by nature (Tables)

12 Months Ended

Dec. 31, 2023

Depreciation and amortisation expense [abstract]

Expenses by major function

The following table illustrates the Group's expenses for major functions by nature:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Inventory costs	2,204,298		2,182,124		1,232,715
Impairment of property, plant and equipment, vehicles under operating leases, and intangible assets	351,241		—		—
Advertising, selling, and promotion costs	387,701		296,879		313,165
Professional services and consultant costs	262,212		276,373		200,045
Employee benefit costs	248,401		203,345		109,782
Impairment of inventory	134,877		14,830		30,782
Depreciation and amortization expense	115,010		142,991		217,841
Warranties and costs associated with settling contract liabilities	90,931		131,486		63,457
Polestar Space investor remuneration costs	53,570		54,611		39,438
Maintenance and insurance service costs	21,844		15,901		22,117
Other costs	29,647		38,045		26,414
Total cost of sales, selling, general and administrative expense, and research and development expense	$	3,899,732	$	3,356,585	$	2,255,756

Financial risk management - Summary of Translation Exposure Risk (Details) - Currency risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
China, Yuan Renminbi
Disclosure of credit risk exposure [line items]
Impact on loss before income taxes	$ 14,248		$ 60,598
United States of America, Dollars
Disclosure of credit risk exposure [line items]
Impact on loss before income taxes	3,236	$ 15,133	24,957
Sweden, Kronor
Disclosure of credit risk exposure [line items]
Impact on loss before income taxes		60,213
Australia, Dollars
Disclosure of credit risk exposure [line items]
Impact on loss before income taxes	2,264
Euro Member Countries, Euro
Disclosure of credit risk exposure [line items]
Impact on loss before income taxes		14,975	14,888
Impact on loss before income taxes			$ 3,677
United Kingdom, Pounds
Disclosure of credit risk exposure [line items]
Impact on loss before income taxes	$ 10,645	$ 7,481

Reverse recapitalization

12 Months Ended

Dec. 31, 2023

Reverse Recapitalization [Abstract]

Reverse recapitalization

Note 18 - Reverse recapitalization

As previously outlined in Note 1 - Overview and basis of preparation, Polestar underwent a reverse recapitalization through the merger with GGI and related arrangements. Under this type of transaction structure, Polestar Group is the accounting acquirer and accounting predecessor while GGI is treated as the acquired entity for financial reporting purposes. The Group was deemed to be the accounting acquirer based on an evaluation of the following facts and circumstances:

•Shareholders of the Former Parent retained the largest voting interest in the Group with over 99% of the voting interests;

•the Board of Directors of the Group comprises four members nominated by the Former Parent, as compared to one member nominated by certain investors in GGI;

•the Former Parent has the ability to appoint the remaining members of the Board as deemed necessary;

•the Former Parent’s senior management is the senior management of the Group;

•the Former Parent’s operations comprise substantially all of the ongoing operations of the Group following the merger with GGI; and

•the Group was the larger entity by substantive operations and employee base while GGI lacked operating activities and maintained net assets principally comprised of cash.

GGI did not meet the definition of a business in accordance with IFRS 3, Business Combination ("IFRS 3"), and the merger with GGI was instead accounted for within the scope of IFRS 2, Share-based payment (“IFRS 2”), as a share-based payment transaction in exchange for a public listing service. Under IFRS 2, the Group recorded a one-time share-based expense of $372,318 at the Closing of the BCA that was calculated based on the excess of the fair value of the Group issued to public investors via Class A Shares in Parent

utilizing the publicly traded share price at the Closing of $11.23 over the fair value of the identifiable net assets of GGI that were acquired. The amount of GGI’s identifiable net assets of acquired at Closing, were as follows:


Cash and cash equivalents	579,146
Prepaid assets	6,050
Public warrant liability	(40,320)
Private warrant liability	(22,770)
Total GGI identifiable net assets at fair value	$	522,106

The net assets of GGI are stated at fair value, with no goodwill or other intangible assets recorded. The IFRS 2 Listing expense was calculated as follows:


Fair value of Polestar1	22,183,823
Equity interest in Polestar issued to GGI shareholders	5.1		%
Equity interest in Polestar issued to Former Parent shareholders	94.9		%
Deemed cost of shares issued by Polestar1	1,131,375
GGI identifiable net assets at fair value	(522,106)
Sponsor and third-party PIPE Cash	(236,951)
IFRS 2 Listing Expense	$	372,318

1 - The deemed cost of the shares issued by Polestar was estimated based on the fair value of Polestar at Closing, less an adjustment in respect to the fair value of the earn-out rights (discussed below).

Class C Shares

On the Closing of the BCA, Public Warrants and Private Warrants in GGI that were issued and are outstanding immediately prior to the Closing were exchanged for Class C-1 Shares and Class C-2 Shares in Parent. Class C-1 Shares have the following terms:

•Each whole Class C-1 Share entitles the holder to purchase one Class A Share in Parent at an exercise price of $11.50, subject to adjustments for split-ups and dividends. The Class C-1 Shares may also be exercised on a cashless basis by the holder

•Each whole Class C-1 Share is exercisable 30 days after the Closing of the BCA and expires on the earlier of:

◦June 23, 2027,

◦the date the Class C-1 Shares are redeemed by the Group, or

◦the liquidation of the Group.

•The Group may (1) redeem the outstanding whole Class C-1 Shares at a price of $0.01 per Class C-1 Share or (2) convert the outstanding whole Class C-1 Shares in Class A Shares in Parent on a cashless basis any time while the warrants are exercisable upon a minimum of 30 days prior written notice of redemption if, and only if, the last sales price of the Class A Shares in Parent equals or exceeds $18 per share (as adjusted for split-ups, dividends, and the like) on each of 20 trading days within any 30 trading day period ending on the third business day prior to the date on which redemption notice is given.

•The Group may require the conversion of all of the outstanding Class C-1 Shares into Class A Shares in Parent on a cashless basis beginning on October 24, 2022, provided:

◦that the last reported price of the Class A Shares in Parent was at least $10.00 per share (as adjusted for split-ups, dividends, and the like) on the trading day prior to the date on which redemption notice is given,

◦the Class C-2 Shares are converted on the same basis as the outstanding Class C-1 Shares, and

◦there is an effective registration statement covering the Class A Shares in Parent arising upon conversion of the Class C Shares is available for 30 days prior to the date the Class C-1 Shares are redeemed by the Group.

•The Class C-1 Shares may be exercised, on a cash or cashless basis at any time after a notice of redemption shall have been given by the Group and prior to the date the Class C-1 Shares are redeemed by the Group.

The Class C-2 Shares are identical to the Class C-1 Shares, except that the Class C-2 Shares:

•are not redeemable by the Group as long as they are held by certain GGI investors and their permitted transferees;

•automatically convert to Class C-1 Shares if they are transferred to individuals other than certain GGI investors and their permitted transferees;

•may be converted to Class C-1 Shares at any time by the holder upon notification to the Group; and

•are exercisable on a cashless basis by the holder.

The Group applied the provisions of IAS 32, and IFRS 9 in accounting for the Class C Shares. Under IAS 32 and IFRS 9, the Class C Shares failed to meet the definition of equity because they could result in the issuance of a variable number of Class A Shares in the Parent in the case of a cashless basis exercise. Additionally, in the case of a redemption or conversion, the Group would be required to either pay cash or issue a variable number of shares to the holders of the Class C Shares. Instead, the Class C Shares meet the

definition of derivative liabilities that are carried at fair value with subsequent changes in fair value recognized in the Consolidated Statement of Loss and Comprehensive Loss at each reporting date.

The Class C-1 Shares are publicly traded on the Nasdaq (i.e., Level 1 input) and the closing share price of the GGI Public Warrants on June 23, 2022 was used to measure their fair value upon initial recognition. The Class C-2 Shares are not publicly traded and require a valuation approach leveraging Level 2 inputs. Refer to Note 1 - Overview and basis of preparation for further details on the valuation methodology utilized to determine the fair value of the Class C-2 Shares upon initial recognition and subsequently thereafter. On March 22, 2023, 4,500,000 Class C-2 Shares with a fair value of $3,285 were converted to 4,500,000 Class C-1 Shares with the same fair value following the election by the respective holders of the Class C-2 Shares and approval from the Board of Directors.


	As of December 31, 2023			As of December 31, 2022
	Liability Fair Value		Number Outstanding	Liability Fair Value		Number Outstanding
Class C-1 Shares	4,920		20,499,965	17,920		15,999,965
Class C-2 Shares	1,080		4,500,000	10,080		9,000,000
Total	$	6,000	24,999,965	$	28,000	24,999,965


	Class C-1 Shares
As of January 1, 2022	—
Class C-1 Shares issued	40,320
Change in fair value measurement	(22,400)
As of December 31, 2022	$	17,920
Class C-2 Shares converted to Class C-1 Shares	3,285
Change in fair value measurement	(16,285)
As of December 31, 2023	$	4,920


	Class C-2 Shares
As of January 1, 2022	—
Class C-2 Shares issued	22,770
Change in fair value measurement	(12,690)
As of December 31, 2022	$	10,080
Class C-2 Shares converted to Class C-1 Shares	(3,285)
Change in fair value measurement	(5,715)
As of December 31, 2023	$	1,080

The fair value change for Class C Shares are as follows:


	For the year ended December 31,
	2023		2022		2021
Fair value change - Class C-1 Shares	13,000		22,400		—
Fair value change - Class C-2 Shares	9,000		12,690		—
Fair value change - Class C Shares	$	22,000	$	35,090	$	—

Earn-out rights

On the Closing of the BCA, the Former Parent (or the shareholders of the Former Parent if the Former Parent is dissolved or liquidated) was issued a contingent right to receive earn-outs of up to 24,078,638 Class A Shares and 134,098,971 Class B Shares in Parent, issuable in five tranches that each comprise 4,815,728 Class A Shares and 26,819,794 Class B Shares in Parent. Each tranche is issuable once the daily volume weighted average price of Class A Shares in Parent meets specific price hurdles for 20 trading days out of any 30 day trading period beginning after December 23, 2022 and ending on December 23, 2028. The daily volume weighted average price of Class A Shares in Parent that is required to trigger each tranche is as follows:

•Tranche 1 — $13 per share

•Tranche 2 — $15.50 per share

•Tranche 3 — $18 per share

•Tranche 4 — $20.50 per share

•Tranche 5 — $23 per share

If the daily volume weighted average price of Class A Shares in Parent triggers a higher price tranche prior to triggering a lower price tranche, all tranches below the tranche triggered are also triggered for (e.g., if tranche 5 is triggered, tranches 1 through 4 are also triggered). Additionally, in the event there is a change of control of the Group (i.e., there is a change in greater than 50% equity ownership of the Group) all five tranches are automatically triggered for issuance. The Former Parent’s contingent right to the earn-out tranches that are not triggered for issuance by December 23, 2028 will expire immediately.

The Group applied the provisions of IAS 32 and IFRS 9 in accounting for the contingent earn-out rights of the Former Parent. Under IAS 32 and IFRS 9, the contingent earn-out rights failed to meet the definition of equity because it could result in the issuance of a variable number of Class A Shares and Class B Shares in Parent and the triggering events are subject to price hurdles (i.e., a market condition) that are outside of the control of the Group. Instead, it meets definition of a derivative liability that is carried at fair value with subsequent changes in fair value recognized in the Consolidated Statement of Loss and Comprehensive Loss at each reporting date. However, since it provides value to owners of the Former Parent effectively in the form of a pro rata dividend, the fair value at the Closing of the BCA was charged to Accumulated deficit.

The contingent earn-out rights require a valuation approach leveraging Level 3 inputs. Refer to Note 1 - Overview and basis of preparation for further details on the valuation methodology utilized to determine the fair value of the earn-out.


	Earn-out Rights
As of January 1, 2022	—
Earn-out rights issued	1,500,638
Change in fair value measurement	(902,068)
As of December 31, 2022	$	598,570
Change in fair value measurement	(443,168)
As of December 31, 2023	$	155,402

The fair value change of earn-out rights are as follows:


	For the year ended December 31,
	2023	2022	2021
Fair value change - Earn-out rights	443,168	902,068	—

Volvo Cars Preference Subscription Shares

At the Closing of the BCA and pursuant to the Volvo Cars Preference Subscription Agreement, Volvo Cars agreed to subscribe for Preference Shares in the Parent in exchange for a cash payment of $588,826. The cash proceeds were used to pay down outstanding payables owed to VCC. Each Preference Share in the Parent automatically converted into Class A Shares in the Parent at a conversion price of $10 per share thereafter. The Group applied the provisions of IAS 32 and IFRS 9 in accounting for the Volvo Cars Preference Subscription Shares. Under IAS 32, the preference shares did not meet the definition of a financial liability but instead represent a fixed residual interest in Parent (i.e., Class A shares). As such, the initial carrying value of the Volvo Cars Preference Subscription Shares was equity classified and accounted for as a capital contribution from Volvo Cars.

Parent entity restructuring

Pursuant to the terms and conditions of the BCA, the Former Parent was separated from the Group and 100% of the ownership interests in the Group's subsidiaries were transferred to the Parent in exchange for the issuance of 294,877,349 Class A Shares in the Parent, the issuance of 1,642,233,575 Class B Shares in the Parent, and the Earn-out rights. When the Group was separated from the Former Parent, the intercompany relationship between the Former Parent and the Group was severed. This resulted in the realization of accumulated gains in equity of $1,512 in the Former Parent, which were historically eliminated upon consolidation. The $1,512 adjustment to equity does not reflect cash consideration transferred, but rather, the non-cash impact of separating intercompany interests and changing parent entities. The restructuring was recognized using the historic value method (i.e., the assets and liabilities are measured using the existing book value) and the impact of the restructuring is reflected in the Consolidated Statement of Changes in Equity under the “Changes in the consolidated group” subheading.

Reverse recapitalization (Tables)

12 Months Ended

Dec. 31, 2023

Reverse Recapitalization [Abstract]

Schedule of Identifiable Net Assets Acquired

The amount of GGI’s identifiable net assets of acquired at Closing, were as follows:


Cash and cash equivalents	579,146
Prepaid assets	6,050
Public warrant liability	(40,320)
Private warrant liability	(22,770)
Total GGI identifiable net assets at fair value	$	522,106

Summary of Listing Expenses

The net assets of GGI are stated at fair value, with no goodwill or other intangible assets recorded. The IFRS 2 Listing expense was calculated as follows:


Fair value of Polestar1	22,183,823
Equity interest in Polestar issued to GGI shareholders	5.1		%
Equity interest in Polestar issued to Former Parent shareholders	94.9		%
Deemed cost of shares issued by Polestar1	1,131,375
GGI identifiable net assets at fair value	(522,106)
Sponsor and third-party PIPE Cash	(236,951)
IFRS 2 Listing Expense	$	372,318

Reverse Recapitalization, Share Activity


	As of December 31, 2023			As of December 31, 2022
	Liability Fair Value		Number Outstanding	Liability Fair Value		Number Outstanding
Class C-1 Shares	4,920		20,499,965	17,920		15,999,965
Class C-2 Shares	1,080		4,500,000	10,080		9,000,000
Total	$	6,000	24,999,965	$	28,000	24,999,965


	Class C-1 Shares
As of January 1, 2022	—
Class C-1 Shares issued	40,320
Change in fair value measurement	(22,400)
As of December 31, 2022	$	17,920
Class C-2 Shares converted to Class C-1 Shares	3,285
Change in fair value measurement	(16,285)
As of December 31, 2023	$	4,920


	Class C-2 Shares
As of January 1, 2022	—
Class C-2 Shares issued	22,770
Change in fair value measurement	(12,690)
As of December 31, 2022	$	10,080
Class C-2 Shares converted to Class C-1 Shares	(3,285)
Change in fair value measurement	(5,715)
As of December 31, 2023	$	1,080

The fair value change for Class C Shares are as follows:


	For the year ended December 31,
	2023		2022		2021
Fair value change - Class C-1 Shares	13,000		22,400		—
Fair value change - Class C-2 Shares	9,000		12,690		—
Fair value change - Class C Shares	$	22,000	$	35,090	$	—

Reverse Recapitalization, Summary of Earn-Out Rights


	Earn-out Rights
As of January 1, 2022	—
Earn-out rights issued	1,500,638
Change in fair value measurement	(902,068)
As of December 31, 2022	$	598,570
Change in fair value measurement	(443,168)
As of December 31, 2023	$	155,402

The fair value change of earn-out rights are as follows:


	For the year ended December 31,
	2023	2022	2021
Fair value change - Earn-out rights	443,168	902,068	—

Employee benefits - Schedule of Average Number Of Employed Persons (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of defined benefit plans [line items]
Average number of employees	3,174	2,548	1,286
Sales and marketing department
Disclosure of defined benefit plans [line items]
Average number of employees	877	732	412
R&D, design and digital department
Disclosure of defined benefit plans [line items]
Average number of employees	1,616	1,259	452
Manufacturing department
Disclosure of defined benefit plans [line items]
Average number of employees	156	171	198
Management, administration & others department
Disclosure of defined benefit plans [line items]
Average number of employees	525	386	224

Recovery of Erroneously Awarded Compensation - Restatement Determination Date:: 2023-12-31	12 Months Ended
	Dec. 31, 2023
Erroneously Awarded Compensation Recovery
Aggregate Erroneous Compensation Not Yet Determined	Clawback All awards granted under the Equity Plan are subject to reduction, cancellation or recoupment under any written clawback policy that the Company may adopt and that the Company determines should apply to awards under the Equity Plan.
Restatement does not require Recovery	There was no erroneously awarded compensation that was required to be recovered pursuant to Polestar’s Compensation Clawback Policy during the fiscal year ended December 31, 2023. Our Compensation Clawback Policy is included as Exhibit 97.1 to this Annual Report.

Assets held for sale (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Aug. 01, 2023

Jul. 31, 2023

Dec. 31, 2022

Disclosure of analysis of single amount of discontinued operations [line items]

Disclosure of analysis of single amount of discontinued operations [line items]

$ 316,867

$ 275,954

^[1]

Discontinued operations

Trade and other receivables

$ 85,542

Cumulative foreign exchange loss

$ 6,636

$ 1,392

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Related party transactions - Narrative (Details)

1 Months Ended

12 Months Ended

Dec. 08, 2023

USD ($)

Jun. 23, 2022

Jul. 28, 2021

USD ($)

Jul. 31, 2021

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

Nov. 08, 2023

USD ($)

Nov. 03, 2022

USD ($)

Disclosure of transactions between related parties [line items]

Other operating income (expense), net

$ 2,791,643,000

$ 2,343,302,000

^[1]

$ 1,336,688,000

^[1]

41,204,000

(305,000)

^[1]

(50,716,000)

^[1]

Interest expense on credit facilities and financing obligations

2,023,582,000

1,326,388,000

Loans received

1,923,755,000

1,300,108,000

116,270,000

33,331,000

11,681,000

21,168,000

21,165,000

^[2]

Other Noncurrent Financial Liabilities - Related Parties

54,439,000

31,326,000

^[2]

1,409,244,000

43,643,000

^[2]

Proceeds from sale of property, plant, and equipment

$ 35,231,000

1,779,000

^[3]

316,867,000

275,954,000

^[2]

Non-current lease liability

1,362,281,000

1,345,515,000

54,439,000

31,326,000

Polestar Incentive Plan

Disclosure of transactions between related parties [line items]

Lock-up period

180 days

Disclosure of transactions between related parties [line items]

2,160,043,000

1,778,761,000

1,692,270,000

Disclosure of transactions between related parties [line items]

347,339,000

306,315,000

Acquired IP

Acquired IP | Acquisition cost

1,058,398,000

1,148,131,000

Disclosure of transactions between related parties [line items]

1,835,718,000

1,565,848,000

1,540,676,000

240,312,000

215,532,000

Disclosure of transactions between related parties [line items]

Shares issued to convertible note holders (in shares) | shares

4,306,466

4,306,466,000

Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

Disclosure of transactions between related parties [line items]

Shares issued to convertible note holders (in shares) | shares

4,306,466

Revenue from sale of goods, related party transactions

294,877,349

$ 142,692,000

$ 136,467,000

$ 137,410,000

Revenue from sale of goods, related party transactions, percentage of total revenue

0.06

0.056

0.102

Related parties | Class A Shares

Disclosure of transactions between related parties [line items]

Disclosure of transactions between related parties [line items]

220,918,695

Floorplan facilities

Floorplan facilities | Related parties

$ 87,039,000

$ 14,561,000

Disclosure of transactions between related parties [line items]

Volvo Cars | Polestar Automotive Holding UK PLC ("Parent") | Class A Shares

35,747,000

16,690,000

Disclosure of transactions between related parties [line items]

Volvo Cars | Related parties

1,117,390

Disclosure of transactions between related parties [line items]

Undrawn borrowing facilities

1,000,000,000

$ 1,000,000,000

$ 800,000,000

$ 350,000,000

Revenue from sale of goods, related party transactions

90,114,000

68,076,000

$ 82,090,000

Borrowings, modified carrying value

1,006,829

Disclosure of transactions between related parties [line items]

Borrowings, adjustment to interest rate basis

4.90%

Volvo Cars | Floorplan facilities | Related parties

Disclosure of transactions between related parties [line items]

Volvo Cars | Floorplan facilities | Related parties | Minimum

$ 35,747,000

16,690,000

Disclosure of transactions between related parties [line items]

Borrowings, interest rate

2.00%

Volvo Cars | Floorplan facilities | Related parties | Maximum

Disclosure of transactions between related parties [line items]

Borrowings, interest rate

2.50%

Geely

Disclosure of transactions between related parties [line items]

Geely | PS3 Tooling and Equipment

$ 9,531,000

Disclosure of transactions between related parties [line items]

Future changes or modifications cost

$ 149,470,000

6,586,000

Obligation recognized

$ 131,737,000

Significant unobservable input, assets

0.052

Disclosure of transactions between related parties [line items]

$ 25,565,000

Geely | Related parties

Undrawn borrowing facilities

250,000,000

250,000,000

$ 0

Revenue from sale of goods, related party transactions

$ 9,531,000

$ 5,895,000

$ 0

$ 2,347,000

Disclosure of transactions between related parties [line items]

Proceeds from sale of property, plant, and equipment

$ 156,056,000

Executive Management Team (“EMT”) And Managing Directors | Related parties | Polestar Incentive Plan

Disclosure of transactions between related parties [line items]

Shares acquired by the incentive plan participants (in shares) | shares

38,125,000

Executive Management Team (“EMT”) And Managing Directors | Related parties | Polestar | Polestar Incentive Plan

Disclosure of transactions between related parties [line items]

Proportion of ownership interests held by non-controlling interests

16.00%

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[2]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[3]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Employee benefits

12 Months Ended

Dec. 31, 2023

Employee Benefits [Abstract]

Employee benefits

Note 7 - Employee benefits

The total employee benefits costs for the Group (including key management personnel) during the periods presented were as follows:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Wages, salaries, and other short-term benefits	201,195		154,929		92,233
Social security and other social benefits	46,905		30,216		8,228
Post-employment benefits	29,523		26,294		18,600
Share-based compensation	5,000		4,958		—
Total employee benefits	$	282,623	$	216,397	$	119,061

Post-employment benefits primarily reflects those related to defined contribution plans for the years ended December 31, 2023, 2022 and 2021, inclusive of costs related to the ITP 2. Expenses related to defined contribution plans amounted to $21,125, $20,664 and $13,916 for the years ended December 31, 2023, 2022 and 2021, respectively.

The following table discloses total costs related to employee benefits for the Group’s Executive Management Team (“EMT”) and managing directors at the Group’s sales units:


	For the year ended December 31,
	2023		2022		2021
Short-term employee benefits	6,205		8,486		5,094
Post-employment benefits	907		996		525
Other long-term benefits	—		228		417
Share-based compensation	1,829		1,294		—
Total benefits to key management personnel only	$	8,941	$	11,004	$	6,036

The Group’s EMT has the authority and responsibility for planning, directing, and controlling the Polestar Group’s activities. The CEO has the ultimate authority for approval of actions proposed by each member of the EMT. As of December 31, 2023, the EMT consisted of the following individuals:

•Thomas Ingenlath (CEO); and

•Johan Malmqvist (Chief Financial Officer, “CFO”).

On August 31, 2023, Dennis Nobelius resigned as Chief Operating Officer (“COO”).

As of December 31, 2022 and 2021, the EMT consisted of the following individuals:

•Thomas Ingenlath (CEO);

•Johan Malmqvist (CFO); and

•Dennis Nobelius (COO).

The average monthly number of persons employed by the Group (including key management personnel) for the periods presented were as follows:


	For the year ended December 31,
	2023	2022	2021
Sales and marketing	877	732	412
R&D, design, and digital	1,616	1,259	452
Manufacturing	156	171	198
Management, administration, and others	525	386	224
Total average monthly headcount of the Group	3,174	2,548	1,286

Reverse recapitalization - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 23, 2022 USD ($) tranche $ / shares shares	Mar. 31, 2021 $ / shares	Dec. 31, 2023 USD ($) member $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Mar. 22, 2023 USD ($)
Reverse Recapitalization [Line Items]
IFRS 2 Listing Expense \| $			$ 5,393	$ 9,909	$ 0
Number of tranches \| tranche	5
Liability Fair Value \| $			$ 161,402	626,570
Issuance of Volvo Cars Preference Shares \| $				(588,826)
Polestar's percentage ownership interest			100.00%
Issuance of Convertible Notes \| $				(1,512)	(35,231)
Accumulated deficit
Reverse Recapitalization [Line Items]
Issuance of Convertible Notes \| $				$ (1,512)
Class C-1 Ordinary Shares
Reverse Recapitalization [Line Items]
Share redemption price \| $ / shares			$ 0.01
Number Outstanding			20,499,965	15,999,965
Unrealized gains (losses) on change in fair value of shares issued \| $			$ 13,000	$ 22,400	0
Liability Fair Value \| $			4,920	17,920
Fair value of shares issued \| $			$ (4,920)	$ (17,920)	0
Class A Shares
Reverse Recapitalization [Line Items]
Threshold trading days			20 days
Threshold trading day period			30 days
Shares Conversion, Registration Statement Threshold			30 days
Closing share price (in usd per share) \| $ / shares			$ 18	$ 8.04
Shares issuable, threshold trading days	20 days
Shares issuable, threshold trading day period	30 days
Class A Shares \| Volvo Cars
Reverse Recapitalization [Line Items]
Exercise price of outstanding share options (in usd per share) \| $ / shares	$ 10
Class A Shares \| Business Combination Agreement, Tranche One
Reverse Recapitalization [Line Items]
Closing share price (in usd per share) \| $ / shares	13
Class A Shares \| Business Combination Agreement, Tranche Two
Reverse Recapitalization [Line Items]
Closing share price (in usd per share) \| $ / shares	15.50
Class A Shares \| Business Combination Agreement, Tranche Three
Reverse Recapitalization [Line Items]
Closing share price (in usd per share) \| $ / shares	18
Class A Shares \| Business Combination Agreement, Tranche Four
Reverse Recapitalization [Line Items]
Closing share price (in usd per share) \| $ / shares	20.50
Class A Shares \| Business Combination Agreement, Tranche Five
Reverse Recapitalization [Line Items]
Closing share price (in usd per share) \| $ / shares	$ 23
Class A Shares \| Minimum
Reverse Recapitalization [Line Items]
Closing share price (in usd per share) \| $ / shares			$ 10.00
Class C-2 American Depositary Shares
Reverse Recapitalization [Line Items]
Number Outstanding			4,500,000	9,000,000
Unrealized gains (losses) on change in fair value of shares issued \| $			$ 9,000	$ 12,690	0
Liability Fair Value \| $			1,080	10,080
Fair value of shares issued \| $			(1,080)	$ (10,080)	$ 0
Class B Shares
Reverse Recapitalization [Line Items]
Closing share price (in usd per share) \| $ / shares		$ 30.50		$ 8.04
Class C-2 Shares converted to Class C-1 Shares
Reverse Recapitalization [Line Items]
Liability Fair Value \| $						$ 3,285
Fair value of shares issued \| $	$ (3,285)
Gores Guggenheim, Inc. Business Combination Agreement (BCA)
Reverse Recapitalization [Line Items]
IFRS 2 Listing Expense \| $			$ 372,318
Closing share price (in usd per share) \| $ / shares			$ 11.23
Gores Guggenheim, Inc. Business Combination Agreement (BCA) \| Volvo Cars
Reverse Recapitalization [Line Items]
Issuance of Volvo Cars Preference Shares \| $	$ 588,826
Gores Guggenheim, Inc. Business Combination Agreement (BCA) \| Class C-1 Ordinary Shares
Reverse Recapitalization [Line Items]
Number of options per share			1
Exercise price of outstanding share options (in usd per share) \| $ / shares			$ 11.50
Shares exercisable, threshold period			30 days
Shares conversion, redemption notice period			30 days
Polestar Automotive Holding Limited ("Former Parent")
Reverse Recapitalization [Line Items]
Proportion of voting rights held			0.99
Number of board of directors nominated \| member			4
Polestar Automotive Holding Limited ("Former Parent") \| Class A Shares
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	24,078,638
Polestar Automotive Holding Limited ("Former Parent") \| Class A Shares \| Business Combination Agreement, Tranche One
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	4,815,728
Polestar Automotive Holding Limited ("Former Parent") \| Class A Shares \| Business Combination Agreement, Tranche Two
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	4,815,728
Polestar Automotive Holding Limited ("Former Parent") \| Class A Shares \| Business Combination Agreement, Tranche Three
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	4,815,728
Polestar Automotive Holding Limited ("Former Parent") \| Class A Shares \| Business Combination Agreement, Tranche Four
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	4,815,728
Polestar Automotive Holding Limited ("Former Parent") \| Class A Shares \| Business Combination Agreement, Tranche Five
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	4,815,728
Polestar Automotive Holding Limited ("Former Parent") \| Class B Shares
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	134,098,971
Number of shares issued (in shares)	1,642,233,575
Polestar Automotive Holding Limited ("Former Parent") \| Class B Shares \| Business Combination Agreement, Tranche One
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	26,819,794
Polestar Automotive Holding Limited ("Former Parent") \| Class B Shares \| Business Combination Agreement, Tranche Two
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	26,819,794
Polestar Automotive Holding Limited ("Former Parent") \| Class B Shares \| Business Combination Agreement, Tranche Three
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	26,819,794
Polestar Automotive Holding Limited ("Former Parent") \| Class B Shares \| Business Combination Agreement, Tranche Four
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	26,819,794
Polestar Automotive Holding Limited ("Former Parent") \| Class B Shares \| Business Combination Agreement, Tranche Five
Reverse Recapitalization [Line Items]
Number of earn-out rights (in shares)	26,819,794
Gores Guggenheim, Inc.
Reverse Recapitalization [Line Items]
Number of board of directors nominated \| member			1
Polestar Automotive Holding UK PLC ("Parent") \| Class A Shares
Reverse Recapitalization [Line Items]
Number of shares issued (in shares)	294,877,349
Polestar Automotive Holding UK PLC ("Parent") \| Class A Shares \| Volvo Cars
Reverse Recapitalization [Line Items]
Number of shares issued (in shares)	1,117,390

Related party transactions - Summary of Revenue and Purchase of Goods, Services And Other for Related Party (Details) - Related parties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Revenue from sale of goods, related party transactions	$ 142,692	$ 136,467	$ 137,410
Purchases of goods, related party transactions	2,606,205	2,469,280	1,766,494
Volvo Cars
Disclosure of transactions between related parties [line items]
Revenue from sale of goods, related party transactions	90,114	68,076	82,090
Purchases of goods, related party transactions	2,345,639	2,219,169	560,451
Volvofinans Bank AB
Disclosure of transactions between related parties [line items]
Revenue from sale of goods, related party transactions	46,683	68,391	52,973
Purchases of goods, related party transactions	463	1,003	5,748
Geely
Disclosure of transactions between related parties [line items]
Revenue from sale of goods, related party transactions	5,895	0	2,347
Purchases of goods, related party transactions	$ 260,103	$ 249,108	$ 1,200,295

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2023
Disclosure of Subsequent Events [Abstract]
Subsequent events	Note 30 - Subsequent events Management has evaluated events subsequent to December 31, 2023 and through August 14, 2024, the date these Consolidated Financial Statements were authorized for issuance by the Board of Directors. The following events which occurred subsequent to December 31, 2023 merited disclosure in these Consolidated Financial Statements. Management determined that no adjustments were required to the figures presented as a result of these events. On January 3, 2024, Polestar's investee in China, Polestar Technology (Shaoxing) Co., Ltd., selected Nanjing as its final province of registration. The investee was renamed Polestar Times Technology (Nanjing) Co., Ltd ("Polestar Times Technology"). Subsequently, on February 29, 2024, Polestar Times Technology, Polestar, Xingji Meizu, and Nanjing Jiangning Economic and Technological Development Zone Industrial Equity Investment Partnership (the "Nanjing Investor") entered an agreement for Polestar Times Technology to receive an additional $60,360 in capital from the Nanjing Investor over four installments in exchange for equity; subject to Polestar Times Technology achieving certain increased paid-in capital and invoiced sales thresholds in Nanjing province. In the event Polestar Times Technology achieves these thresholds and secures the investment installments from the Nanjing Investor, Polestar's ownership in Polestar Times Technology will decrease from 49% to 37.6% over time. As of the date these Consolidated Financial Statements were authorized for issuance, Polestar has injected total cash of $34,300 into Polestar Times Technology and maintains 46.2% ownership. On January 8, 2024, Polestar and Zhongjia Automobile Manufacturing (Chengdu) Co. Ltd., a Volvo Cars subsidiary, entered into an agreement for the manufacturing of Polestar 3 vehicles in Volvo Cars' Chengdu plant for sale outside of China. Under this agreement, Polestar is committed to purchase certain volumes of Polestar 3 vehicles between 2025 and 2030. In the event that Polestar´s actual volumes purchased during the production period are lower than the agreed volumes, Polestar is obligated to compensate Volvo Cars for fixed costs related to the lost capacity. On January 12, 2024, Polestar entered into a similar agreement with the same Volvo Cars subsidiary, inclusive of similar volume commitment terms, governing the manufacturing of Polestar 3 vehicles in Volvo Cars' Chengdu plant for sale in China. These manufacturing agreements also represent those related to Polestar's sale of PS3 Tooling and Equipment discussed in Note 27 - Related party transactions. On February 22, 2024, Polestar entered into a syndicated multicurrency green trade facility with BNP Paribas, Natixis, Hong Kong Branch, Standard Chartered Bank, the Hongkong and Shanghai Banking Corporation Limited, Banco Bilbao Vizcaya Argentaria, S.A., London Branch, Shanghai Pudong Development Bank Co., Ltd., Credit Agricole Corporate and Investment Bank, China Bohai Bank Co., Ltd. Shanghai Free Trade Zone Branch, Mizuho Bank, Ltd., MUFG Bank, Ltd. Hong Kong Branch, Citigroup Global Markets Asia Limited, and China Zheshang Bank Co., Ltd. with Standard Chartered Bank acting as agent and security agent. Total principal available for utilization under the arrangement is divided into two facilities where Facility A is EUR denominated at €340,000 and Facility B is USD denominated at $583,500. Facility A utilizations carry interest at the relevant EURIBOR plus 2.85%. Facility B utilizations carry interest at the Chicago Mercantile Exchange Term SOFR plus 3.35%. Both facilities have a 36-month repayment period with repayment of utilizations due in full at the end of the period, including any unpaid interest and other fees. The facilities are secured by interest reserve accounts pledges with an aggregate of three months interest deposited upon utilization of available credit. As of February 28, 2024, Polestar had drawn the entire borrowing capacity available under both facilities. Simultaneously with the signing of the syndicated multicurrency green trade facility on February 22, 2034, Polestar and Geely entered into a subordination deed with Standard Chartered Bank, making Polestar's $250,000 credit facility with Geely entered into on November 8, 2023, as discussed in Note 27 - Related party transactions, subordinated to the the syndicated multicurrency green trade facility. By the terms of the subordination deed, no payment to Geely of principal or interest will be made until all amounts due under the syndicated multicurrency green trade facility have been paid in full. On February 27, 2024, Polestar agreed to a one-year extension of the green trade revolving credit facility with Standard Chartered Bank, Nordea Bank ABP, Citibank Europe PLC, ING Belgium SA/NV, and Barclays Bank Ireland PLC with an aggregate principal amount available of €470,000. Utilizations of this facility carry interest at the relevant interbank offered rate plus 2.3% per annum and have a repayment period of 90 days. On March 3, 2024, Polestar, Zhongjia Automobile Manufacturing (Chengdu) Co. Ltd., a Volvo Cars subsidiary, and Chengdu Jisu New Energy Vehicle Co., Ltd, a Geely subsidiary, entered into the user right agreement related to Polestar's sale of PS3 Tooling and Equipment discussed in Note 27 - Related party transactions. Under the user right agreement, Geely granted Volvo Cars the right to use to PS3 Tooling and Equipment to manufacture the PS3 for Polestar in exchange for an annual user right fee from Volvo Cars. On March 11, 2024, Polestar entered into a 12-month working capital loan for ¥177,000 with East Asia Bank. This loan carries an interest rate of 4.5% per annum due quarterly. This loan benefits from letters of comfort from Volvo Cars and Geely. On April 30, 2024, Polestar entered into a 12-month working capital loan for ¥473,000 with Bank of China Shanghai Branch. This loan carries an interest rate of 12-month LPR plus 0.35% due quarterly. This loan benefits from letters of comfort from Geely. On May 31, 2024, Polestar entered into a 12-month working capital loan for ¥88,000 with Bank of China Shanghai Branch. This loan carries an interest rate of 12-month LPR plus 0.35% due quarterly. This loan benefits from letters of comfort from Geely. On June 13, 2024, Polestar entered into a 12-month working capital loan for ¥231,000 with East Asia Bank. This loan carries an interest rate of 4.3% per annum due quarterly. This loan benefits from letters of comfort from Volvo Cars and Geely. On June 28, 2024, Polestar entered into a non-recourse trade receivables factoring agreement with BNP Paribas Fortis Factor N.V. ("BNP Paribas Fortis Factor") whereby BNP Paribas Fortis Factor agreed to purchase up to €120,000 in eligible trade receivables from Polestar. Polestar pays a factoring fee calculated as a specified base rate plus an applicable margin. Additionally, Polestar continues to service collection of the trade receivables. As of the date these financial statements were ready for issuance, Polestar has received €45,000 for the sale of trade receivables to BNP Paribas Fortis Factor. On August 2, 2024, Polestar entered into a 12-month working capital loan for $196,000 with China CITIC Bank Hangzhou Branch. This loan carries an interest rate of 7.8% per annum due quarterly. This loan benefits from letters of comfort from Geely.

Commitments and contingencies - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of contingent liabilities [abstract]
Commitments to acquire PPE	$ 334,482	$ 179,690
Disclosure of contingent liabilities in business combination [line items]
Total	162,529	$ 216,572
Entering into significant commitments
Disclosure of contingent liabilities in business combination [line items]
Commitments in relation to joint ventures	$ 68,600

Investment in Associates - Schedule of Reconciliation Information to Carrying Amount (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

^[1]

Dec. 31, 2021

^[1]

Disclosure of detailed information about investment property [line items]

100.00%

Disclosure of detailed information about investment property [line items]

$ (358,392)

$ (186,393)

$ (283,776)

Polestar Technology

Net liabilities

$ (31,398)

Disclosure of nature and extent of risks arising from financial instruments [line items]

49.00%

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Financial risk management - Narrative (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2023

USD ($)

kr / ¥

Dec. 31, 2022

USD ($)

kr / ¥

Jan. 01, 2023

kr / ¥

Jan. 01, 2022

kr / ¥

Dec. 31, 2021

USD ($)

^[2]

Dec. 31, 2020

USD ($)

^[2]

Change in foreign exchange rate

0.0758

0.057

Closing foreign exchange rate | kr / ¥

0.71

0.66

0.70

Financial liabilities

$ (4,684,997)

$ (3,010,414)

Other non-current interest-bearing liabilities - related parties

(1,409,244)

(43,643)

^[1]

Operational credit risk, unrelated parties

$ 23,635

Operational credit risk, unrelated parties, percentage

0.1268

$ 768,927

973,877

^[1]

$ 756,677

$ 316,424

Borrowings With Floating Interest Rates | Related parties

2,023,582

1,326,388

Disclosure of nature and extent of risks arising from financial instruments [line items]

Disclosure of nature and extent of risks arising from financial instruments [line items]

1,292,576

Floorplan facilities

Floorplan facilities | Related parties

87,039

14,561

Disclosure of nature and extent of risks arising from financial instruments [line items]

Disclosure of nature and extent of risks arising from financial instruments [line items]

$ 35,747

16,690

Minimum

Weighted average cost of capital management

0.0641

Maximum

Disclosure of nature and extent of risks arising from financial instruments [line items]

Weighted average cost of capital management

0.1039

Disclosure of nature and extent of risks arising from financial instruments [line items]

Operational credit risk, unrelated parties

$ 19,205

$ 26,649

Operational credit risk, unrelated parties, percentage

0.1030

0.1310

Interest rate risk

Disclosure of nature and extent of risks arising from financial instruments [line items]

Financial liabilities

$ 1,923,755

$ 819,390

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[2]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Disclosure of contingent liabilities [abstract]

Commitments and contingencies

Note 29 - Commitments and contingencies

Commitments

As of December 31, 2023, commitments to acquire PPE and intangible assets were $334,482 and $162,529, respectively. As of December 31, 2022, commitments to acquire PPE and intangible assets were $179,690 and $216,572, respectively. These commitments are contractual obligations to invest in PPE, intangible assets for the production of upcoming vehicle models Polestar 3, Polestar 4, Polestar 5 and Polestar 6. As of December 31, 2023, Polestar also has a capital injection commitment related to the investment in Polestar Technology amounting to $68,600. Refer to Note 10 - Investment in associates for more details on the investment in Polestar Technology.

Polestar has signed contracts with certain suppliers including a non-cancellable commitment, an agreed minimum purchase volume, or an agreement minimum sales volume. In the event of a shortfall in purchases, a shortfall in sales, or Polestar´s decision to terminate such contracts, these suppliers are entitled to compensation from Polestar. The amounts in the table below represent Polestar´s future commitments as of December 31, 2023:


	Total		Less than 1 year		Between 1-5 years		After 5 years
PS2 battery purchase volume commitments	19,448		19,448		—		—
Logistics service commitments	57,108		57,108		—		—
PS3 and PS4 purchase volume commitments1	277,496		277,496		—		—
PS4 sales volume commitments	83,842		14,903		61,439		7,500
Other commitments	5,463		5,463		—		—
Total	$	443,357	$	374,418	$	61,439	$	7,500

Contingencies

In the normal course of business, the Group is subject to contingencies related to legal proceedings, claims, and other assessments that cover a wide range of matters. Liabilities for such contingencies are not recorded until it is probable that a present obligation exists and the amount of the obligation can be estimated reliably. However, contingencies are disclosed when the potential financial effect could be material. As of December 31, 2023 and 2022, the Group did not have any material contingencies

Leases - Summary of Change in Right-of-Use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation Of Changes In Leases [Roll Forward]
Additions	$ 54,569		$ 13,039
Effect of foreign currency exchange rate differences	0	$ 0	39
Right-of use assets
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	94,561
Gross lease liabilities, ending balance	98,218	94,561
Buildings and land \| Right-of use assets
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	59,254
Gross lease liabilities, ending balance	88,322	59,254
Machinery and equipment \| Right-of use assets
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	35,307
Gross lease liabilities, ending balance	9,896	35,307
Vehicles under operating leases
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	97,186
Gross lease liabilities, ending balance	67,931	97,186
Acquisition cost \| Right-of use assets
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	125,423	96,257
Additions	54,569	43,514
Cancellations	(8,224)	(157)
Reclassification to Assets held for sale		(4,975)
Effect of foreign currency exchange rate differences	1,278	(9,216)
Gross lease liabilities, ending balance	173,046	125,423	96,257
Acquisition cost \| Buildings and land \| Right-of use assets
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	78,188	45,113
Additions	49,807	42,449
Cancellations	(7,958)	0
Reclassification to Assets held for sale		(4,975)
Effect of foreign currency exchange rate differences	2,576	(4,399)
Gross lease liabilities, ending balance	122,613	78,188	45,113
Acquisition cost \| Machinery and equipment \| Right-of use assets
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	47,235	51,144
Additions	4,762	1,065
Cancellations	(266)	(157)
Reclassification to Assets held for sale		0
Effect of foreign currency exchange rate differences	(1,298)	(4,817)
Gross lease liabilities, ending balance	50,433	47,235	51,144
Acquisition cost \| Vehicles under operating leases
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	113,614	122,258
Additions	47,438	52,686
Reclassification from PPE	56,899
Reclassification to inventories	(82,222)	(58,650)
Effect of foreign currency exchange rate differences	5,719	(2,680)
Gross lease liabilities, ending balance	141,448	113,614	122,258
Depreciation and impairment \| Right-of use assets
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	(30,862)	(17,158)
Cancellations	4,318
Impairment loss	20,145
Reclassification to Assets held for sale		522
Effect of foreign currency exchange rate differences	(56)	5,000
Depreciation expense	(28,083)	(19,226)
Gross lease liabilities, ending balance	(74,828)	(30,862)	(17,158)
Depreciation and impairment \| Buildings and land \| Right-of use assets
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	(18,934)	(10,159)
Cancellations	4,318
Impairment loss	0
Reclassification to Assets held for sale		430
Effect of foreign currency exchange rate differences	(565)	3,184
Depreciation expense	(19,110)	(12,389)
Gross lease liabilities, ending balance	(34,291)	(18,934)	(10,159)
Depreciation and impairment \| Machinery and equipment \| Right-of use assets
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	(11,928)	(6,999)
Cancellations	0
Impairment loss	20,145
Reclassification to Assets held for sale		92
Effect of foreign currency exchange rate differences	509	1,816
Depreciation expense	(8,973)	(6,837)
Gross lease liabilities, ending balance	(40,537)	(11,928)	(6,999)
Depreciation and impairment \| Vehicles under operating leases
Reconciliation Of Changes In Leases [Roll Forward]
Gross lease liabilities, beginning balance	(16,428)	(4,822)
Reclassification from PPE	(9,873)
Impairment loss	(51,046)
Reclassification to inventories	12,476	4,743
Effect of foreign currency exchange rate differences	(1,873)	849
Depreciation expense	(6,773)	(17,198)
Gross lease liabilities, ending balance	$ (73,517)	$ (16,428)	$ (4,822)

Finance income and expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Finance Income And Expense [Abstract]

Net foreign exchange rate gains on financial activities

$ 37,125

$ 0

$ 31,574

Interest income on bank deposits

32,280

7,658

1,396

Other finance income

894

Interest expense on credit facilities and financing obligations

69,454

8,552

^[1]

32,970

^[1]

116,270

33,331

11,681

Interest expense to related parties

85,203

37,945

30,770

Loss on debt modification

6,829

Interest expense related to lease liabilities

5,008

6,201

2,377

Credit facility expenses

377

Other finance expenses

Net foreign exchange rate losses on financial activities

30,920

Analysis of income and expense [abstract]

$ 213,321

$ 108,402

^[1]

$ 45,218

^[1]

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Other operating income and expense (Tables)

12 Months Ended

Dec. 31, 2023

Schedule Of Other Operating Income And Expense

The following table details the Group’s Other operating income and expense:


	For the year ended December 31,
	2023		2022		2021
					(Restated)
Other operating income
Net foreign exchange rate difference	38,240		—		—
Sales of plant operation services to a related party	25,202		—		—
Gain on asset grouping sold to a related party	16,334		—		—
Sales of carbon credits to a related party	5,628		—		—
Other operating income	15,773		4,723		1,520
Total	$	101,177	$	4,723	$	1,520

	For the year ended December 31,
Other operating expense	2023		2022		2021
			(Restated)		(Restated)
Transition services to Polestar Technology	27,630		—		—
Litigation expense, net of insurance	27,326		—		—
Non-income tax expense	669		1,083		1,064
Net foreign exchange rate difference	—		2,264		50,850
Other operating expenses	4,348		1,681		322
Total	$	59,973	$	5,028	$	52,236

Reverse recapitalization - Summary of Identifiable Net Assets Acquired (Details) - Gores Guggenheim, Inc. Business Combination Agreement (BCA) $ in Thousands	Jun. 23, 2022 USD ($)
Reverse Recapitalization [Line Items]
Cash and cash equivalents	$ 579,146
Prepaid assets	6,050
Public warrant liability	(40,320)
Private warrant liability	(22,770)
Total GGI identifiable net assets at fair value	$ 522,106

Employee benefits - Schedule Of Employee Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of defined benefit plans [line items]
Wages, salaries, and other short-term benefits	$ 201,195	$ 154,929	$ 92,233
Social security and other social benefits	46,905	30,216	8,228
Post-employment benefits	29,523	26,294	18,600
Share-based compensation	5,000	4,958	0
Total employee benefits	282,623	216,397	119,061
Executive Management Team (“EMT”) And Managing Directors
Disclosure of defined benefit plans [line items]
Social security and other social benefits	6,205	8,486	5,094
Post-employment benefits	907	996	525
Other long-term benefits	0	228	417
Share-based compensation	1,829	1,294	0
Total employee benefits	$ 8,941	$ 11,004	$ 6,036

Consolidated Statement of Loss and Comprehensive Loss - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Disclosure of classes of share capital [line items]

$ 2,378,562

$ 2,444,105

^[1]

$ 1,346,347

^[1]

(2,791,643)

(2,343,302)

^[1]

(1,336,688)

^[1]

(413,081)

100,803

^[1]

9,659

^[1]

(949,683)

(838,367)

^[1]

(685,049)

^[1]

Other operating income (expense), net

(158,406)

(174,916)

^[1]

(234,019)

^[1]

41,204

(305)

^[1]

(50,716)

^[1]

(372,318)

^[1]

(1,479,966)

(1,285,103)

^[1]

(960,125)

^[1]

69,454

8,552

^[1]

32,970

^[1]

(213,321)

(108,402)

^[1]

(45,218)

^[1]

443,168

902,068

^[1]

Share of losses in associates

22,000

35,090

^[1]

(43,304)

^[1]

(1,201,969)

(447,795)

^[1]

(972,373)

^[1]

7,138

(29,660)

^[1]

3,075

^[1]

$ (1,194,831)

$ (477,455)

^[1]

$ (969,298)

^[1]

Net loss per share - diluted (in dollars per share)

$ (0.57)

$ (0.24)

$ (0.51)

$ (0.57)

$ (0.24)

$ (0.51)

Items that may be subsequently reclassified to the Consolidated Statement of Loss:

Exchange rate differences from translation of foreign operations

$ (10,237)

$ 180

^[1]

$ (32,318)

^[1]

(10,237)

180

^[1]

(32,318)

^[1]

$ (1,205,068)

$ (477,275)

^[1]

$ (1,001,616)

^[1]

Net loss per share - diluted (in dollars per share)

$ (0.57)

$ (0.24)

^[1]

$ (0.51)

^[1]

(0.57)

(0.24)

^[1]

(0.51)

^[1]

Net loss per share - diluted (in dollars per share)

(0.57)

(0.24)

(0.51)

$ (0.57)

$ (0.24)

$ (0.51)

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Share-based payment - Schedule of Share-Based Payment Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
IFRS 2 Listing Expense	$ 5,393	$ 9,909	$ 0
Selling, general and administrative expense
Disclosure of terms and conditions of share-based payment arrangement [line items]
IFRS 2 Listing Expense	5,131	7,128	0
Research and Development Expenses
Disclosure of terms and conditions of share-based payment arrangement [line items]
IFRS 2 Listing Expense	$ 262	$ 2,781	$ 0

Consolidated Statement of Financial Position - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

^[1]

$ 1,412,729

$ 1,394,282

316,867

275,954

67,931

97,186

7,212

5,306

Deferred tax assets

43,041

11,287

2,414

2,333

1,850,194

1,786,348

768,927

973,877

126,205

239,578

61,026

79,225

152,605

49,060

939,359

630,154

Current tax assets

9,270

7,184

Assets held for sale

56,001

Other current assets - related parties

204,142

112,983

9,576

2,271,110

2,148,062

Total assets

4,121,304

3,934,410

Equity

(21,168)

(21,165)

(3,615,187)

(3,584,232)

26,010

15,773

4,872,644

3,677,813

1,262,299

88,189

(63,063)

(49,018)

(3,335)

(12,470)

(104,681)

(75,362)

(73,149)

(27,859)

(155,402)

(598,570)

Other non-current interest-bearing liabilities - related parties

(54,439)

(31,326)

(1,409,244)

(43,643)

(1,863,313)

(838,248)

(92,441)

(97,418)

(275,704)

(935,161)

(450,000)

(157,426)

(16,415)

(35,717)

(94,887)

(72,849)

(2,023,582)

(1,326,388)

(12,812)

(14,394)

Interest-bearing current liabilities - related parties

(19,547)

(11,935)

(68,332)

(26,618)

(112,062)

(45,119)

(6,000)

(28,000)

(347,902)

(364,264)

(606)

(69,062)

(3,520,290)

(3,184,351)

(5,383,603)

(4,022,599)

$ (4,121,304)

$ (3,934,410)

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Reverse recapitalization - Summary Of IFRS 2 Listing Expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

^[1]

Dec. 31, 2021

^[1]

Jun. 23, 2022

Gores Guggenheim, Inc. Business Combination Agreement (BCA)

$ 0

$ 372,318

$ 0

Deemed cost of shares issued by Polestar

Fair value of Polestar

$ 22,183,823

1,131,375

Total GGI identifiable net assets at fair value

(522,106)

Sponsor and third-party PIPE Cash

$ (236,951)

Gores Guggenheim, Inc. Business Combination Agreement (BCA) | Gores Guggenheim, Inc.

$ 372,318

Percentage of voting equity interests acquired

5.10%

Gores Guggenheim, Inc. Business Combination Agreement (BCA) | Polestar Automotive Holding Limited ("Former Parent")

Percentage of voting equity interests acquired

94.90%

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Property, plant and equipment - Narrative (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Disclosure of detailed information about property, plant and equipment [line items]

$ 316,867

$ 275,954

^[1]

67,931

97,186

^[1]

Disclosure of detailed information about property, plant and equipment [line items]

Disclosure of detailed information about property, plant and equipment [line items]

(56,899)

51,534

Buildings and land

Right of use assets for leased buildings and land

88,322

59,254

Buildings and land | Acquisition cost

Disclosure of detailed information about property, plant and equipment [line items]

Disclosure of detailed information about property, plant and equipment [line items]

433

(1,976)

Machinery and equipment

Machinery and equipment | Acquisition cost

9,896

35,307

Disclosure of detailed information about property, plant and equipment [line items]

Subclassifications of assets, liabilities and equities [abstract]

$ (27,606)

$ 53,477

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Geographic Informaiton

12 Months Ended

Dec. 31, 2023

Geographical Areas [Abstract]

Geographic Informaiton

Note 5 - Geographic information

Polestar Group determined it has one reportable segment as the chief operating decision maker (“CODM”) assesses financial information and the performance of the business on a consolidated basis. The Group manages its business as a single operating segment, which is the business of commercializing and selling battery electric vehicles and related technologies. All substantial decisions regarding allocation of resources as well as the assessment of performance is based on the Group as a whole.

Polestar Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s CODM to allocate resources and assess performance as the source for determining the Group’s reportable segments. Polestar Group’s CODM has been identified as the Chief Executive Officer (“CEO”) as he assesses the performance of the Group and has the function and sole ability to make overall decisions related to the allocation of the Group’s resources. Polestar Group allocates resources and assesses financial performance on a consolidated basis.

The following tables show the breakdown of Polestar Group’s Revenue from external customers and non-current assets (PPE, Vehicles under operating leases, and Intangibles and goodwill) by geographical location where the Polestar company recognizing the Revenue is located:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)
Revenue
United Kingdom	529,372	338,042	207,031
USA	393,614	515,711	250,853
Sweden	276,910	362,125	199,697
Germany	242,629	287,010	117,642
Canada	129,209	84,220	17,335
Belgium	111,829	88,823	53,411
Australia	103,288	64,547	—
Netherlands	98,405	111,316	132,547
Denmark	95,292	67,555	38,227
Norway	92,688	231,310	231,640
Korea	59,912	118,108	—
Finland	45,567	42,236	10,056
Switzerland	42,611	37,855	41,131
Italy	36,580	1,067	—
Austria	33,898	27,604	5,465
China	25,863	39,253	39,668


Other regions1	60,895		27,323		1,644
Total	$	2,378,562	$	2,444,105	$	1,346,347

1 - Revenue: Other regions primarily consist of Spain,Ireland and Portugal in 2023. Other regions primarily consist of Singapore in 2022 and 2021.


	As of December 31,
	2023		2022
			(Restated)
Non-current assets2
Sweden	1,239,023		1,148,209
China	448,361		507,358
United Kingdom	32,342		35,334
Germany	27,058		31,005
USA	5,017		16,247
Other regions3	45,726		29,269
Total	$	1,797,527	$	1,767,422

2 - Non-current assets: excludes financial assets, Deferred tax assets, Other non-current assets, and Other investments.

3 - Other regions primarily consist of Switzerland, Belgium, Australia and Spain in 2023 and Canada and Netherlands in 2022.

Trade receivables

12 Months Ended

Dec. 31, 2023

Related party transactions

Note 19 - Trade receivables

Trade receivables from contracts with customers represent sales transactions, conducted via sales units, within the markets in which the Group operates. The average credit term to finance service providers and fleet customers is two weeks. Trade receivables - related parties were comprised of sales transactions with related parties in relation to sale of R&D services, software and performance engineered kits.

The following table details the aging analysis of the Trade receivables:


	Not overdue	1-30 days overdue	30-90 days overdue	>90 days overdue	Total
2023
Gross trade receivables, external	62,916	49,670	7,842	5,777	126,205
Trade receivables - related parties	52,313	7,474	1,204	35	61,026


Net trade receivables	$	115,229	$	57,144	$	9,046	$	5,812	$	187,231
2022 - (Restated)
Gross trade receivables, external	124,189		93,371		19,034		2,984		239,578
Trade receivables - related parties	65,522		12,786		519		398		79,225

Net trade receivables	$	189,711	$	106,157	$	19,553	$	3,382	$	318,803

Management determines that a receivable is written off once reasonable means of collection have been unsuccessful and the Group has no reasonable expectations of recovering the entire contractual cash flows, or a portion thereof. As of December 31, 2023 and 2022, the Group has written off a de minimis amount of receivables.

Further information on credit risks for Trade receivables is included in Note 3 - Financial risk management.

Related party transactions

12 Months Ended

Dec. 31, 2023

Note 27 - Related party transactions

Related parties are as follows:

•A person, or a close family member of such person, that has control, joint control or significant influence over a Polestar entity. Due to the Group's ownership structure, Li Shufu is the person who effectively controls the Group and its entities;

•A person who is a member of the key management of the Group, or a close family member of such person. Key management of the Group includes EMT consisting of the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”) and Managing Directors;

•A legal entity, controlled by a person mentioned in either of the previous two bullets, that can exercise significant influence over the Group;

•A legal entity that is a parent company, subsidiary, joint venture, associate or other company where Li Shufu owns 10% or greater interest in the voting power of the company; or

•A legal entity whose key management personnel provide services to an entity within the Group.

Prior to the merger with GGI, Polestar Group existed as a joint venture between Geely and Volvo Cars. Geely is primarily owned and operated by Li Shufu. Geely, through a combination of wholly owned and partially owned entities, owns a controlling number of equity interests in Volvo Cars. Therefore, Li Shufu, as a controlling equity interest holder in Geely, effectively controls Geely and Volvo Cars. All transactions with Geely and Volvo Cars are related party transactions.

Unless specifically detailed in this footnote, all transactions with related parties are on an arm’s length basis. During the years ended December 31, 2023, 2022, and 2021, the Group had related party transactions in the following functions:

Product development

The agreements in place to support the Group’s product development include licenses and intellectual property, patents, R&D services, design, and technology agreements with Volvo Cars and Geely. The Group owns its developed Polestar Unique technology, which was created using purchased R&D, design services, and licenses to critical common technology from Volvo Cars and Geely. Polestar also benefits from related parties as subcontractors in certain internal technology development programs of the Group. Major product development agreements Polestar entered into with related parties during the years ended December 31, 2023, 2022, and 2021 are as follows:


Product			Agreements


PS2			•On November 9, 2022 and December 27, 2022, Polestar entered into amendment agreements related to the service and joint development agreements with Volvo Cars regarding the PS2 model year updates entered on April 13, 2021. The amendment agreements added the specific fee for model year 2022 and 2023 updates. The fee Polestar agreed to pay Volvo Cars for model year 2022 and 2023 updates was $39,623. The fee Polestar agreed to pay Volvo Cars for model year 2021 updates was amended to $54,684 from $31,366. •On June 23, 2021, Polestar entered into a supplement agreement to the PS2 car model assignment and license agreement to reconcile the actual development cost incurred by Volvo Cars and the category of technology developed for Polestar throughout 2020. The fee Polestar agreed to pay Volvo Cars under the agreement was $31,554. •On April 13, 2021, Polestar entered into service and joint development agreements with Volvo Cars related to development of model year updates throughout the life-time of the PS2. The fee for these services is dependent on actual development costs incurred by Volvo Cars and the category of technology developed for Polestar. The fee Polestar agreed to pay Volvo Cars for model year 2021 updates was $31,366 and costs related to future model year updates are based on actual hours incurred by Volvo Cars through a cost-plus methodology.
PS3			•No material agreements were signed in the years ended December 31, 2023, 2022, and 2021.
PS4			•On March 4, 2022, Polestar entered into two technology license agreements related to the right to use Geely's PMA-1 platform and GEEA2.0 electrical architecture for the PS4 in and outside of China. Under these agreements, Polestar agreed to pay Geely a monthly license royalty fee based on the net revenue of PS4s sold each month during the vehicle's lifecycle. The agreements also include a minimum sales volume commitment for sales inside and outside of China each year during the vehicle's lifecycle. Polestar is required to pay Geely compensation for any deficit between the actual volume sold and the minimum sales volume commitment each year. Polestar also entered into a third technology license agreement with Zhejiang Zeekr Automobile Research and Development Co., Ltd ("Zeekr"), an entity controlled by Geely, related to the right to use Zeekr carry-over tophat technology in the PS4 in China. Polestar agreed to pay Zeekr a monthly license royalty fee based on the net revenue of PS4s sold each month in China during the vehicle's lifecycle. The agreement also includes a minimum sales volume commitment for China for each year during the vehicle's lifecycle. Polestar is required to pay Zeekr compensation for any deficit in China between the actual volume sold and the minimum sales volume commitment each year. •On December 30, 2021, Polestar entered into a technology license agreement with Zeekr related to the right to use certain Zeekr carry-over tophat technology in the PS4 outside of China. This agreement has terms similar to those included in the agreement signed with Zeekr on March 4, 2022 regarding Zeekr technology used in the PS4 in China, except the minimum sales volume commitment thresholds are different and pertain to sales outside of China. •On December 28, 2021, Polestar entered into a R&D service agreement for the development phase of the PS4 beginning after the program confirmation milestone; ending with the final status report from Geely in 2025. The service charges are required to be paid in eight installments through 2025, based on predefined project milestones, and was calculated based on time and materials estimated to be incurred by Geely through 2025 under a cost-plus methodology. The total fee Polestar agreed to pay Geely through 2025 was $368,718. •On January 18, 2021, Polestar entered into a R&D service agreement for the concept phase of the PS4; ending at the program confirmation milestone. The service charge was a fixed price compensation dependent on the hours and resources required for the services to be performed by Geely throughout 2021, based on predefined project milestones. The total fee Polestar agreed to pay Geely throughout 2021 was $23,718.
PS5			•On September 28, 2023, Polestar entered into a technology license agreement with Geely related to the right to use Zeekr's ZEEA2.5 and Geely's GEEA2.0 electrical architectures for the PS5. The total license fee of $31,245 is required to be paid in two installments: a payment of $14,011 that occurred in October 2023 and a payment of $17,234 in December 2024.
PS6			•No material agreements were signed in the years ended December 31, 2023, 2022, and 2021.

Refer to Note 29 - Commitments and contingencies for details on commitments and contingencies related to product development of Polestar vehicles.

Procurement

The Group has entered into service agreements with Geely and Volvo Cars regarding the procurement of direct materials for production and the indirect procurement of material, IT and other general services not related to car components. The joint sourcing of indirect procurement activities and direct material for the Group, Volvo Cars, and Geely has allowed the companies to leverage economies of scale.

Manufacturing

The Group purchases contract manufacturing services, manufacturing and logistics engineering services, and has entered into tool sharing agreements with Volvo Cars and Geely. Manufacturing engineering includes activities related to the development of the production process (i.e., deciding which manufacturing equipment should be utilized and where equipment should be situated to ensure an efficient production process), rather than development of the vehicle itself. Logistics engineering includes activities related to the determination of how different components are delivered to the production sites. The Group outsourced the manufacturing and logistics engineering for the production processes of the PS1, PS2, and PS3 to Volvo Cars and for the production processes of the PS4 to Geely.

Tool sharing occurs when the Group purchases production tools, together with Volvo Cars or Geely, to obtain synergies in the manufacturing processes by utilizing the same or similar tools. Polestar also enters into machinery and equipment lease arrangements as well as certain building lease agreements with Geely and Volvo Cars. Refer to Note 12 - Leases for more information on Polestar’s leasing arrangements.

Major manufacturing agreements Polestar entered into with related parties during the years ended December 31, 2023, 2022, and 2021 are listed below.


Product			Agreements
PS2			•No material agreements were signed in the years ended December 31, 2023, 2022, and 2021.
PS3			•On December 8, 2023, Polestar entered into an asset transfer agreement with Geely under which Polestar agreed to sell Polestar unique tooling and equipment that will be used in the manufacturing of the PS3 to Geely in exchange for $156,056. This agreement was accounted for as a financing transaction instead of a sale due to the terms of the agreement and the terms of other agreements with Volvo Cars and Geely that were signed on January 8, 2024 and March 3, 2024. Refer to the Financing section of this footnote and Note 30 - Subsequent events for more details. •On March 17, 2021 and March 23, 2021, Polestar entered into two financial undertaking agreements with Volvo Cars related to investments required prior to production of the PS3 in Volvo Cars' plant in Ridgeville, South Carolina. Under the first agreement, Volvo Cars agreed to invest $49,969 in common equipment that will be utilized in the production of both the PS3 and certain Volvo Cars branded vehicles and Polestar committed to pay Volvo Cars for its share of use of the common equipment via piece price of each PS3 produced. Under the second agreement, Volvo Cars agreed to invest $40,451 in PS3 unique equipment that will be utilized in the production of only the PS3 and Polestar committed to pay Volvo Cars for use of the PS3 unique equipment via piece price of each PS3 produced. Both agreements subject Polestar to making a lump sum payment to Volvo Cars in the event that Volvo Cars' investment costs are not recovered prior to the end of production of the PS3.
PS4			•On November 9, 2023, Polestar entered into a framework agreement with Geely and Renault Korea Motors Co., Ltd .("RKM") related to the production of the PS4 in RKM's plant in Busan, South Korea for sale in South Korea, Canada, and the United States. Under the agreement, Polestar agreed to pay RKM per vehicle produced based on a cost-plus methodology inclusive of cost components such as bill of materials, manufacturing service, long-lived asset, and outbound logistics fees. The agreement includes a purchase volume commitments for each year during the vehicle's lifecycle and Polestar is required to pay RKM compensation each year if the purchase volume commitment is not met. Between signing of the agreement and 2026, Polestar, Geely, and RKM are committed to invest approximately $242,000 to prepare the plant for production of the PS4. Polestar's share of the commitments that are required to be paid outside of piece price of each PS4 produced total approximately $200,000 and approximately $38,000 are required to be paid in piece price. The remaining commitment will be paid by Geely. •On July 17, 2023 and July 24, 2023, Polestar entered into two manufacturing and vehicle supply agreements with Geely related to production of the PS4 in Geely's plant in Hangzhou, China for sale in and outside of China. Under the agreements, Polestar agreed to pay Geely per vehicle produced based on a cost-plus methodology inclusive of cost components such as bill of materials, manufacturing service, and outbound logistics fees. The agreements include purchase volume commitments for each year during the vehicle's lifecycle. Polestar is required to pay Geely compensation for the deficit between the actual volume purchased during the year and 90% of Polestar's fixed reserved volume for the year. Polestar's fixed reserve volume for each year is negotiated and agreed upon in November of the year prior. •On January 17, 2022, Polestar entered into a tooling and equipment agreement with Geely related to PS4 unique equipment, tooling, and launch costs related to the manufacturing of the PS4. Under the agreement, Geely agreed to invest a total of $60,948 for PS4 unique equipment, tooling, and launch costs on behalf of Polestar and Polestar agreed to pay Geely in seven installments at certain pre-defined milestones between contract signing and February 2024. The cost to Polestar for PS4 unique equipment and tooling is $39,371 and $21,577 for PS4 launch costs. •On December 23, 2021, Polestar entered into a unique vendor tooling agreement with Geely related to PS4 unique vendor tooling related to the manufacturing of the PS4. Under the agreement, Geely agreed to invest a maximum of $83,646 for PS4 unique vendor tooling on behalf of Polestar and Polestar agreed to pay Geely monthly as costs are incurred.
PS5			•On July 26, 2022, Polestar entered into a vehicle supply agreement with Asia Europe New Energy Vehicle Manufacturing (Chongqing) Co., Ltd. ("AECQ"), a subsidiary of Geely, related to the production of PS5 prototypes. Under the agreement, AECQ agreed to manufacture and sell Polestar prototypes of the PS5 for a total cost of $25,398 that was determined under a cost-plus methodology. On February 3, 2023, the agreement was amended to change the timing and composition of prototypes, including adding production for spare parts and components, and increased the total cost to $25,783. On December 1, 2023, the agreement was amended again for similar reasons and increased the total cost to $27,290.

Refer to Note 29 - Commitments and contingencies for details on commitments and contingencies related to manufacturing of Polestar vehicles.

Production of the PS5 and PS6

Production of the PS5 and PS6 is intended to occur in a manufacturing plant owned by Geely, via its AECQ subsidiary, in Chongqing, China. During the year ended December 31, 2021, Polestar and Geely established a steering committee to oversee decisions relevant to the plant, including planning, design, construction, engineering management of the plant. Following the establishment of the steering committee, Polestar began providing digital, human resources, indirect procurement, finance, logistics, plant management, blue collar launch, product launch, and plant launch services (collectively, the "Plant Operation Services") related to the setup of Geely's plant. Since the year ended December 31, 2021 and prior to December 20, 2023, these services were provided to Geely without an agreement of commercial and legal terms (i.e., a contract) between Polestar and Geely; resulting in Polestar providing the Plant Operation Services to Geely at its own risk and without rights to consideration from Geely. All costs incurred by Polestar during the years ended December 31, 2023, 2022, and 2021 that were associated with providing the Plant Operation Services were expensed as incurred under their respective functional line items in the Consolidated Statement of Loss and Comprehensive Loss.

On December 20, 2023, Polestar and Geely entered into an agreement under which Geely agreed to compensate Polestar for the Plant Operation Services provided by Polestar during the years ended December 31, 2023, 2022, and 2021. The consideration received by Polestar upon signing of the service agreement amounted to $25,202 and was calculated utilizing a cost-plus methodology. The consideration received was recognized in Other operating income (expense), net in the Consolidated Statement of Loss and Comprehensive Loss for the year ended December 31, 2023.

Sales and distribution

For the years ended December 31, 2023, 2022, and 2021, the Group sold software technology, vehicles, prototype engines and carbon credits to Geely and Volvo Cars. The Group leverages Volvo Cars sales and services network for go-to-market strategies and dealer support to assist with tasks, which include agreements related to distribution and outbound logistics, delivery of vehicles and other products and global customer service. In 2023, the Group had new agreements in place to begin selling vehicles and services to Polestar Technology, a strategic joint venture for the China market with the technology company Xingji Meizu. Polestar leverages Xingji Meizu software and consumer electronics hardware development to strengthen Polestar's offer in the China market. Refer to Note 10 - Investment in associates for more information regarding the agreements with Polestar Technology.

The Group sells vehicles to Volvo Cars and end customers while end customers can choose to finance the vehicles via Polestar's related party, Volvofinans Bank AB (“Volvofinans Bank”).

Polestar and Volvo Car Financial Services US LLC, doing business as Polestar Financial Services (“PFS”), entered into residual value guarantee agreements with Bank of America, National Association (“BANA”), a third party, in the US. BANA sought to obtain economic protection against degradation in the residual value of leased vehicles it funds, and Polestar agreed to provide such protection as a service for a fee.

Information technology

While Polestar has its own information technology (“IT”) department, Polestar operates in a shared IT environment with Volvo Cars and has service and software license agreements related to the support, maintenance, and operation of IT processes. These IT services include resource planning systems, operations, infrastructure, networking, communications, collaboration, integration, and application hosting.

Other support

The Group has various other related party agreements in place with Volvo Cars. These are primarily service agreements that relate to support for corporate or back-office functions, including human resources, legal, accounting, and logistics. Human resources support services relate to activities associated with payroll administration, training and workforce administration. Legal support services include routine work associated with patent and brand registrations and competition law. Accounting support services include statutory finance administration, accounting, and financial reporting for sales units.

Polestar outsources inbound and outbound logistics related to the PS2 to Volvo Cars, since the PS2 is manufactured at Volvo Cars' Taizhou plant. Inbound logistics relate to supplier shipments to various production sites; outbound logistics relate to the transport of vehicles to end customers. Polestar outsources inbound logistics related to the PS4 to Geely, since the PS4 in manufactured at Geely's Hangzhou Bay plant. The Group outsources customs handling to Volvo Cars as it does not currently have its own customs department. Warranty claims handling is also outsourced to Volvo Cars.

Financing

Working capital loans

In May 2021, the Group entered into a working capital credit facility with Volvo Cars Financial Services UK. The credit facility is renewed each 12-month period and is denominated in GBP. Interest is calculated at the floating Bank of England ("BoE") base rate plus 2-2.5%, settled monthly. The facility is partially secured by the underlying assets. As of December 31, 2023 and 2022, $35,747 and $16,690 of this financing arrangement remained outstanding, respectively, which is included in Interest-bearing current liabilities - related parties on the Consolidated Statement of Financial Position.

Convertible instruments

On November 3, 2022 the Group entered into a credit facility agreement with Volvo Cars providing available credit of up to $800,000; originally terminating on May 3, 2024. The credit facility can be drawn upon once a month and is utilizable for general corporate purposes. Interest is calculated at the floating six-month SOFR rate plus 4.9% per annum. Prior to June 30, 2027, if the Group announces an offering of shares with a proposed capital raise of at least $350,000 and no fewer than five institutional investors participate in the offering, Volvo Cars has the right to convert the principal amount of any outstanding loans into the same class of shares and at the same price per share as received by the participating institutional investors. Under IAS 32 and IFRS 9, Volvo Cars' conversion right meets the definition of an embedded derivative financial liability that is required to be bifurcated from the host debt instrument and accounted for separately because it could result in the issuance of a variable number of Class A Shares in the Parent at a price that was not fixed at the inception of the agreement. Additionally, the economics of Volvo Cars' conversion right are not clearly and closely related to that of the host debt instrument because the principal value of Volvo Cars' conversion right depends on (1) whether or not the Group conducts a qualified equity offering to investors at a market discount and (2) the time-value of money associated with settlement of the liability earlier than June 30, 2027. As such, the financial liability related to Volvo Cars' conversion right is carried at fair value with subsequent changes in fair value recognized in the Consolidated Statement of Loss and Comprehensive Loss at each reporting date. On November 8, 2023, the credit facility agreement was amended to increase the overall credit capacity to $1,000,000 and extend the termination date to June 30, 2027. As a result of the amended terms, Polestar recalculated the carrying amount of the liability as the present value of the modified contractual cash flows and recognized a modification loss of $6,829 within Finance expense. As of December 31, 2023 and 2022, the Group had principal draws of $1,000,000 and $0 respectively,

outstanding under the facility and the fair value of the financial liability related to Volvo Cars' conversion right was $0 and $0, respectively. The modified carrying value of the liability as of December 31, 2023 was $1,006,829.

On November 8, 2023, the Group entered into a credit facility agreement with Geely providing available credit of up to $250,000; terminating on June 30, 2027. Other than the amount of credit available, the credit facility agreement with Geely maintains terms that are identical to the amended credit facility agreement with Volvo Cars. As of December 31, 2023 the Group had principal draws of $250,000 outstanding under the facility and the fair value of the financial liability related to Geely's conversion right was $0.

As of December 31, 2023 the total principal balance outstanding under the facilities with Volvo Cars and Geely is reflected within Other non-current interest-bearing liabilities - related parties.

Of the $35,231 in Convertible Notes issued on July 28, 2021, $9,531 was issued to various entities affiliated with Geely. As of December 31, 2021, all $9,531 of the Convertible Notes were outstanding. Upon the Closing of the merger with GGI, the Convertible Notes were converted into 4,306,466 Class A Shares. Refer to Note 1 - Overview and basis of preparation and Note 22 - Equity for further details.

Other financing instruments

On December 8, 2023, Polestar and Geely entered into an asset transfer agreement which, when considered together with certain other agreements not signed until after December 31, 2023, was designed to provide financing to Polestar in exchange for Polestar transferring legal ownership of certain Polestar unique tooling and equipment that will be used in the manufacturing of the PS3 (the "PS3 Tooling and Equipment") to Geely. The agreements were as follows:

•Polestar and Geely entered into an asset transfer agreement on December 8, 2023 under which Geely agreed to purchase the PS3 Tooling and Equipment for $156,056. The PS3 Tooling and Equipment sold to Geely included (1) tooling and equipment at certain vendors’ premises and (2) unique type bound tooling and equipment located in Volvo Cars' plant. The purchase price was comprised of (1) Polestar's book value of the PS3 Tooling and Equipment equal to $149,470 (the "Base") and (2) an estimate of the cost to Polestar for future changes or modifications to the PS3 Tooling and Equipment equal to $6,586 (the "Cap"). The amount of the Cap not utilized by Polestar must be repaid by Polestar to Geely at the end of the useful life of the PS3. During and at the end of the useful life of the PS3, Polestar has the right to repurchase the PS3 Tooling and Equipment at Geely's book value. In the event the user right agreement (discussed below) is terminated, Polestar is obligated to repurchase the PS3 Tooling and Equipment at the amount not reimbursed to Geely under the user right agreement.

•Polestar, Geely, and Volvo Cars were committed to enter into a user right agreement under which Geely will grant Volvo Cars the right to use to PS3 Tooling and Equipment to manufacture the PS3 for Polestar in exchange for an annual user right fee from Volvo Cars equal to the Base divided by the estimated useful life of the PS3 (i.e., 6 years). In the event Polestar utilizes the Cap in the future, the numerator of the annual user right fee calculation will be adjusted by Geely to add the amount of the Cap utilized by Polestar. The user right fee does not carry interest or a mark-up.

•Polestar and Volvo Cars were committed enter into a manufacturing agreement under which Volvo Cars will manufacture the PS3 in its plant in Chengdu, China. Per the pricing terms of the manufacturing agreement, Polestar will repay Volvo Cars for the annual user right fee paid to Geely in the piece price of each PS3 purchased (i.e., the annual user right fee divided by the annual manufacturing volume of PS3s).

In accounting for the asset transfer agreement, the Group applied the guidance in IFRS 15, IFRS 16, and IFRS 9. Under IFRS 15 and IFRS 16, the transfer of the PS3 Tooling and Equipment failed to meet the definition of a sale because the PS3 Tooling and Equipment is (1) unique to Polestar and the manufacturing of the PS3, (2) Polestar maintains a right to repurchase the PS3 Tooling and Equipment during and at the end of the useful life of the PS3, and (3) Polestar has a contingent obligation to repurchase the PS3 Tooling and Equipment at a value equal to Geely's purchase price less the total amount of the user right fee paid to Geely in the event the user right agreement is terminated. Further, since Polestar is required to (1) pay Volvo Cars in PS3 piece price for the annual user right fee Volvo Cars is required to pay Geely and (2) pay Geely at the end of the useful life of the PS3 for any unused amount of the Cap, the agreements together form a failed sale and lease-back transaction. In accordance with IFRS 16, the PS3 Tooling and Equipment was not derecognized from PPE and Polestar's obligation to repay the purchase price from Geely was accounted for under IFRS 9. Per the terms of the agreement, Polestar's long-term obligation to repay Geely through Volvo Cars does not include any interest or mark-up (i.e., the amount borrowed is the exact amount which will be repaid). This transfer of proceeds from Geely did not factor for the time-value of money (e.g., in a manner similar to a discount on a bond that a third party investor would require), so the transaction was not at arm's length in accordance with IAS 24, Related Party Disclosures ("IAS 24"), resulting in a portion of the purchase price from Geely being accounted for as a capital contribution instead of a financial liability. Accordingly, Polestar's obligation to Geely was recognized at the present value of $131,737, determined utilizing an estimated market interest rate in China of 5.2%, and the difference between the present value of Polestar's obligation and the purchase price from Geely of $25,565 was recognized as a component of Other contributed capital.

Sale of goods, services and other

Related party revenue transactions relate to product development and sales and distribution agreements discussed above. These transactions are comprised of sales of products and related goods and services, sales of software technology and performance engineered kits, sales of carbon credits and sales of prototype engines. The total revenue recognized from each related party is shown in the table below:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)
Volvo Cars	90,114	68,076	82,090


Volvofinans Bank AB	46,683		68,391		52,973
Geely	5,895		—		2,347
Total	$	142,692	$	136,467	$	137,410

For the year ended December 31, 2023, revenue from related parties amounted to $142,692 (6%) of total Revenue. For the year ended December 31, 2022, revenue from related parties amounted to $136,467 (5.6%) of total Revenue. For the year ended December 31, 2021, revenue from related parties was $137,410 (10.2%) of total Revenue.

Purchases of goods, services and other

Purchases from related parties include agreements related to product development, procurement, manufacturing, IT, and other support (specifically, inbound and outbound logistics) agreements discussed above. These agreements include work in progress and finished goods, including Polestar 2 vehicles purchased from Volvo Cars' factory in Taizhou, China and Polestar 4 vehicles purchased from Geely's Hangzhou Bay factory in Ningbo, China. Purchases of PS2 vehicles were from Geely until the change in plant ownership in November 2021; purchases and their related payables were from Volvo Cars subsequent to this event. Inventory cost of the Group is comprised of all costs of purchase, production charges and other expenditures incurred in bringing the inventory to its present location and condition.

Additionally, purchases from related parties include administrative costs associated with service agreements with Volvo Cars that relate to corporate or back-office functions. IT service and software related agreements are also included in administrative costs.

The total purchases of goods, services and other for each related party is shown in the table below:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Volvo Cars	2,345,639		2,219,169		560,451
Geely	260,103		249,108		1,200,295
Volvofinans Bank AB	463		1,003		5,748
Total	$	2,606,205	$	2,469,280	$	1,766,494

Cost of R&D and intellectual property

Polestar entered into agreements with Volvo Cars and Geely regarding the development of technology leveraged in the development of the PS2, PS3, and PS4. In 2020, the Group entered into similar agreements with Volvo Cars to acquire technology leveraged in the development of the PS1, PS2, and PS3. The Group is in control of the developed product either through a license or through ownership of the IP and the recognized asset reflects the relevant proportion of Polestar Group’s interest. The recognized asset associated with these agreements as of December 31, 2023 was $1,058,398, of which acquisitions attributable to 2023 were $240,312. As of December 31, 2022, the recognized asset associated with these agreements was $1,148,131, of which acquisitions attributable to 2022 were $215,532.

Amounts due to related parties


	As of December 31,
	2023		2022
Trade payables – related parties, accrued expenses, and other current liabilities to related parties			(Restated)
Volvo Cars	499,480		1,089,144
Geely	224,808		71,116
Volvofinans Bank AB	2,022		1,389
Total	$	726,310	$	1,161,649


	As of December 31,
Interest-bearing current liabilities - related parties	2023		2022
Volvo Cars	10,628		9,928
Geely	21,956		—

Volvo Car Financial Services UK	35,748		16,690
Total	$	68,332	$	26,618


			As of December 31,


Other non-current interest-bearing liabilities - related parties	2023		2022
Volvo Cars	1,049,463		43,643
Geely	359,781		—

Total	$	1,409,244	$	43,643

The Group’s interest expense related to related party liabilities is as follows:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)
Interest expense - related parties	92,033	37,924	30,832

Amounts due from related parties


	As of December 31,
	2023		2022
Trade receivables – related parties, accrued income – related parties, and other current assets - related parties			(Restated)
Volvo Cars	168,523		124,531
Geely	53,730		3
Volvofinans Bank AB	954		3,751
Total	$	223,207	$	128,285

Incentives to key management personnel

During the year ended December 31, 2019, Volvo Cars provided an equity based incentive program to certain members of the Group’s management team (the “Polestar Incentive Plan”). The Polestar Incentive Plan was launched to incentivize the retention of key personnel with pivotal roles in the development of the Group into a successful standalone company. Each participant was offered to purchase shares in PSINV AB, a subsidiary of Volvo Cars which in turn owned shares in Polestar Automotive Holding Limited and hence the participants were indirectly minority owners of the Group. The investment was made at fair market value in accordance with an external valuation.

In total 38,125 shares were acquired by the participants, which corresponded to an indirect ownership in the Group of 0.16 percent. Management evaluated the Polestar Incentive Plan to determine whether it qualified as an equity-settled share-based payment transaction within the scope of IFRS 2, as the participants receive shares of equity in exchange of their investment and more than one entity was involved in delivering the benefit to the participants. Given that the Group does not receive identifiable or unidentifiable goods or services in exchange for the equity purchase of PINSV AB, the transaction is not within the scope of IFRS 2. Furthermore, the Polestar Incentive Plan is in agreement with Volvo Cars and individual members of the Group’s prior EMT, as participants were given the option to purchase equity shares in PSINV AB being an entity outside the Group. Therefore, the Polestar Incentive Plan is not a share-based payment transaction in the scope of IFRS 2 and there is no financial statement impact on the Group.

As a consequence of the listing of Polestar Automotive Holding UK Limited on the Nasdaq Stock Exchange in June 2022 and in accordance with the terms of the Polestar Incentive Program, Volvo Cars was obliged to repurchase the participants shares in PSINV AB at fair market value. Each participant was thereafter obliged to reinvest the net proceeds received (repurchase amount less an amount corresponding to the effective tax rate on capital gains in the participants jurisdiction) in shares in Polestar Automotive Holding UK Limited directly on the open market. The purchased shares were subject to a 180 days’ lock-up period.

Refer to Note 7 - Employee benefits for details on compensation to the EMT and managing directors at the Group’s sales units.

Asset disposals

In December 2022, Polestar committed to a plan to sell, to Geely, its Chengdu manufacturing plant held by Polestar New Energy Vehicle Co. LTD. ("PSNEV"). Prior to the sale, there was a change in the grouping of assets classified as held for sale to include additional assets and immaterial liabilities. The inclusion of these additional assets and immaterial liabilities formed a group of assets and did not meet the definition of a business as defined by IFRS 3. The sale of PSNEV represented a common control transaction because (1) PSNEV did not meet the definition of a business at the time of the transaction, (2) the ultimate control of PSNEV was the same before and after the transaction, and (3) control of PSNEV was not transitory (i.e., organized to effect a 'grooming' transaction.) The resulting gain on the sale was $16,334. Refer to Note 28 - Assets held for sale for additional details.

Disclosure of transactions between related parties

Major product development agreements Polestar entered into with related parties during the years ended December 31, 2023, 2022, and 2021 are as follows:


Product			Agreements


PS2			•On November 9, 2022 and December 27, 2022, Polestar entered into amendment agreements related to the service and joint development agreements with Volvo Cars regarding the PS2 model year updates entered on April 13, 2021. The amendment agreements added the specific fee for model year 2022 and 2023 updates. The fee Polestar agreed to pay Volvo Cars for model year 2022 and 2023 updates was $39,623. The fee Polestar agreed to pay Volvo Cars for model year 2021 updates was amended to $54,684 from $31,366. •On June 23, 2021, Polestar entered into a supplement agreement to the PS2 car model assignment and license agreement to reconcile the actual development cost incurred by Volvo Cars and the category of technology developed for Polestar throughout 2020. The fee Polestar agreed to pay Volvo Cars under the agreement was $31,554. •On April 13, 2021, Polestar entered into service and joint development agreements with Volvo Cars related to development of model year updates throughout the life-time of the PS2. The fee for these services is dependent on actual development costs incurred by Volvo Cars and the category of technology developed for Polestar. The fee Polestar agreed to pay Volvo Cars for model year 2021 updates was $31,366 and costs related to future model year updates are based on actual hours incurred by Volvo Cars through a cost-plus methodology.
PS3			•No material agreements were signed in the years ended December 31, 2023, 2022, and 2021.
PS4			•On March 4, 2022, Polestar entered into two technology license agreements related to the right to use Geely's PMA-1 platform and GEEA2.0 electrical architecture for the PS4 in and outside of China. Under these agreements, Polestar agreed to pay Geely a monthly license royalty fee based on the net revenue of PS4s sold each month during the vehicle's lifecycle. The agreements also include a minimum sales volume commitment for sales inside and outside of China each year during the vehicle's lifecycle. Polestar is required to pay Geely compensation for any deficit between the actual volume sold and the minimum sales volume commitment each year. Polestar also entered into a third technology license agreement with Zhejiang Zeekr Automobile Research and Development Co., Ltd ("Zeekr"), an entity controlled by Geely, related to the right to use Zeekr carry-over tophat technology in the PS4 in China. Polestar agreed to pay Zeekr a monthly license royalty fee based on the net revenue of PS4s sold each month in China during the vehicle's lifecycle. The agreement also includes a minimum sales volume commitment for China for each year during the vehicle's lifecycle. Polestar is required to pay Zeekr compensation for any deficit in China between the actual volume sold and the minimum sales volume commitment each year. •On December 30, 2021, Polestar entered into a technology license agreement with Zeekr related to the right to use certain Zeekr carry-over tophat technology in the PS4 outside of China. This agreement has terms similar to those included in the agreement signed with Zeekr on March 4, 2022 regarding Zeekr technology used in the PS4 in China, except the minimum sales volume commitment thresholds are different and pertain to sales outside of China. •On December 28, 2021, Polestar entered into a R&D service agreement for the development phase of the PS4 beginning after the program confirmation milestone; ending with the final status report from Geely in 2025. The service charges are required to be paid in eight installments through 2025, based on predefined project milestones, and was calculated based on time and materials estimated to be incurred by Geely through 2025 under a cost-plus methodology. The total fee Polestar agreed to pay Geely through 2025 was $368,718. •On January 18, 2021, Polestar entered into a R&D service agreement for the concept phase of the PS4; ending at the program confirmation milestone. The service charge was a fixed price compensation dependent on the hours and resources required for the services to be performed by Geely throughout 2021, based on predefined project milestones. The total fee Polestar agreed to pay Geely throughout 2021 was $23,718.
PS5			•On September 28, 2023, Polestar entered into a technology license agreement with Geely related to the right to use Zeekr's ZEEA2.5 and Geely's GEEA2.0 electrical architectures for the PS5. The total license fee of $31,245 is required to be paid in two installments: a payment of $14,011 that occurred in October 2023 and a payment of $17,234 in December 2024.
PS6			•No material agreements were signed in the years ended December 31, 2023, 2022, and 2021.

Major manufacturing agreements Polestar entered into with related parties during the years ended December 31, 2023, 2022, and 2021 are listed below.


Product			Agreements
PS2			•No material agreements were signed in the years ended December 31, 2023, 2022, and 2021.
PS3			•On December 8, 2023, Polestar entered into an asset transfer agreement with Geely under which Polestar agreed to sell Polestar unique tooling and equipment that will be used in the manufacturing of the PS3 to Geely in exchange for $156,056. This agreement was accounted for as a financing transaction instead of a sale due to the terms of the agreement and the terms of other agreements with Volvo Cars and Geely that were signed on January 8, 2024 and March 3, 2024. Refer to the Financing section of this footnote and Note 30 - Subsequent events for more details. •On March 17, 2021 and March 23, 2021, Polestar entered into two financial undertaking agreements with Volvo Cars related to investments required prior to production of the PS3 in Volvo Cars' plant in Ridgeville, South Carolina. Under the first agreement, Volvo Cars agreed to invest $49,969 in common equipment that will be utilized in the production of both the PS3 and certain Volvo Cars branded vehicles and Polestar committed to pay Volvo Cars for its share of use of the common equipment via piece price of each PS3 produced. Under the second agreement, Volvo Cars agreed to invest $40,451 in PS3 unique equipment that will be utilized in the production of only the PS3 and Polestar committed to pay Volvo Cars for use of the PS3 unique equipment via piece price of each PS3 produced. Both agreements subject Polestar to making a lump sum payment to Volvo Cars in the event that Volvo Cars' investment costs are not recovered prior to the end of production of the PS3.
PS4			•On November 9, 2023, Polestar entered into a framework agreement with Geely and Renault Korea Motors Co., Ltd .("RKM") related to the production of the PS4 in RKM's plant in Busan, South Korea for sale in South Korea, Canada, and the United States. Under the agreement, Polestar agreed to pay RKM per vehicle produced based on a cost-plus methodology inclusive of cost components such as bill of materials, manufacturing service, long-lived asset, and outbound logistics fees. The agreement includes a purchase volume commitments for each year during the vehicle's lifecycle and Polestar is required to pay RKM compensation each year if the purchase volume commitment is not met. Between signing of the agreement and 2026, Polestar, Geely, and RKM are committed to invest approximately $242,000 to prepare the plant for production of the PS4. Polestar's share of the commitments that are required to be paid outside of piece price of each PS4 produced total approximately $200,000 and approximately $38,000 are required to be paid in piece price. The remaining commitment will be paid by Geely. •On July 17, 2023 and July 24, 2023, Polestar entered into two manufacturing and vehicle supply agreements with Geely related to production of the PS4 in Geely's plant in Hangzhou, China for sale in and outside of China. Under the agreements, Polestar agreed to pay Geely per vehicle produced based on a cost-plus methodology inclusive of cost components such as bill of materials, manufacturing service, and outbound logistics fees. The agreements include purchase volume commitments for each year during the vehicle's lifecycle. Polestar is required to pay Geely compensation for the deficit between the actual volume purchased during the year and 90% of Polestar's fixed reserved volume for the year. Polestar's fixed reserve volume for each year is negotiated and agreed upon in November of the year prior. •On January 17, 2022, Polestar entered into a tooling and equipment agreement with Geely related to PS4 unique equipment, tooling, and launch costs related to the manufacturing of the PS4. Under the agreement, Geely agreed to invest a total of $60,948 for PS4 unique equipment, tooling, and launch costs on behalf of Polestar and Polestar agreed to pay Geely in seven installments at certain pre-defined milestones between contract signing and February 2024. The cost to Polestar for PS4 unique equipment and tooling is $39,371 and $21,577 for PS4 launch costs. •On December 23, 2021, Polestar entered into a unique vendor tooling agreement with Geely related to PS4 unique vendor tooling related to the manufacturing of the PS4. Under the agreement, Geely agreed to invest a maximum of $83,646 for PS4 unique vendor tooling on behalf of Polestar and Polestar agreed to pay Geely monthly as costs are incurred.
PS5			•On July 26, 2022, Polestar entered into a vehicle supply agreement with Asia Europe New Energy Vehicle Manufacturing (Chongqing) Co., Ltd. ("AECQ"), a subsidiary of Geely, related to the production of PS5 prototypes. Under the agreement, AECQ agreed to manufacture and sell Polestar prototypes of the PS5 for a total cost of $25,398 that was determined under a cost-plus methodology. On February 3, 2023, the agreement was amended to change the timing and composition of prototypes, including adding production for spare parts and components, and increased the total cost to $25,783. On December 1, 2023, the agreement was amended again for similar reasons and increased the total cost to $27,290.

The total revenue recognized from each related party is shown in the table below:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)
Volvo Cars	90,114	68,076	82,090


Volvofinans Bank AB	46,683		68,391		52,973
Geely	5,895		—		2,347
Total	$	142,692	$	136,467	$	137,410

The total purchases of goods, services and other for each related party is shown in the table below:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Volvo Cars	2,345,639		2,219,169		560,451
Geely	260,103		249,108		1,200,295
Volvofinans Bank AB	463		1,003		5,748
Total	$	2,606,205	$	2,469,280	$	1,766,494


	As of December 31,
	2023		2022
Trade payables – related parties, accrued expenses, and other current liabilities to related parties			(Restated)
Volvo Cars	499,480		1,089,144
Geely	224,808		71,116
Volvofinans Bank AB	2,022		1,389
Total	$	726,310	$	1,161,649


	As of December 31,
Interest-bearing current liabilities - related parties	2023		2022
Volvo Cars	10,628		9,928
Geely	21,956		—

Volvo Car Financial Services UK	35,748		16,690
Total	$	68,332	$	26,618


			As of December 31,


Other non-current interest-bearing liabilities - related parties	2023		2022
Volvo Cars	1,049,463		43,643
Geely	359,781		—

Total	$	1,409,244	$	43,643

The Group’s interest expense related to related party liabilities is as follows:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)
Interest expense - related parties	92,033	37,924	30,832

Amounts due from related parties


	As of December 31,
	2023		2022
Trade receivables – related parties, accrued income – related parties, and other current assets - related parties			(Restated)
Volvo Cars	168,523		124,531
Geely	53,730		3
Volvofinans Bank AB	954		3,751
Total	$	223,207	$	128,285

Financial risk management (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Summary of Translation Exposure Risk


	Impact on loss before income taxes
CNY/SEK exchange rate - increase/decrease 10%	-/+	14,248
GBP/SEK exchange rate - increase/decrease 10%	+/-	10,645
USD/SEK exchange rate - increase/decrease 10%	+/-	3,236
AUD/SEK exchange rate - increase/decrease 10%	+/-	2,264


	Impact on loss before income taxes
CNY/SEK exchange rate - increase/decrease 10%	-/+	60,213
USD/SEK exchange rate - increase/decrease 10%	+/-	15,133


EUR/SEK exchange rate - increase/decrease 10%	+/-	14,975
CNY/USD exchange rate - increase/decrease 10%	+/-	7,481


	Impact on loss before income taxes
CNY/SEK exchange rate - increase/decrease 10%	-/+	60,598
CNY/USD exchange rate - increase/decrease 10%	+/-	24,957
USD/SEK exchange rate - increase/decrease 10%	+/-	14,888
EUR/SEK exchange rate - increase/decrease 10%	-/+	3,677

Disclosure of market risk

The following table illustrates the estimated impact of a 10% change in market volatility:


	Impact on loss before income taxes
	2023		2022
Earn-out liability - increase 10%	+	32,137	+	60,531
Earn-out liability - decrease 10%	-	(43,341)	-	(55,828)


	Impact on loss before income taxes
	Fair value change - Class C-1 Shares			Fair value change - Class C-2 Shares
		2023	2022		2023	2022
Class C Shares liability - increase of 10%	+	640	800	+	360	450
Class C Shares liability - decrease of 10%	-	(640)	(960)	-	(360)	(540)

Summary of Interest Rate Risk


	Impact on loss before income taxes
	2023		2022
Interest rates - increase/decrease by 1%	+/-	10,028	+/-	5,219

Disclosure of Capital Management

Polestar's capital is summarized as follows:


	For the year ended December 31,
	2023		2022
Share capital and Other contributed capital	3,636,355		3,605,397
Liabilities to credit institutions	2,023,582		1,326,388
Other non-current interest-bearing liabilities - related parties	1,409,244		43,643
Interest-bearing current liabilities - related parties	68,332		26,618
Total capital	$	7,137,513	$	5,002,046

Equity - Reverse Recapitalization Share Activity (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2022	Jun. 23, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of number of shares outstanding [Roll Forward]
Equity-settled share-based payment			$ (5,393)	$ (9,909)
Class A Shares
Reconciliation of number of shares outstanding [Roll Forward]
Number of shares outstanding (in shares)	197,026,729	197,026,729	467,677,673	197,026,729	214,371,808
Issuance during the year (in shares)		0			0
Conversion from Class A to Class B (in shares)					(17,345,079)
Closing of the merger with GGI (in shares)
Removal of Polestar Automotive Holding Limited from the Group (in shares)
Exchange of Class A for Class B (in shares)	(197,026,729)
Exchange of Class B for Class A (in shares)	294,877,349
Reclassification of GBP Redeemable Preferred Shares (in shares)	0
Issuance of Volvo Cars Preference Shares (in shares)	58,882,610
Issuance to Convertible Note holders (in shares)	4,306,466				0
Issuance to PIPE investors (in shares)	26,540,835
Issuance to GGI shareholders (in shares)	82,193,962
Listing expense (in shares)	0
Transaction costs (in shares)	0
Post-closing of the merger with GGI (in shares)
Equity-settled share-based payment (in shares)	876,451		299,075
Equity settled share-based payment (in shares)	0
Number of shares outstanding (in shares)	467,677,673	197,026,729	467,976,748	467,677,673	197,026,729
Class B Shares
Reconciliation of number of shares outstanding [Roll Forward]
Number of shares outstanding (in shares)	35,377,866	35,377,866	1,642,233,575	35,377,866	0
Issuance during the year (in shares)		0			18,032,787
Conversion from Class A to Class B (in shares)					17,345,079
Closing of the merger with GGI (in shares)
Removal of Polestar Automotive Holding Limited from the Group (in shares)
Exchange of Class A for Class B (in shares)	1,642,233,575
Exchange of Class B for Class A (in shares)	(35,377,866)
Reclassification of GBP Redeemable Preferred Shares (in shares)	0
Issuance of Volvo Cars Preference Shares (in shares)	0
Issuance to Convertible Note holders (in shares)	0				0
Issuance to PIPE investors (in shares)	0
Issuance to GGI shareholders (in shares)	0
Listing expense (in shares)	0
Transaction costs (in shares)	0
Post-closing of the merger with GGI (in shares)
Equity-settled share-based payment (in shares)	0		0
Equity settled share-based payment (in shares)	0
Number of shares outstanding (in shares)	1,642,233,575	35,377,866	1,642,233,575	1,642,233,575	35,377,866
Share capital
Reconciliation of number of shares outstanding [Roll Forward]
Number of shares outstanding (in shares)	(1,865,909,000)	(1,865,909,000)	(21,165,000)	(1,865,909,000)	(1,318,752,000)
Issuance during the year (in shares)		0			(547,157,000)
Conversion from Class A to Class B (in shares)					0
Closing of the merger with GGI (in shares)
Removal of Polestar Automotive Holding Limited from the Group (in shares)
Exchange of Class A for Class B (in shares)	1,565,447,000
Exchange of Class B for Class A (in shares)	281,090,000
Reclassification of GBP Redeemable Preferred Shares (in shares)	(65,000)
Issuance of Volvo Cars Preference Shares (in shares)	(589,000)
Issuance to Convertible Note holders (in shares)	(43,000)				0
Issuance to PIPE investors (in shares)	(265,000)
Issuance to GGI shareholders (in shares)	(822,000)
Listing expense (in shares)	0
Transaction costs (in shares)	0
Post-closing of the merger with GGI (in shares)
Equity-settled share-based payment (in shares)	(9,000)		(3,000)
Equity settled share-based payment (in shares)	0
Equity-settled share-based payment			$ (3)	$ (9)
Number of shares outstanding (in shares)	(21,165,000)	(1,865,909,000)	(21,168,000)	(21,165,000)	(1,865,909,000)
Other contributed capital
Reconciliation of number of shares outstanding [Roll Forward]
Number of shares outstanding (in shares)	(35,231,000)	(35,231,000)	(3,584,232,000)	(35,231,000)	0
Issuance during the year (in shares)		0			0
Conversion from Class A to Class B (in shares)					0
Closing of the merger with GGI (in shares)
Removal of Polestar Automotive Holding Limited from the Group (in shares)
Exchange of Class A for Class B (in shares)	(1,565,447,000)
Exchange of Class B for Class A (in shares)	(281,090,000)
Reclassification of GBP Redeemable Preferred Shares (in shares)	65,000
Issuance of Volvo Cars Preference Shares (in shares)	(588,237,000)
Issuance to Convertible Note holders (in shares)	43,000				(35,231,000)
Issuance to PIPE investors (in shares)	(249,735,000)
Issuance to GGI shareholders (in shares)	(521,285,000)
Listing expense (in shares)	(372,318,000)
Transaction costs (in shares)	38,903,000
Post-closing of the merger with GGI (in shares)
Equity-settled share-based payment (in shares)	(9,900,000)		(5,390,000)
Equity settled share-based payment (in shares)	(25,565,000)
Equity-settled share-based payment			$ (5,390)	$ (9,900)
Number of shares outstanding (in shares)	(3,584,232,000)	(35,231,000)	(3,615,187,000)	(3,584,232,000)	(35,231,000)

Other operating income and expense

12 Months Ended

Dec. 31, 2023

Analysis of income and expense [abstract]

Other operating income and expense

Note 9 - Other operating income and expense

The following table details the Group’s Other operating income and expense:


	For the year ended December 31,
	2023		2022		2021
					(Restated)
Other operating income
Net foreign exchange rate difference	38,240		—		—
Sales of plant operation services to a related party	25,202		—		—
Gain on asset grouping sold to a related party	16,334		—		—
Sales of carbon credits to a related party	5,628		—		—
Other operating income	15,773		4,723		1,520
Total	$	101,177	$	4,723	$	1,520

	For the year ended December 31,
Other operating expense	2023		2022		2021
			(Restated)		(Restated)
Transition services to Polestar Technology	27,630		—		—
Litigation expense, net of insurance	27,326		—		—
Non-income tax expense	669		1,083		1,064
Net foreign exchange rate difference	—		2,264		50,850
Other operating expenses	4,348		1,681		322
Total	$	59,973	$	5,028	$	52,236

Refer to Note 10 - Investment in associates for further details on Transition services to Polestar Technology; Note 27 - Related party transactions for further details on sales of plant operation services and gain on Assets held for sale; and Note 28 - Assets held for sale for further details on gain on Assets held for sale.

Share-based payment - Share Activity (Details) - shares	12 Months Ended
Share-based payment - Share Activity (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of units outstanding, beginning of the year (in shares)	1,321,663	0
Granted (in shares)	1,909,045	1,823,114
Vested (in shares)	(174,075)	(501,451)
Cancelled (in shares)	323,486	0
Number of units outstanding, end of the year (in shares)	2,733,147	1,321,663
Performance Share Units (PSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of units outstanding, beginning of the year (in shares)	858,821	0
Granted (in shares)	1,378,621	858,821
Vested (in shares)	0	0
Cancelled (in shares)	266,366	0
Number of units outstanding, end of the year (in shares)	1,971,076	858,821
Restricted Share Units (RSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of units outstanding, beginning of the year (in shares)	458,620	0
Granted (in shares)	530,424	629,303
Vested (in shares)	(169,853)	(170,683)
Cancelled (in shares)	57,120	0
Number of units outstanding, end of the year (in shares)	762,071	458,620
Free Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of units outstanding, beginning of the year (in shares)	4,222	0
Granted (in shares)	0	334,990
Vested (in shares)	(4,222)	(330,768)
Cancelled (in shares)	0	0
Number of units outstanding, end of the year (in shares)	0	4,222

Trade receivables (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of Trade Receivables

The following table details the aging analysis of the Trade receivables:


	Not overdue	1-30 days overdue	30-90 days overdue	>90 days overdue	Total
2023
Gross trade receivables, external	62,916	49,670	7,842	5,777	126,205
Trade receivables - related parties	52,313	7,474	1,204	35	61,026


Net trade receivables	$	115,229	$	57,144	$	9,046	$	5,812	$	187,231
2022 - (Restated)
Gross trade receivables, external	124,189		93,371		19,034		2,984		239,578
Trade receivables - related parties	65,522		12,786		519		398		79,225

Net trade receivables	$	189,711	$	106,157	$	19,553	$	3,382	$	318,803

Intangible assets and goodwill

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Note 15 - Intangible assets and goodwill

The following table depicts the split between Polestar Group's intangible assets, goodwill and trademarks:


	As of December 31,
	2023		2022
			(Restated)
Intangible assets	1,362,281		1,345,515
Goodwill and trademarks	50,448		48,767
Total	$	1,412,729	$1,394,282

Intangible assets were as follows:

Internally developed IP

Software

Acquired IP

Total

Acquisition cost


Balance as of January 1, 2022 - (Restated)	149,148		2,446		1,540,676		1,692,270
Additions1 - (Restated)	89,744		1,039		215,532		306,315
Derecognition due to program changes	(10,007)		—		—		(10,007)
Effect of foreign currency exchange rate differences - (Restated)	(19,175)		(282)		(190,360)		(209,817)
Balance as of December 31, 2022 - (Restated)	$	209,710	$	3,203	$	1,565,848	$	1,778,761
Additions1	99,362		7,665		240,312		347,339
Derecognition due to program changes	(8,341)		—		—		(8,341)
Divestments and disposals	—		—		(12,347)		(12,347)
Effect of foreign currency exchange rate differences	12,214		512		41,905		54,631
Balance as of December 31, 2023	$	312,945	$	11,380	$	1,835,718	$	2,160,043
Accumulated amortization and impairment
Balance as of January 1, 2022 - (Restated)	(15,659)		(433)		(358,471)		(374,563)
Amortization expense - (Restated)	(1,211)		(275)		(101,604)		(103,090)
Effect of foreign currency exchange rate differences - (Restated)	2,014		35		42,358		44,407
Balance as of December 31, 2022	$	(14,856)	$	(673)	$	(417,717)	$	(433,246)
Amortization expense	(748)		(812)		(105,475)		(107,035)
Divestments and disposals	—		—		12,297		12,297
Impairment loss2	(2,693)		—		(254,374)		(257,067)
Effect of foreign currency exchange rate differences	(597)		(63)		(12,051)		(12,711)
Balance as of December 31, 2023	$	(18,894)	$	(1,548)	$	(777,320)	$	(797,762)

Carrying amount as of December 31, 2022 - (Restated)	$	194,854	$	2,530	$	1,148,131	$	1,345,515
Carrying amount as of December 31, 2023	$	294,051	$	9,832	$	1,058,398	$	1,362,281

1 - Of $347,339 in additions for the year ended December 31, 2023, $217,861 has been settled in cash. These $217,861 are included in the $457,364 cash used for investing activities related to additions to intangible assets, and the remaining $239,503 relates to decreases in Trade payables - related parties from prior years which were settled in cash during the year ended December 31, 2023. Of $306,315 in additions for the year ended December 31, 2022, $237,778 was settled in cash and included in cash used for investing activities related to additions to intangible assets.

2 - For the year ended December 31, 2023, Polestar 2 CGU was assessed for impairment, and impairment losses amounting to $257,067 were recognized related to Intellectual property, where 100% of the amount was recognized within Cost of sales.

For the year ended December 31, 2023, additions to internally developed IP are primarily related to the Polestar 5 and various other internal programs, such as model year changes. Additions of acquired IP during the year ended December 31, 2023 were related to acquisitions of the Polestar 2 and Polestar 3 IP from Volvo Cars and the acquisition of IP related to the Polestar 4 from Geely. Refer to Note 27 - Related party transactions for further details.

Changes to the carrying amount of goodwill and trademarks were as follows:


	Goodwill		Trademarks		Total
Balance as of January 1, 2022	53,282		2,647		55,929
Effect of foreign currency exchange rate differences	(6,822)		(340)		(7,162)
Balance as of December 31, 2022	$	46,460	$	2,307	$	48,767
Effect of foreign currency exchange rate differences	1,601		80		1,681
Balance as of December 31, 2023	$	48,061	$	2,387	$	50,448

Income taxes benefit (expense) (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income Tax Expense

Income tax benefit (expense) recognized in the Consolidated Statement of Loss and Comprehensive Loss is as follows:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Current income tax for the year	(16,356)		(21,058)		(3,337)
Deferred taxes	39,128		(7,619)		8,929
Foreign taxes	(15,634)		(983)		(2,517)
Total	$	7,138	$	(29,660)	$	3,075


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Loss before tax for the year	(1,189,566)		(447,795)		(972,373)
Tax according to the applicable tax rate1	279,786		85,081		160,441
Effect of different tax rates in other countries	(25,904)		16,528		62,523
Operating income/costs, non taxable2	22,851		85,861		(7,000)
Withholding tax	(15,634)		(983)		(2,517)
Not recognized tax losses carried forward	(212,003)		(188,351)		(213,928)
Non-recognition of deferred tax assets on other temporary differences	(40,585)		(12,185)		144
Recognition/derecognition of deferred taxes from previous year	368		(11,830)		3,412
Current tax related to previous year	(1,741)		(3,781)		—

Total	$	7,138	$	(29,660)	$	3,075

1 - 2023: 23.52% (UK rate), 2022: 19% (UK rate), 2021: 16.5% (Hong Kong rate).

Composition of Recognized Deferred Tax Assets

Information regarding the composition of recognized Deferred tax assets is as follows:


	As of December 31,
Specification of deferred tax assets	2023		2022
			(Restated)
Tax losses carried forward	25,530		47,898
Right-of use assets	29,077		24,615
Intangibles	—		—
Inventory	17,837		1,117
Accruals	25,865		13,808
Warranty	11,019		7,755
Tangible assets	612		—
Other temporary differences	1,436		—
Recognized value of deferred tax assets as of December 31	$	111,376	$	95,193
Netting of asset and liability tax positions	(68,335)		(83,906)
Deferred tax assets as of December 31	$	43,041	$	11,287

Information regarding the composition of recognized Deferred tax liabilities is as follows:


			As of December 31,


Specification of deferred tax liabilities	2023		2022
			(Restated)
Intangible assets	23,825		39,546
Inventory	3,071		19,884
Accruals	13,008		11,393
Warranty	6,259		938
Lease liability	25,507		24,615
Other temporary differences	—		—
Recognized value of deferred tax liabilities as of December 31	$	71,670	$	96,376
Netting of asset and liability tax position	(68,335)		(83,906)
Deferred tax liability as of December 31	$	3,335	$	12,470

Disclosure of Tax Loss Carryforwards

Tax loss carryforwards through the year of expiration are as follows:


	As of December 31,
	2023		2022
			(Restated)
2023	—		—
2024	—		67,221
2025	—		174,128
2026	169,970		131,524
2027	109,965		188,728
2028	147,666		215,925
2029 onwards	2,951,159		1,368,738
Tax loss carryforwards as of December 31	$	3,378,760	$	2,146,264

Financial risk management - Summary of Capital Management (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
Share capital and Other contributed capital	$ 3,636,355	$ 3,605,397
Liabilities to credit institutions	2,023,582	1,326,388
Other non-current interest-bearing liabilities - related parties	1,409,244	43,643
Interest-bearing current liabilities - related parties	68,332	26,618
Total capital	$ 7,137,513	$ 5,002,046

Current and non-current provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in other provisions [abstract]
Other provisions, beginning balance	$ 148,211	$ 77,119
Additions - (Restated)	152,661	130,256
Utilization - (Restated)	(69,752)	(44,278)
Reversals - (Restated)	(20,577)	(10,994)
Unwinding of discount and effect in changes due to discount rate - (Restated)	(10,975)	(3,892)
Other provisions, ending balance	199,568	148,211
Other current provisions	94,887	72,849
Other non-current provisions	104,681	75,362
Legal claim, coverage of costs	10,000
Legal claim, amount paid	5,000
Legal claim, amount recognized	8,350
Warranties
Changes in other provisions [abstract]
Other provisions, beginning balance	125,217	58,453
Additions - (Restated)	93,609	106,680
Utilization - (Restated)	(44,995)	(25,239)
Reversals - (Restated)	(17,091)	(10,785)
Unwinding of discount and effect in changes due to discount rate - (Restated)	(10,975)	(3,892)
Other provisions, ending balance	145,765	125,217
Other current provisions	44,581	53,595
Other non-current provisions	101,184	71,622
Employee benefits
Changes in other provisions [abstract]
Other provisions, beginning balance	13,418	7,628
Additions - (Restated)	3,333	14,590
Utilization - (Restated)	(11,704)	(8,608)
Reversals - (Restated)	(1,825)	(192)
Unwinding of discount and effect in changes due to discount rate - (Restated)	0	0
Other provisions, ending balance	3,222	13,418
Other current provisions	2,139	13,322
Other non-current provisions	1,083	96
Litigation
Changes in other provisions [abstract]
Other provisions, beginning balance	0	0
Additions - (Restated)	35,676	0
Utilization - (Restated)	0	0
Reversals - (Restated)	0	0
Unwinding of discount and effect in changes due to discount rate - (Restated)	0	0
Other provisions, ending balance	35,676	0
Other current provisions	35,676	0
Other non-current provisions	0	0
Other
Changes in other provisions [abstract]
Other provisions, beginning balance	9,576	11,038
Additions - (Restated)	20,043	8,986
Utilization - (Restated)	(13,053)	(10,431)
Reversals - (Restated)	(1,661)	(17)
Unwinding of discount and effect in changes due to discount rate - (Restated)	0	0
Other provisions, ending balance	14,905	9,576
Other current provisions	12,491	5,932
Other non-current provisions	$ 2,414	$ 3,644

Liabilities to credit institutions

12 Months Ended

Dec. 31, 2023

Borrowing costs [abstract]

Schedule of Revenue Disaggregation

Note 25 - Liabilities to credit institutions

The carrying amount of Polestar Group’s Liabilities to credit institutions as of December 31, 2023 and December 31, 2022 were as follows:


	As of December 31,
	2023		2022
Liabilities to credit institutions			(Restated)
Working capital loans from banks	1,923,755		1,300,108
Floorplan facilities	87,039		14,561
Sale-leaseback facilities	12,788		11,719
Total	$	2,023,582	$	1,326,388

Since Liabilities to credit institutions are short-term with a duration of twelve months or less, the carrying amount of each contract is deemed to be a reasonable approximation of fair value. The Group’s risk management policies related to Liabilities to credit institutions and other debt instruments are further detailed in Note 3 - Financial risk management of the Consolidated Financial Statements, as of, and for the year ended, December 31, 2023.

The Group had the following working capital loans outstanding as of December 31, 2023:

Currency

Term

Security

Interest

Nominal amount in
respective currency
(thousands)

Amount in USD (thousands)

EUR

February 2023 - February 2024

Secured1

3 month EURIBOR2 plus 2.30% and an arrangement fee of 0.15%

400,104

442,795

USD

March 2023 - March 2024

Unsecured3

7.35% per annum, settled quarterly

100,000

CNY

March 2023 - March 2024

Unsecured3

12 month LPR4 plus 0.05%, settled quarterly

260,000

36,617

CNY

April 2023 - April 2024

Unsecured3

12 month LPR4 plus 0.05%, settled quarterly

11,430

1,610

CNY

May 2023 - May 2024

Unsecured3

12 month LPR4 plus 0.45%, settled quarterly

231,000

32,533

CNY

June 2023 - June 2024

Unsecured3

12 month LPR4 plus 1.3%,

settled monthly

310,000

43,659

USD

August 2023 - August 2024

Unsecured3

3 month SOFR5 plus 2.30%, settled quarterly

402,000

USD

August 2023 - August 2024

Secured6

12 month SOFR5 plus 0.9%, settled quarterly

320,000

USD

August 2023 - August 2024

Unsecured3

12 month SOFR5 plus 1.1%, settled quarterly

82,000

CNY

September 2023 - September 2024

Unsecured3

12 month LPR4 plus 0.25%, settled quarterly

500,000

70,417

USD

September 2023 - September 2024

Unsecured3

12 month SOFR5 plus 0.65%, settled quarterly

118,000

USD

September 2023 - September 2024

Secured6

12 month SOFR5 plus 1.11%, settled semi-annual

100,000

CNY

October 2023 - October 2024

Unsecured3

12 month LPR4 plus 0.15%, settled quarterly

200,000

28,167

CNY

December 2023 - December 2024

Unsecured3

12 month LPR4 plus 1.05%, settled quarterly

92,000

12,957

USD

December 2023 - December 2024

Secured6

12 month SOFR5 plus 1.70%, settled semi-annual

133,000

Total

1,923,755

1 - New vehicle inventory financed via this facility is pledged as security for 100% of the outstanding principal under the facility, via first-ranking English law security over vehicles and transport documents, until repaid. This facility consists of individual loans that have a repayment period of 90 days, and includes a covenant tied to the Group’s liquidity levels.

2 - Euro Interbank Offered Rate ("EURIBOR").

3 - Letters of keep well from both Volvo Cars and Geely.

4 - People’s Bank of China (“PBOC”) Loan Prime Rate (“LPR").

5 - Secured Overnight Financing Rate (“SOFR”).

6 - Secured by Geely.

The Group had the following working capital loans outstanding as of December 31, 2022:

Currency

Term

Security

Interest

Nominal amount in
respective currency
(thousands)

Amount in USD (thousands)

EUR

February 2022 - February 2023

Secured1

3 month EURIBOR2 plus 2.1% and an arrangement fee of 0.15%

270,095

288,746

CNY

June 2022 - June 2023

Unsecured

12 month LPR3 plus 1.25%, settled monthly

500,000

72,517

CNY

August 2022 - August 2023

Unsecured

12 month LPR plus 0.05%, settled quarterly

716,000

103,845

USD

August 2022 - August 2023

Unsecured

3 month LPR plus 2.3%, settled quarterly

147,000

USD

September 2022 - September 2023

Unsecured

3 month LPR plus 2.3%, settled quarterly

255,000

USD

September 2022 - September 2023

Secured4

4.48% per annum

133,000

USD

September 2022 - September 2023

Unsecured

3 month SOFR5 plus 2.4%, settled quarterly

100,000

USD

December 2022 - December 2023

Unsecured6

7.5% per annum

200,000

Total

1,300,108

2 - Euro Interbank Offered Rate ("EURIBOR").

3 - People’s Bank of China (“PBOC”) Loan Prime Rate (“LPR").

4 - Secured by Geely, including letters of keep well from both Volvo Cars and Geely.

5 - Secured Overnight Financing Rate (“SOFR”).

6 - Letters of keep well from both Volvo Cars and Geely.

Floorplan facilities

In the ordinary course of business, Polestar, on a market by market basis, enters into multiple low value credit facilities with various financial service providers to fund operations related to vehicle sales. These facilities provide access to credit with the option to renew as mutually determined by Polestar Group and the financial service provider. The facilities are partially secured by the underlying assets on a market-by-market basis. As of December 31, 2023 and December 31, 2022, the aggregate amount outstanding under these arrangements was $122,786 and $31,251, respectively.

The Group maintains one such facility with the related party Volvo Cars Financial Services UK that is presented separately in Interest-bearing current liabilities - related parties within the Consolidated Statement of Financial Position. Of the amounts above, the aggregate amount outstanding as of December 31, 2023 and December 31, 2022 due to related parties amounted to $35,747 and $16,690, respectively. Refer to Note 27 - Related party transactions for further details.

Sale-leaseback facilities

Polestar has also entered into contracts to sell vehicles and then lease such vehicles back for a period of up to twelve months. At the end of the leaseback period, Polestar is obligated to repurchase the vehicles. Accordingly, the consideration received for these transactions was recorded as a financing transaction. As of December 31, 2023 and December 31, 2022, the aggregate amount outstanding under these arrangements was $12,788 and $11,719, respectively.

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue [abstract]


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Sales of vehicles1	2,319,947		2,386,454		1,299,196
Sales of software and performance engineered kits	18,994		21,308		25,881
Sales of carbon credits	1,452		10,984		6,299
Vehicle leasing revenue	17,421		16,719		6,217
Other revenue	20,748		8,640		8,754
Total	$	2,378,562	$	2,444,105	$	1,346,347

1 - Revenue related to sales of vehicles is inclusive of extended and connected services recognized over time.

Schedule of Contract Liabilities


	Sales generated obligation		Deferred revenue - extended service		Deferred revenue - connected services		Deferred revenue - operating leases & other		Total
Balance as of January 1, 2022 - (Restated)	20,050		21,830		17,120		16,693		75,693


Provided for during the year - (Restated)	70,896		31,648		16,058		18,902		137,504
Settled during the year - (Restated)	(77,667)		—		—		—		(77,667)
Released during the year - (Restated)	—		(12,807)		(2,889)		(22,512)		(38,208)
Effect of foreign currency exchange rate differences - (Restated)	(612)		(747)		(1,778)		(48)		(3,185)
Balance as of December 31, 2022 - (Restated)	$	12,667	$	39,924	$	28,511	$	13,035	$	94,137


of which current - (Restated)	12,667		18,111		4,083		10,258		45,119
of which non-current - (Restated)	—		21,813		24,428		2,777		49,018

Provided for during the year	82,182		30,800		14,469		56,022		183,473
Settled during the year	(59,999)		—		—		—		(59,999)
Released during the year	—		(23,917)		(4,973)		(18,704)		(47,594)
Effect of foreign currency exchange rate differences	2,184		757		1,558		609		5,108
Balance as of December 31, 2023	$	37,034	$	47,564	$	39,565	$	50,962	$	175,125
of which current	35,781		23,552		6,135		46,594		112,062
of which non-current	1,253		24,012		33,430		4,368		63,063

Income taxes benefit (expense) - Current Year Income Tax Expense (Details) - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Loss before tax for the year

$ (1,189,566,000)

$ (447,795,000)

$ (972,373,000)

Tax according to the applicable tax rate

279,786,000

85,081,000

160,441,000

Effect of different tax rates in other countries

(25,904,000)

16,528,000

62,523,000

Operating income/costs, non-taxable

22,851,000

85,861,000

(7,000,000)

Withholding tax

(15,634,000)

(983,000)

(2,517,000)

Not recognized tax losses carried forward

(212,003,000)

(188,351,000)

(213,928,000)

Non-recognition of deferred tax assets on other temporary differences

(40,585,000)

(12,185,000)

144,000

Recognition/derecognition of deferred taxes from previous year

368,000

(11,830,000)

3,412,000

Current tax related to previous year

(1,741,000)

(3,781,000)

Change in fair value of earn-out rights, tax

$ 7,138,000

$ (29,660,000)

^[1]

$ 3,075,000

^[1]

Applicable tax rate

23.52%

19.00%

16.50%

$ 104,233

$ 171,393

Other non-tax deductible income (expense)

66,082

14,792

Expense from share-based payment transactions, tax

$ 15,300

$ 70,740

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Restatement of Prior Period Financial Statements - Consolidated Statement of Financial Position (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 1,412,729

$ 1,394,282

^[1]

316,867

275,954

^[1]

67,931

97,186

^[1]

7,212

5,306

^[1]

Deferred tax asset

43,041

11,287

^[1]

2,414

2,333

^[1]

1,850,194

1,786,348

^[1]

768,927

973,877

^[1]

$ 756,677

^[2]

$ 316,424

^[2]

126,205

239,578

^[1]

61,026

79,225

^[1]

152,605

49,060

^[1]

939,359

630,154

^[1]

Current tax assets

9,270

7,184

^[1]

Assets held for sale

56,001

204,142

112,983

^[1]

2,271,110

2,148,062

^[1]

Total assets

4,121,304

3,934,410

^[1]

Equity

(21,168)

(21,165)

^[1]

(3,615,187)

(3,584,232)

^[1]

26,010

15,773

^[1]

4,872,644

3,677,813

^[1]

1,262,299

88,189

^[1]

183,955

603,183

(63,063)

(49,018)

^[1]

(3,335)

(12,470)

^[1]

(104,681)

(75,362)

^[1]

(73,149)

(27,859)

^[1]

(155,402)

(598,570)

^[1]

Other non-current interest-bearing liabilities - related parties

(54,439)

(31,326)

^[1]

(1,409,244)

(43,643)

^[1]

(1,863,313)

(838,248)

^[1]

(92,441)

(97,418)

^[1]

(275,704)

(935,161)

^[1]

(450,000)

(157,426)

^[1]

(16,415)

(35,717)

^[1]

(94,887)

(72,849)

^[1]

(2,023,582)

(1,326,388)

^[1]

(12,812)

(14,394)

^[1]

Interest-bearing current liabilities - related parties

(19,547)

(11,935)

^[1]

(68,332)

(26,618)

^[1]

(112,062)

(45,119)

^[1]

(6,000)

(28,000)

^[1]

(347,902)

(364,264)

^[1]

(606)

(69,062)

^[1]

(3,520,290)

(3,184,351)

^[1]

(5,383,603)

(4,022,599)

^[1]

Originally Reported Amounts

$ (4,121,304)

(3,934,410)

^[1]

1,396,477

258,048

92,198

5,306

Deferred tax asset

7,755

2,333

1,762,117

973,877

756,677

316,424

246,107

74,996

49,060

658,559

7,184

63,224

107,327

2,180,334

3,942,451

Equity

(21,165)

(3,584,232)

12,265

3,726,775

133,643

(50,252)

(476)

(73,985)

(14,753)

(598,570)

Other non-current interest-bearing liabilities - related parties

(85,556)

(823,592)

(98,458)

(957,497)

(164,902)

(40,869)

(74,907)

(1,328,752)

(10,617)

Interest-bearing current liabilities - related parties

(21,545)

(16,690)

(46,217)

(28,000)

(393,790)

(70,258)

(3,252,502)

(4,076,094)

(3,942,451)

Adjustments

(2,195)

17,906

4,988

Deferred tax asset

3,532

24,231

$ 0

(6,529)

4,229

(28,405)

(7,223)

5,656

(32,272)

(8,041)

Equity

3,508

(48,962)

(45,454)

1,234

(11,994)

(1,377)

(13,106)

Other non-current interest-bearing liabilities - related parties

54,230

(43,643)

(14,656)

1,040

22,336

7,476

5,152

2,058

2,364

(3,777)

Interest-bearing current liabilities - related parties

9,610

(9,928)

1,098

29,526

1,196

68,151

53,495

Disclosure of other provisions [abstract]

$ 8,041

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[2]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Leases - Income from Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease liabilities [abstract]
Vehicle leasing revenue	$ 17,421	$ 16,719	$ 6,217

Inventories - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories [Abstract]
Cost of inventories recognised as expense during period	$ 2,204,298	$ 2,182,124	$ 1,232,715
Write-downs (reversals of write-downs) of inventories	$ 134,877	$ 14,830	$ 30,782

Current and non-current provisions

12 Months Ended

Dec. 31, 2023

Current and non-current provisions

Note 23 - Current and non-current provisions

Changes in the Group’s current and non-current provisions were as follows:


	Warranties		Employee benefits		Litigation		Other		Total
Balance as of January 1, 2022 - (Restated)	58,453		7,628		—		11,038		77,119
Additions - (Restated)	106,680		14,590		—		8,986		130,256
Utilization - (Restated)	(25,239)		(8,608)		—		(10,431)		(44,278)
Reversals - (Restated)	(10,785)		(192)		—		(17)		(10,994)
Unwinding of discount and effect in changes due to discount rate - (Restated)	(3,892)		—		—		—		(3,892)
Balance as of December 31, 2022 - (Restated)	$	125,217	$	13,418	$	—	$	9,576	$	148,211
of which current - (Restated)	53,595		13,322		—		5,932		72,849
of which non-current - (Restated)	71,622		96		—		3,644		75,362

Balance as of January 1, 2023	125,217		13,418		—		9,576		148,211
Additions	93,609		3,333		35,676		20,043		152,661
Utilization	(44,995)		(11,704)		—		(13,053)		(69,752)
Reversals	(17,091)		(1,825)		—		(1,661)		(20,577)
Unwinding of discount and effect in changes due to discount rate	(10,975)		—		—		—		(10,975)
Balance as of December 31, 2023	$	145,765	$	3,222	$	35,676	$	14,905	$	199,568
of which current	44,581		2,139		35,676		12,491		94,887
of which non-current	101,184		1,083		—		2,414		104,681

GGI litigation

Per the terms of the BCA governing the merger with GGI discussed in Note 1 - Overview and basis of preparation, Polestar is obligated to indemnify directors, officers, and employees of GGI for six years following the Closing of the merger. In August 2023, former public stakeholders of GGI filed a legal claim against certain directors, officers, and employees of GGI; alleging certain misconduct by these individuals with respect to their duties to GGI's stakeholders during and prior to GGI's merger with Polestar. As of December 31, 2023, Polestar maintains a provision for $35,676 relating to its indemnification obligation towards the defendants. Polestar's directors and officers insurance policy applies to the legal claim and provides coverage for up to $10,000 of costs after $5,000 has been paid by Polestar. However, as of December 31, 2023, only $8,350 has been recognized and included in Other current assets on the Consolidated Statement of Financial Position as a virtually certain offsetting recovery. As the outcome of the litigation includes inherent uncertainty, the direct result of the litigation may not be known until late 2025 when trial is scheduled. Polestar’s estimates of its obligation could change in the future if new facts and circumstances arise as the legal proceedings continue to develop.

Significant accounting policies and judgements

12 Months Ended

Dec. 31, 2023

Disclosure Of List Of Accounting Policies [Abstract]

Significant accounting policies and judgements

Note 2 - Significant accounting policies and judgements

Adoption of new and revised standards

Effects of new and amended IFRS

The following new standards and amendments effective from January 1, 2023 were adopted by the Group for the preparation of these Consolidated Financial Statements. Management concluded the adoption of any of the below accounting pronouncements did not have a material impact on the Group’s financial statements, unless otherwise noted.

In February 2021, the IASB issued amendments to IAS 1, Presentation of Financial Statements ("IAS 1") and IFRS Practice Statement 2, Making Materiality Judgements ("IFRS Practice Statement 2"), which require companies to disclose their material accounting policy information rather than their significant accounting policies and provide guidance on how to apply the concept of materiality to accounting policy disclosures. These amendments for annual periods are effective beginning on or after January 1, 2023.

In June 2020, the IASB published amendments to IFRS 4, Insurance Contracts ("IFRS 4"), which deferred the expiry date of the temporary exemption from applying IFRS 9 to annual periods beginning on or after January 1, 2023.

In June 2020, the IASB published amendments to IFRS 17, Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 Comparative Information ("IFRS 17"), to address concerns and implementation challenges that were identified after IFRS 17 was published. The amendment revised the effective date to January 1, 2023 but may be applied earlier provided the entity applies IFRS 9 and IFRS 15, Revenue from Contracts with Customers ("IFRS 15") at or before the date of initial application of the Standard. Further, among other changes, the amendment (1) includes additional scope exceptions, (2) includes additional guidance for recognition of insurance acquisition cash flows, (3) clarifies the application of IFRS 17 in interim financial statements, and (4) simplifies the presentation of insurance contracts in the statement of financial position. These amendments for annual periods are effective beginning on or after January 1, 2023.

In February 2021, the IASB issued amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors ("IAS 8") which clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. These amendments for annual periods are effective beginning on or after January 1, 2023.

In May 2021, the IASB issued amendments to IAS 12, Income Taxes (“IAS 12”), Deferred Tax related to Assets and Liabilities Arising From a Single Transaction that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. These amendments for annual periods are effective beginning on or after January 1, 2023.

In December 2021, the IASB issued an amendment to IFRS 17. Initial Application of IFRS 17 and IFRS 9 – Comparative Information, which provides a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract comparative information for users of financial statements. The amendment for annual periods is effective beginning on or after January 1, 2023.

In May 2023, the IASB issued amendments to IAS 12, International Tax Reform – Pillar Two Model Rules, aimed at providing clarity regarding the application of IAS 12 to income taxes stemming from tax legislation put into effect or substantially enacted to execute the Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes). These amendments introduce: (i) a compulsory temporary exemption concerning the accounting treatment of deferred taxes originating from the jurisdictional enforcement of the Pillar Two model rules, effective immediately upon the release of the amendment, and (ii) disclosure mandates for impacted entities, designed to aid users of financial statements in gaining a clearer understanding of an entity’s exposure to Pillar Two income taxes due to that legislation, particularly preceding the effective date of the Pillar Two model rules. These rules are applicable for annual periods beginning on or after January 1, 2023, excluding any interim periods ending on or before December 31, 2023.

The Pillar Two model rules institute a minimum effective tax rate of 15 percent on a jurisdictional level for multinational enterprise groups and significant domestic groups with annual revenues of at least €750,000 in their consolidated financial statements for a minimum of two of the previous four fiscal years. Based on the information available to date, management does not expect any material impacts for the Group as a result of the legislation.

New and amended IFRS issued but not yet effective

Management has concluded the adoption of any of the below accounting pronouncements, that were issued but not effective for annual periods ended December 31, 2023, will not have a material impact on the Group’s financial statements, unless otherwise noted.

In January 2020, the IASB published amendments to IAS 1 which clarify the presentation of liabilities as current or non-current based off the rights that are in existence at the end of the reporting period, not the expectations about an entity’s exercise of certain rights to defer the settlement of a liability or other subsequent events. The amendments are applied retrospectively for annual periods beginning on or after January 1, 2024.

In September 2022, the IASB issued an amendment to IFRS 16, Leases ("IFRS 16"), which clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. This amendment for annual periods is effective beginning on or after January 1, 2024.

In October 2022, the IASB issued an amendment to IAS 1 which clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendment for annual periods is effective beginning on or after January 1, 2024.

In May 2023, the IASB issued amendments to IAS 7, Statement of Cash Flows ("IAS 7") and IFRS 7, Financial Instruments: Disclosures: Supplier Finance Arrangements ("IFRS 7"), to implement new disclosure requirements to improve clarity and usefulness of information provided by entities concerning supplier finance arrangements. These changes aim to help users of financial statements understand the impact of supplier finance arrangements on an entity’s liabilities, cash flows, and exposure to liquidity risk. The amendments for annual periods are effective beginning on or after January 1, 2024.

In June 2023, International Sustainability Standards Board ("ISSB") issued IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information ("IFRS S1"), and IFRS S2, Climate-related Disclosures ("IFRS S2"). IFRS S1 provides the basic requirements for sustainability disclosures, which should be used with IFRS S2 as well as the future Standards the ISSB releases. IFRS S2 has been developed specifically to capture climate-related risks and opportunities disclosure requirements. These standards for annual periods are effective beginning on or after January 1, 2024.

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18"), which outlines the requirements for the presentation and disclosure of information in financial statements. It includes the requirement to classify income and expenses into three new categories: operating, investing, and financing. IFRS 18 will replace IAS 1 and will be effective for annual periods beginning on or after January 1, 2027.

In May 2024, the IASB issued IFRS 19, Subsidiaries without Public Accountability: Disclosures ("IFRS 19"), which specifies reduced disclosure requirements that eligible entities can apply instead of the disclosure requirements in other IFRS accounting standards. This standard for annual periods is effective beginning on or after January 1, 2027.

Presentation

In the Consolidated Statement of Financial Position, an asset is classified as a current asset when it is held primarily for the purpose of trading, is expected to be realized within twelve months of the date of the Consolidated Statement of Financial Position or consists of cash or cash equivalents, provided it is not subject to any restrictions. All other assets are classified as non-current. A liability is classified as a current liability when it is held primarily for the purpose of trading or is expected to be settled within twelve months of the date of the Consolidated Statement of Financial Position. All other liabilities are classified as non-current.

Restatement

The prior period errors relate primarily to (i) accounting for Inventories, including the accounting treatment of certain launch costs, capitalizable expenses into inventory and valuation adjustments for internal use cars, (ii) accounting for accruals and deferrals, (iii) capitalization of expenses, (iv) other errors relating to reclassifications between financial statement captions and (v) deferred taxes and income taxes.

Management has assessed the materiality of the misstatements on the 2021 and 2022 financial statements in accordance with the SEC Staff Accounting Bulletin (“SAB”) Topic 1.M, Materiality. Based on this, management concluded that the prior year financial statements should be corrected, even though such revision previously was and continues to be immaterial to the prior year financial statements. Accordingly, these misstatements have been corrected, including the previously recorded out of period adjustments, for all periods presented by revising the accompanying consolidated financial statements.

The accompanying notes to the consolidated financial statements reflect the impact of this revision. Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Basis of consolidation

The consolidated accounts include the Parent company and all subsidiaries over which the Parent, either directly or indirectly, exercises control. The Parent controls an entity when the Parent is exposed to, or has rights to, variable returns from its involvement with the entity, has the ability to affect those returns through its power over the entity, and if it has power over decisions which affect investor returns (i.e., voting or other rights). All subsidiaries are fully consolidated from the date on which control is transferred to the Parent. They are deconsolidated from the date that control ceases. All inter-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated upon consolidation. As of December 31, 2023, 2022 and 2021, the Parent had thirty-three, thirty-three, and thirty-three fully consolidated subsidiaries, respectively. Additionally, the Group has an equity method investment in Polestar Technology (Shaoxing) Co., Ltd (“Polestar Technology”), where Polestar owns 49% of the Company’s equity and 40% of the voting interest on Polestar Technology’s Board of Directors.

Foreign currency

In preparing the financial statements of the Group, transactions in currencies other than the entity’s functional currency (i.e., foreign currencies) are recognized at the rates of exchange prevailing on the dates of the transactions. At each reporting date, assets and liabilities denominated in a foreign currency are translated to the functional currency using the closing exchange rate and items of income and expense are translated at the monthly average exchange rate. Foreign currency gains and losses arising from translation differences are recognized in the Consolidated Statement of Loss and Comprehensive Loss.

For more information about currency risk, see Note 3 - Financial risk management.

Accounting policies

Use of estimates and judgements

The preparation of these Consolidated Financial Statements, in accordance with IFRS, requires management to make judgements, estimates, and assumptions that affect the application of the Group’s accounting policies, the reported amount of assets, liabilities, revenues, expenses, and other related financial items. Management reviews its estimates and assumptions on a continuous basis; changes in accounting estimates are recognized in the period in which the estimates are revised, and prospectively thereafter. Details of critical estimates and judgements which the Group considers to have a significant impact upon the financial statements are set out below and the corresponding impacts can be seen in the following notes:

•Revenue recognition – The expected cost plus a margin method is used for determining the transaction price of performance obligations included with sales of vehicles and the delivery of the vehicle itself. The Company transitioned from the residual method to the expected cost plus a margin method, effective from the fourth quarter of the year ended December 31, 2023. Polestar determines the expected cost plus a margin by factoring internal cost data captured from the inventory net realizable value. This information is supported by vehicle sales data from the past four consecutive years. Polestar also offers volume related discounts to fleet customers which impacts its estimation of the consideration it will be entitled to in exchange for the delivery of vehicles. Sales of vehicles with repurchase obligations are accounted for as operating leases and the related revenue is recorded as lease income. – Note 4 - Revenue.

•Intangible assets – Polestar conducts various internal development projects which are divided into the concept phase and product development phase. Once a project reaches the product development phase, internally developed intellectual property is capitalized in intangible assets. Polestar conducts an analysis to estimate the useful life for internally developed intellectual property, acquired intellectual property, and software at the point in time when they are capitalized in intangible assets. – refer to Note 15 - Intangible assets and goodwill.

•Impairment of intangible assets and goodwill – Polestar conducts routine evaluations of its intangible assets and goodwill for evidence of impairment indicators. At least annually and when impairment indicators exist, Polestar conducts an impairment test at the cash generating unit ("CGU") level. Polestar Group has 4 CGUs. – refer to Note 15 - Intangible assets and goodwill.

•A CGU is defined as the smallest identifiable group of assets that generates largely independent cash inflows. Determining the number of CGUs and composition of each CGU requires judgments to be made about the interdependence of Polestar's capital intensive (i.e., Property, plant, and equipment and Intangible assets) and working capital assets related to cash flow generation.

•Polestar conducts routine evaluations of its investment in associates to determine if there is objective evidence that the investment is impaired. Polestar will recognize an impairment loss when there is objective evidence of impairment as a result of events that have a negative impact on the estimated future cash flows generated by Polestar's investment in its associates – refer to Note 10 - Investment in associates.

•Impairment of inventory – Polestar conducts routine evaluations of its inventories to ensure that the carrying value of inventories does not exceed net realizable value ("NRV"). NRV is based on the estimated selling price of inventories less, estimated costs of completion. If the carrying value of inventories exceeds NRV, the surplus is recognized within Cost of sales, writing down the value of inventories to establish a new cost basis. Polestar conducts routine analyses to determine if estimates (e.g., estimated selling prices and estimated costs) used in the NRV calculation require changes and if additional impairment adjustments to inventories are required.

•Valuation of loss carry-forwards – The recognition of deferred tax assets requires estimates to be made about the level of future taxable income and the timing of recovery of deferred tax assets, taking into account the relevant tax jurisdictions – refer to Note 13 - Income tax benefit (expense).

•Valuation of the financial liability for the Class C-1 Shares and Class C-2 Shares (collectively, “Class C Shares”) – Class C-1 Shares are publicly traded on the NASDAQ (i.e., an active market). Class C-2 Shares are derivative financial instruments that are carried at fair value through profit and loss. Quoted or observable prices for these financial instruments are not available in active markets, requiring Polestar to estimate the fair value of the instruments each period utilizing certain valuation techniques – refer to Note 18 - Reverse recapitalization.

•Valuation of the financial liability for the Former Parent’s contingent Earn-out rights – The contingent Earn-out rights are derivative financial instruments that are carried at fair value through profit and loss. Quoted or observable prices for these financial instruments are not available in active markets, requiring Polestar to estimate the fair value of the instruments each period utilizing certain valuation techniques – refer to Note 18 - Reverse recapitalization.

Actual results could differ materially from those estimates using different assumptions or under different conditions.

Cash and cash equivalents

Cash consists of cash in banks with an original term of three months or less. All highly-liquid, short-term investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value are classified as cash equivalents and presented as such in the Consolidated Statement of Cash Flows.

Marketable securities

Marketable securities are financial instruments with maturities less than one year when acquired that can quickly be converted into cash. Polestar’s marketable securities consist of short-term money market funds (i.e., time deposits in banks). As of December 31, 2023 and 2022, the Group had no marketable securities.

Restricted cash

Restricted cash are Cash and cash equivalents held by Polestar for specified use which are unavailable to the overall Group for general, operational purposes. As of December 31, 2023 the Group had restricted cash of $1,834 which is presented as Other non-current assets in the Consolidated Statement of Financial Position. As of December 31, 2022 the Group did not have any restricted cash.

Government grants

The Group’s subsidiaries based in the People’s Republic of China received government grants which were conditioned to be used for production related costs and grants for non-specified purposes. The Group’s subsidiary based in the UK received government grants conditioned to be used for product development activities. Neither of these grants are tied to the future trends or performance of the Group and are not required to be refunded under any circumstance. For grants received related to assets the Group deducts the grant from the carrying value of the asset. The grant is then recognized in profit and loss over the life of the depreciable asset as a reduction of the depreciation expense. The amount of government grants received related to assets as of December 31, 2023 and 2022 was $4,223 and $3,745, respectively.

The Group’s subsidiary based in Ireland received government grants related to incentivizing the use of zero emission vehicles. The incentive is given by the Sustainable Energy Authority of Ireland (SEAI) to support the switch to zero emission vehicles in Ireland. The Group's subsidiary based in Sweden received government grants related to incentivizing innovation and sustainable growth. This incentive is given by Vinnova - Sweden's innovation agency. Receipt of such grants is either reported as a deduction to the related expense or as Other operating income, depending on the nature of the grant received. The amount of government grants received as of December 31, 2023, 2022 and 2021 was $1,402, $59 and $309, respectively.

Revenue recognition

Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. In determining the transaction price, the Group evaluates whether the contract includes other promises that constitute a separate performance obligation to which a portion of the transaction price needs to be allocated. When consideration in a contract includes variable amounts, the Group estimates the consideration to which Polestar will be entitled in exchange for transferring goods to the customer, using either the expected value method or the most likely amount method. The Group makes judgements related to potential returns, liabilities to customers related to performance obligations and potential sales discounts when considering Revenue.

For contracts that contain more than one performance obligation, Polestar Group allocates the transaction price to each performance obligation on a relative standalone selling price basis. The standalone selling price of the distinct good or service underlying each performance obligation is determined at contract inception. It represents the price at which Polestar Group would sell a promised good or service separately to a customer. If a standalone selling price is not directly observable, Polestar Group instead estimates it, using appropriate data that reflects the amount of consideration to which the Group expects to be entitled in exchange for transferring the promised goods or services to the customer.

Polestar Group disaggregates Revenue by major category based on what it believes are the primary economic factors that may impact the nature, amount, timing, and uncertainty of Revenue and cash flows from customer contracts.

Sales of vehicles

Revenue from the sales of vehicles includes sales of the Group’s vehicles as well as related accessories and services. Revenue is recognized when the customer obtains control of delivered goods or services, and thus has the ability to direct the use of, and obtain the benefits from, the goods or services. Polestar Group includes various services and maintenance (i.e., extended service) offers with the sale of each vehicle for a period of time specified in the contract.

Polestar Group also provides connected services, including access to the internet and over-the-air software and performance updates, which provide Polestar’s customers new features and improvements to existing vehicle functionality. Although Polestar’s connected services improve the in-vehicle experience, it is not required when driving a Polestar vehicle.

These services and maintenance and connected services are considered stand-ready obligations as Polestar cannot determine (1) when a customer will access a service, or (2) the quantity of a service the customer will require (i.e., delivery is within control of the customer). Polestar uses an expected cost plus a margin method for estimating the transaction price for these stand-ready obligations as this is determined to be the most suitable method for estimating stand-alone selling price for performance obligations other than the vehicle. These services are available throughout the automotive industry, there is public information that is readily accessible, and there is a stable market and cost structure to determine the appropriate inputs to the cost-plus margin calculation. The related performance obligations are satisfied in accordance with the terms of each service, and revenue is deferred and recognized on a straight-line basis over the contract period as a stand-ready obligation. The deferred revenue is presented as Current and Non-current contract liabilities, since the customers’ payments are made before the services are transferred.

Polestar recognizes revenue related to the extended service on a straight-line basis over the 3-year period following initial recognition, consistent with the terms of the contractually offered services. Polestar recognizes revenue related to connected services on a straight-line basis over the 8-year period following initial recognition, consistent with the expected utilization of the services.

The stand-alone selling price associated with the delivery of the vehicle is determined using an expected cost plus a margin method. Historically, Polestar used the residual method to determine the stand-alone selling price associated with the delivery of the vehicle. Effective from the fourth quarter of the year ended December 31, 2023, the Company transitioned from the residual method to the expected cost plus a margin method. Polestar transitioned away from the residual method as a result of new information leading to the refining of estimation techniques to provide a more relevant and appropriate estimate. Due to more experience, arising from four consecutive years of car sales and the availability of more accurate data, we have determined that the expected cost plus a margin method is more suitable. This change has been accounted for prospectively as a change in accounting estimate in accordance with IAS 8. The effect of this change in estimate when recalculating revenue and deferred revenue under the new approach is immaterial. The

transaction price allocated to the delivery of the vehicle is recognized at a point in time on the delivery date. Polestar has continued to evaluate and monitor the number of observable inputs available for use in estimating the stand-alone selling price of its vehicles.

Vehicles were historically only sold to individuals (end customers), fleet customers, financial service providers, and dealers. During the year ended December 31, 2022, Polestar began selling to importers as well. Importer markets exist where the Group does not have its own direct sales unit, so a third party imports Polestar vehicles and sells them to end users.

Since commercialization of Polestar vehicles commenced in the third quarter of 2020, the Group has not recognized a significant number of customer returns, and therefore has not accrued any obligations for returns, refunds, or other similar obligations for the years ended December 31, 2023 and 2022. Further, contracts with importers specify that the importer does not have the right to return vehicles.

As part of certain dealer contracts, Polestar provides a residual value guarantee (“RVG”). The RVG does not affect the customer’s control of the vehicle (i.e., the customer is not constrained in its ability to direct the use of, and obtain substantially all of the benefits from, the vehicle), but it does impact the transaction price as the guarantee effectively reduces the compensation to which Polestar is entitled. Polestar evaluates variables such as recent car auction values, future price deterioration due to expected changes in market conditions, vehicle quality data, and repair and recondition costs to determine the amount of the residual value. Polestar pays the difference between the determined residual value and the contracted residual value up-front, in cash, and accounts for it under IFRS 15 as a direct reduction to the transaction price. Polestar will continue to evaluate its method for recognizing RVGs and amend how it accounts for them, if necessary.

There are no significant payment terms for end customers, fleet customers, financial service providers, dealers or importers as payment is due on or near the date of invoice. Consideration received by fleet customers is variable in nature as the customer can receive volume related discounts, which are annual rebates based on the number of vehicles ordered throughout the year. There is no variability in consideration received from importers as they are charged a fixed price per vehicle. There is no significant variability in consideration received from other customers.

Sales of software and performance engineered kits

Revenue from the sales of software is related to intellectual property licensed to Volvo Cars under which Volvo Cars obtained rights to provide software upgrades to their customers’ vehicle computer systems in exchange for sales-based royalties to Polestar Group. Software upgrades are downloaded and installed at Volvo Cars’ dealerships at a point in time. The Group’s performance obligation is satisfied at the point in time the Group transfers the licensed know-how to Volvo Cars, which is when Volvo Cars obtains control of the intellectual property and has the ability to direct the use of, and obtain the benefits from, the license. The Group recognizes license revenue from sales-based royalties in the period in which Volvo Cars’ sales of software occur.

Revenue from the sales of performance engineered kits is related to intellectual property licensed to Volvo Cars under which Volvo Cars obtained rights to provide optimizations and enhancements to their customers’ vehicles in exchange for sales-based royalties to Polestar Group. Performance engineered kits are installed at Volvo Cars manufacturing plants as part of Volvo Cars’ normal manufacturing processes. The Group’s performance obligation is satisfied at the point in time the Group transfers the licensed know-how to Volvo Cars, which is when Volvo Cars obtains control of the intellectual property and has the ability to direct the use of, and obtain the benefits from, the license. The Group recognizes license revenue from sales-based royalties in the period in which Volvo Cars’ sales of vehicles with the performance engineered kits occur.

There are no significant payment terms as payment is due near the date of invoice.

Sales of carbon credits

Revenue from the sale of carbon credits is recognized when the performance obligation is satisfied and when the customer, an original equipment manufacturer (“OEM”), obtains control of the carbon credits and has the ability to direct the use of, and obtain the benefits from, the carbon credits transferred.

In certain jurisdictions, Polestar is unable to independently sell the carbon credits allocated to its vehicles due to the fact that the vehicles were not physically manufactured by Polestar. In this case, the legal manufacturer remits the full compensation received for the credit sold to Polestar where the legal manufacturer acts as a "pass through." The compensation received for these carbon credits is recognized within Other income on the Consolidated Statement of Loss and Comprehensive Loss.

There are no significant payment terms as payment is due near the date of invoice.

Vehicle leasing revenue

During the years ended December 31, 2023 and December 31, 2022, Polestar Group entered into operating lease arrangements that mainly relate to vehicles sold with repurchase obligations. The Group entered into transactions to sell vehicles under which the Group maintains the right or obligation to repurchase the vehicles from the customer in the future (i.e., a forward or call option). The Group accounts for such arrangements as operating leases and records revenue from the sale of related vehicles as lease income.

Operating leases are initially measured at cost and depreciated on a straight-line basis over the lease term to the estimated residual value. Incremental direct costs incurred in connection with the acquisition of operating lease contracts are capitalized and also amortized on a straight-line basis over the lease term. In the Consolidated Statement of Financial Position, such operating leases are presented as Vehicles under operating leases and recognized as non-current assets. Vehicle leasing revenue is recognized on a straight-line basis over the lease term. For sales of vehicles with repurchase obligations that are accounted for as operating leases, the entire amount due to Polestar is paid up-front at contract inception. Deferred revenue is recorded for the difference between the cash received from the sale of the vehicle and the vehicle’s repurchase value, where the associated liability is recorded in Other current liabilities in the Consolidated Statement of Financial Position.

Other revenue

Other revenue consists of revenue generated through the Group’s sale of research and development services and intellectual property licensed to Volvo Cars under which Volvo Cars obtained rights to source and sell parts and accessories for the Group’s vehicles to customers in exchange for sales-based royalties to Polestar Group. Other revenue also includes the sale of technology to other related parties.

The performance obligation related to the sale of research and development services is satisfied over time as Polestar maintains an enforceable right to payment as costs are incurred and services are provided. As such, revenue from the sale of research and development services is recognized over time.

The performance obligation related to intellectual property licensed to Volvo Cars is satisfied at the point in time the Group transfers the licensed know-how to Volvo Cars and therefore has the ability to direct the use of, and obtain the benefits from, the license. The Group recognizes license revenue from sales-based royalties in the period in which Volvo Cars’ sales of parts and accessories occur.

The performance obligation related to the sales of technology to other related parties is satisfied at the point in time the Group transfers the Intellectual property to the related party.

There are no significant payment terms as payment is due near the date of invoice.

Contract liabilities

Contract liabilities to customers are obligations related to contracts with customers and are recognized when Polestar Group is obligated to transfer goods or services. Contract liabilities to customers include sales generated obligations, deferred revenue from service contracts (i.e., services to be performed) and operating leases, and Connected Services related to the Polestar 1 (“PS1”) and Polestar 2 (“PS2”).

As the Group satisfies its performance obligations, revenue is recognized, and the contract liability is reduced. As stated above, delivery of services and maintenance is within the customer’s control. Accordingly, the Group expects to recognize revenue related to such service contract liabilities over the 3-year period following initial recognition, consistent with the terms of the contractually offered services. Related to connected services, the Group expects to recognize revenue over the 8-year period following initial recognition, consistent with the expected utilization of the services. In the case of volume related discounts that are triggered over time, a short-term contract liability will also be recognized as payment is due within a twelve-month period, in line with contractual payment terms. For deferred revenue generated through operating leases, the Group expects to recognize revenue on a straight-line basis, consistent with the terms of the contract.

Cost of sales

For the years ended December 31, 2023, 2022 and 2021, Cost of sales amounted to $2,791,643, $2,343,302, and $1,336,688, respectively. Costs of sales are related to the sales of vehicles and related accessories and services, which primarily consists of contract manufacturing costs, depreciation related to PPE and right-of-use assets, amortization of intangible assets related to manufacturing engineering, warehousing and transportation costs for inventory, customs duties, and charges to write down the carrying value of inventory when it exceeds the estimated net realizable value. Sales of software and performance engineered kits and other revenue are related to items which were originally developed with the intent of internal use, not with the intent to sell. As such, all costs were appropriately capitalized or expensed as described in Accounting policies – Intangible assets and goodwill – Internally developed IP.

Employee benefits

Polestar Group compensates its employees through short-term employee benefits, other long-term benefits, and post-employment benefits. Generally, an employee benefit is recognized in accordance with IAS 19, when an employee has provided service in exchange for employee benefits to be paid in the future or when Polestar Group is contractually committed to providing a benefit without a realistic probability of withdrawal from its commitment.

Short-term employee benefits

Short-term employee benefits consist of wages, salaries, social benefit costs, paid annual leave and paid sick leave, and bonuses that are expected to be settled within twelve months of the reporting period in which services are rendered. Short-term employee benefits are recognized at the undiscounted amounts expected to be paid when the liabilities are settled and presented within Current provisions and Other current liabilities in the Consolidated Statement of Financial Position.

Short-term employee benefits include Polestar Group’s Annual Bonus Program (the “Polestar Bonus”), which is a cash-settled short-term incentive program for all permanent employees in all countries. The bonus is based on certain key performance indicators (“KPIs”). Bonuses are expressed as a percentage of employees’ annual base salaries and the target bonus varies by employee location and level. The program runs during the calendar year and bonus pay-out is made on a pro-rata basis based on employment during the year. Employees need to have joined the organization as of December 1st of the year in order to be eligible for the program. An estimate of the expected costs of the program are calculated and recognized at the end of each reporting period.

Other long-term benefits

The annual Long Term Variable Pay Program (“LTVP”) is a cash-settled incentive program for certain key management personnel that is based on (1) valuation of Volvo Cars after a three year period (i.e., the vesting period) and (2) Volvo Car’s achievement of certain profit and Revenue growth metrics. The LTVP program was instituted at Polestar Group to incentivize key management personnel who transferred employment from Volvo Cars to Polestar Group. Payouts are based on a synthetic share price derived from an independent third-party valuation that is calculated using a discounted cash flow analysis of Volvo Cars and a market analysis of peer companies. Depending on the employee’s position, they are eligible to receive an award equivalent to a certain percentage of their annual base salary that is capped at a 300% ceiling. Employees must remain employed to be eligible to receive the award. The fair value of the LTVP is recognized on the annual grant date, subsequently remeasured at the end of reach reporting date, and presented within Current and non-current provisions in the Consolidated Statement of Financial Position.

Post-employment benefits

Polestar Group’s post-employment benefits are comprised of defined contribution pension plans and the Swedish defined benefit pension (“ITP 2”) that is managed by the mutual insurance company Alecta.

For defined contribution plans, premiums are paid to a separate legal entity that manages pension plans on behalf of various employers. There is no legal obligation to pay additional contributions if this legal entity does not hold sufficient assets to pay all employee benefits. Contributions payable are recognized in the reporting period in which services are rendered and presented within Current and non-current provisions in the Consolidated Statement of Financial Position. Contribution rates are unique to each employee.

Polestar Group’s only defined benefit plan is the ITP 2 plan in Sweden. This plan is accounted for as a multi-employer defined contribution plan under IAS 19 because Alecta does not distribute sufficient information that enables employers to identify their share of the underlying financial position and performance of ITP 2. This treatment is specific to companies operating in Sweden under the guidance discussed in the Swedish Financial Reporting Board pronouncement UFR 10, Accounting for the pension plan ITP 2 financed through an insurance in Alecta, and IAS 19.32–39, Multi-employer plans. The premiums for retirement pensions and survivor’s pensions are calculated individually and are based on salary, previously earned pension benefits, and expected remaining years of service, among other factors. Premiums of $4,532 are estimated to be paid to Alecta for the year ended December 31, 2023 related to ITP 2.

Polestar Group’s share of the total savings premiums for ITP 2 in Alecta for the years ended December 31, 2023, 2022 and 2021, amounted to 0.31903%, 0.20597%, and 0.13056%, respectively. Further, Polestar Group’s share of the total number of active policy holders as of December 31, 2023, 2022 and 2021, amounted to 0.08470%, 0.07340%, and 0.04485%, respectively. The collective consolidation level comprises the market value of Alecta’s asset as a percentage of the insurance obligations calculated in accordance with Alecta’s actuarial methods and assumptions. The collective funding ratio is normally allowed to vary between 125% and 175%. If the consolidation level falls below 125% or exceeds 175%, measures are taken to increase the contract price for new subscriptions and to expand exiting benefits or introduce premium reductions. As of December 31, 2023, 2022 and 2021, Alecta’s surplus of consolidation level amounted to 158%, 172%, and 172%, respectively.

Share-based payments

Share-based payments qualify as either cash-settled or equity-settled transactions, depending on the nature of their settlement terms. When the participant has the option for cash or equity settlement, the awards are classified as a compound financial instrument consisting of an equity and a financial liability component. When the Group has the option for cash or equity settlement, the awards are classified as equity-settled unless the Group has the obligation to settle in cash (i.e., the award provides the participant with a put option to the Group).

Cash settled share-based payment awards are recognized as a financial liability at their fair value on the date of grant and remeasured at each reporting date until the date of settlement, with changes in fair value recognized in profit and loss. Equity-settled share-based payment awards are recognized in equity using the fair value as of the date of grant and not remeasured thereafter. The expense associated with share-based payments is recognized over the period in which services are provided by the participant, immediately if services are deemed to have already been provided by the participant, or a combination thereof if services were already provided and the participant will continue to provide services over a future period. Share-based payment expenses are recorded in the functional cost category of the Consolidated Statement of Loss and Comprehensive Loss that corresponds with the nature of the services provided.

As of December 31, 2023 the Group had granted equity settled share-based payments to the Executive Management Team ("EMT") (i.e., CEO, CFO, and COO1), and other key management members in the form of restricted stock units (“RSU”), and performance stock units (“PSU”) through the 2022 Omnibus Incentive Plan. As of December 31, 2022, the Group granted equity settled share-based payments to employees in the form of free shares, restricted stock units (“RSU”), and performance stock units (“PSU”) through the 2022 Omnibus Incentive Plan. During 2022, the Group also granted equity settled share-based payments in exchange for certain marketing services through November 1, 2023 and the service of a public listing of the Group on the Nasdaq through the merger with GGI. Refer to Note 18 - Reverse recapitalization for detail on the merger with GGI. Refer to Note 8 - Share-based payment for more detail on the 2022 Omnibus Incentive Plan and marketing service agreement.

Leases

Polestar as lessee

At inception of a contract, the Group assesses whether the contract is or contains a lease. In determining the lease term, management considers all relevant facts and circumstances related to exercising an extension option or not exercising a termination option. Such options are only included in the lease term if the extension option or termination option is reasonably certain to be exercised or not exercised, respectively. If circumstances surrounding the Group’s decision related to extension and termination options change, the Group reassesses the term of the lease accordingly. As of December 31, 2023 and 2022, no material lease extension options existed.

At the lease commencement date, a Right of Use ("ROU") asset and a lease liability are recognized on the Consolidated Statement of Financial Position with respect to all lease arrangements in which the Group is a lessee. The lease liability is initially measured at an amount equal to the present value of the future lease payments under the lease contract, discounted by the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise in-substance fixed payments, among other fixed lease payments, and variable lease payments that depend on an index or a rate, the exercise price of purchase options (if the lessee is reasonably certain to exercise the options), and payments of penalties for terminating the lease (if the lease term reflects the exercise of an option to terminate the lease). The practical expedient of including non-lease components in the measurement of the lease liability for all asset classes is applied.

The ROU asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, and the estimate of costs to dismantle and remove the underlying asset or the site

on which it is located, less any lease incentives received. The asset is subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term, except ROU assets that are used in the manufacturing of vehicles, which are depreciated on a production basis and capitalized into inventory. For more information regarding amortization of the ROU asset, refer to Note 12 - Leases. The ROU asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The Group elected the practical expedient to account for leases with lease terms which end within twelve months of the initial date of application as a short-term lease. The Group also elected the practical expedient to not recognize a ROU asset and lease liability for short-term and low-value leases. Low value assets are defined as asset classes that are typically of low value, for example, small IT equipment (cellphones, laptops, computers, printers) and office furniture. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense over the lease term in the Consolidated Statement of Loss and Comprehensive Loss.

On the Consolidated Statement of Financial Position, the lease liabilities are presented within Interest-bearing current liabilities and Other non-current interest-bearing liabilities in the Consolidated Statement of Financial Position. In the Consolidated Statement of Loss and Comprehensive Loss, depreciation expense of the ROU assets is presented on the same line item(s) as similar items of PPE. The interest expense on the lease liability is presented as part of finance expense. In the Consolidated Statement of Cash Flows, amortization of the lease liability is presented as a cash flow from financing activities. Payments of interest, short-term leases and leases of low value are presented as cash flows from operating activities.

The Group has certain leases stemming from contract manufacturing agreements related to the production of Polestar vehicles. These agreements are associated with unique type bound tooling and equipment (“PS Unique Tools”) used in the production of Polestar vehicles at certain suppliers and vendors. The PS Unique Tools are suited specifically for Polestar vehicles and Polestar has the right to direct the use of the related assets. The production of Polestar vehicles occupies 100% of these assets’ capacity; as such, the PS Unique Tools are also recognized as ROU assets by the Group from the day production starts.

Sale leaseback transactions

The Group enters into transactions to sell vehicles concurrent with agreements to lease the same vehicles back for a period of six to twelve months. At the end of the rental period, Polestar is obligated to repurchase the car. Due to this repurchase obligation, this transaction is accounted for as a financial liability. Accordingly, the Group does not record a sale of these vehicles for accounting purposes and depreciates the assets over their useful lives.

Polestar as lessor

In the Consolidated Statement of Financial Position, vehicles associated with the Group’s operating leases are recognized as non-current assets and presented as Vehicles under operating leases. The vehicles are initially measured at cost and depreciated on a straight-line basis over their respective lease term to their estimated residual value. Incremental direct costs incurred in connection with the acquisition of lease contracts are capitalized and amortized on a straight-line method over the lease term. Liabilities related to repurchase obligations are recognized as other non-current and current liabilities. Following repurchase by Polestar, the vehicles are reclassified to Inventories.

Finance income and expense

Finance income and expense represent items outside the Group’s core business. These items are presented separately from Operating loss and include net foreign exchange rate gains (losses) on financial activities, interest income on bank deposits, other finance income, expenses to credit facilities, interest expense, and other finance expenses.

Income tax benefit (expense)

Polestar Group’s Income tax benefit (expense) consists of current tax and deferred tax. Taxes are recognized in the Consolidated Statement of Loss and Comprehensive Loss, except when the underlying transaction is recognized directly in equity, whereupon related taxation is also recognized in equity.

Current tax is tax that must be paid or will be received for the current year. Current tax also includes adjustments to current tax attributable to previous periods. Deferred tax is calculated according to the balance sheet method for all temporary differences, with the exception of book goodwill in excess of tax goodwill recorded in purchase accounting, which arises between the tax value and the carrying amount of assets and liabilities.

Deferred tax assets and liabilities are measured at the nominal amount and at the tax rates that are expected to be applied when the asset is realized or the liability is settled, using the tax rates and tax rules that have been enacted or substantively enacted at the date of the Consolidated Statement of Financial Position.

Deferred tax assets relating to deductible temporary differences and loss carry forwards are recognized to the extent it is probable that they will be utilized in the future. Deferred tax assets and deferred tax liabilities are offset when they are attributable to the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis and the affected company has a legally adopted right to offset tax assets against tax liabilities.

The recognition of Deferred tax assets requires assumptions to be made about the level of future taxable income and the timing of recovery of Deferred tax assets. These assumptions take into consideration forecasted taxable income by relevant tax jurisdiction. The measurement of Deferred tax assets is subject to uncertainty and the actual result may diverge from judgements due to future changes in projected earnings by the company, business climate, and changes to tax laws. Unrecognized Deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. If needed, the carrying amount of the Deferred tax asset will be altered.

jurisdictions where this relief does not apply, the full ETR calculation results in an effective tax rate above 15%. Management is not currently aware of any circumstances under which this might change. Therefore, the Group does not expect a potential exposure to Pillar Two top-up taxes.

Earnings per share

Basic earnings per share is calculated by dividing the net loss for the period by the weighted average number of Class A Shares and Class B Shares outstanding during the period. Diluted earnings per share is calculated by adjusting the net income for the period and the weighted average number of Class A Shares and Class B Shares outstanding for the effect of dilutive potential ordinary shares (“POSs”) outstanding during the period (i.e., Class A Shares and/or Class B Shares that the Group is obligated to issue, or might issue under certain circumstances, in accordance with various contractual arrangements). The Group’s POSs are classified based on the nature of their instrument or arrangement and then the earnings per incremental share (“EPIS”) is calculated for each class of POS to determine if they are dilutive or anti-dilutive. Anti-dilutive POSs are excluded from the calculation of dilutive earnings per share.

EPIS is calculated as (1) the consequential effect on profit or loss from the assumed conversion of the class of POS (i.e., the numerator adjustment) divided by (2) the weighted average number of outstanding POSs for the class (i.e., the denominator adjustment). The EPIS denominator adjustment depends on the class of POS. The Group’s classes of POSs and their related EPIS denominator adjustment methods are as follows:


POS Class			EPIS Denominator Adjustment Method
Unvested equity-settled RSUs			Treasury share1
Class C Shares			Treasury share
Earn-out Rights and PSUs			The number of shares issuable if the reporting date were the end of the contingency period
Convertible Notes			The number of shares issued assuming conversion occurred at the beginning of the reporting period
Convertible Credit Facilities with Volvo Cars and Geely			If the instrument is converted, the number of shares issued on the date of the conversion

Intangible assets and goodwill

An intangible asset is recognized when it is identifiable, Polestar Group controls the asset, and it is expected to generate future economic benefits. Intangible assets have either finite or indefinite lives. Finite lived intangible assets are patents, intellectual property (“IP”), both acquired and internally developed, and software. Indefinite lived intangible assets are Goodwill and Trademarks.

Intangible assets are measured at acquisition or internal development cost, less accumulated amortization and, as applicable, impairment loss. Intangible assets with finite lives are amortized on a straight-line basis. The Group makes estimates and judgements related to expected usage of intangible assets in accordance with management’s 2024-2028 business plan, product life cycles, technological obsolescence, developments, and advancements specific to the battery electric vehicle industry. Management estimates the useful life of intangible assets by taking into account judgements on how the Group plans to utilize such intangibles in accordance with the business plan and any related rights and obligations under its contractual agreements. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. The useful lives of intangible assets with indefinite useful lives, goodwill and trademarks, are assessed annually to determine whether the indefinite designation continues to be appropriate. Intangible assets with indefinite useful lives are tested for impairment annually or if an event which could give rise to impairment occurs.

Manufacturing engineering

Polestar Group has entered into agreements with Volvo Car Group (“Volvo Cars”) and Zhejiang Geely Holding Group Company Limited (“Geely”), related parties regarding manufacturing engineering for the development of Polestar's vehicles. Amortization of manufacturing engineering is capitalized into inventory on a production basis.

Acquired IP

Polestar Group has entered into agreements with Volvo Cars and Geely, a related party, regarding patent rights, the development of technology for both upgrades of existing models and upcoming models. The technology can be either Polestar unique or commonly shared. In both cases, Polestar Group is in control of the developed product, either through a license or through ownership of the IP.

Acquired IP are finite-lived intangible assets which are amortized once the acquired IP is ready for its intended use, over their estimated useful lives for 3-7 years. The remaining useful life of acquired IP is between 1-6 years. During the fourth quarter of the year ended December 31, 2023, Polestar changed how it amortized its acquired IP related to the PS2. Historically, amortization of acquired IP related to the PS1 and PS2 was included in Research and development expenses as it represented foundational IP that was leveraged across multiple vehicle models. However, in the fourth quarter of the year ended December 31, 2023, there was a change where the acquired IP related to the PS2 was no longer amortized into Research and development expenses and was instead capitalized into inventory. The change occurred due to changes in the way the PS2 acquired IP will be used in Polestar's other vehicle models. As a result, there was a change in estimate related to the method of depreciation used for the acquired IP from the straight-line method to the units of production method. Because of this change in use, it is more appropriate to use the units of production method over the remaining life-time units to be produced. This provides an accurate estimate of the per-unit cost attributable to the acquired IP. The total impact of these changes is a decrease in Research and development expenses of $12,485 and an increase to Inventories of $3,402.

Amortization of acquired IP related to the PS1 terminated in connection with the end of PS1 production as planned as of December 31, 2021. All PS1 assets have been fully amortized.

Internally developed IP

Internally developed IP are finite-lived intangible assets which are amortized over their estimated useful lives for 3-7 years. Amortization of internally developed IP is included in Research and development expenses and commences when the internally developed IP is ready for its intended use.

During the fourth quarter of the year ended December 31, 2023, Polestar changed how it amortized its internally developed IP related to the PS2. Historically, amortization of internally developed IP related to the PS1 and PS2 was included in Research and development expenses as it represented foundational IP that was leveraged across multiple functions of the Group. However, in the fourth quarter of the year ended December 31, 2023, there was a change where the internally developed IP related to the PS2 was no longer amortized into Research and development expenses and was instead capitalized into inventory. As a result, there was a change in estimate related to the method of depreciation used for the acquired IP from the straight-line method to the units of production method. Because of this change in use, it is more appropriate to use the units of production method over the remaining life-time units to be produced. This provides an accurate estimate of the per-unit cost attributable to the acquired IP. The impact of these changes is immaterial.

Polestar Group’s research and development activities are divided into a concept phase and a product development phase. Costs related to the concept phase are expensed in the period incurred, whereas costs related to the product development phase are capitalized upon the commencement of product development. Each phase is identified by work plans, budgeted, and tracked internally by research and development personnel.

Costs incurred in the concept phase are expensed as incurred when (1) the Group is conducting research activities such as obtaining new knowledge, formulating a project concept, and searching for components to support the project (e.g., materials, devices, and processes) and (2) the Group cannot yet demonstrate that an intangible asset exists that will generate probable future economic benefits.

Costs incurred in the product development phase are capitalized when (1) the Group is conducting development activities such as designing, constructing, and testing pre-production prototypes, tools, systems, and processes, (2) technical feasibility of completing the intangible asset exists, (3) resources required to complete the intangible asset are available to the Group, (4) the Group intends and has the ability to use or sell the intangible asset to generate future economic benefits, and (5) related expenditures can be reliably measured.

Research and development expense recognized for the years ended December 31, 2023, 2022 and 2021, amounted to $158,406, $174,916, and $234,019, respectively. Research and development expense for the years ended December 31, 2023 and 2022 was substantially related to PS2 technology. Research and development expense recognized for the year ended December 31, 2021 was substantially related to the amortization of PS1 technology with some amortization related to PS2 technology.

Software

Software is a finite-lived intangible asset which is amortized over its estimated useful life of 3-8 years. Amortization of software is included in Research and development expense and/or Selling, general and administrative expense depending on the way in which the assets have been used.

Trademarks

Trademarks are assumed to have indefinite useful lives since Polestar Group has the right and the intention to continue to use the trademarks for the foreseeable future, while generating net positive cash flows for Polestar Group. Trademarks were generated when Volvo Cars acquired Polestar Group in July 2015. Trademarks are recognized at fair value at the date of the acquisition less any accumulated impairment losses.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable assets and liabilities acquired in a business combination. Goodwill was generated as a result of Volvo Cars acquiring Polestar Group in July 2015. For more detailed information on goodwill and intangible assets, see Note 15 - Intangible assets and goodwill.

Property plant and equipment

Items of PPE are recognized at acquisition cost, less accumulated depreciation, and as applicable, accumulated impairment loss. The cost of an acquired asset includes its purchase price, expenditures directly attributed to the acquisition and subsequent preparation of the asset for its intended use, and the initial estimate of costs to dismantle and remove the item of PPE and restore the site on which it was located. Repairs and maintenance expenditures are expensed in the period incurred. Expenses related to leasehold improvements and other costs which enhance or extend the life of PPE are capitalized over the useful life of the asset.

Buildings under development are measured at actual costs. The actual costs include various construction expenditures during the construction period, borrowing costs capitalized before the building is ready for intended use, and other relevant costs. Buildings under development are not depreciated and are transferred to buildings when ready for the intended use.

Tooling

Polestar owns the unique tooling which is used in the manufacturing of its vehicles. Tooling is depreciated on a production basis and capitalized into inventory.

PPE, excluding tooling, are depreciated on a straight-line basis down to their residual value, which is typically estimated to be zero, over their estimated useful lives. Each part of a tangible asset, with a cost that is significant in relation to the total cost of the item, is depreciated separately when the useful life for that part differs from the useful life of the other parts of the item.

The following useful lives are applied in Polestar Group:


Asset			Useful lives (in years)
Buildings			30-50
Machinery and equipment (excluding tooling)			3-7

Depreciation of PPE is included in costs of sales as well as selling or administrative expense, depending on the nature of the item being depreciated.

Tangible assets are derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the Consolidated Statement of Loss and Comprehensive Loss as Other operating income and expense.

Impairment

At the end of each reporting period, tangible and definite-lived intangible assets are assessed for indications of impairment. Tangible and definite-lived intangible assets are tested for impairment when an impairment indicator is determined to exist. Indefinite-lived intangible assets, intangible assets not yet available for use, goodwill and trademarks are tested for impairment at least once annually or when an impairment indicator is determined to exist.

For the impairment assessment, assets are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets (i.e., a cash-generating-unit or CGU). Prior to December 31, 2023, Polestar tested assets for impairment under a single CGU as all assets were concentrated around fewer product lines with largely the same assets in use to generate cash flows. Prior to the year ended December 31, 2023, Polestar's entire business constituted a single CGU. As the business has grown, the capital intensive assets used to generate each model have become largely independent and therefore generate independent cash flows. Polestar's evaluation of its CGUs changed during the year ended December 31, 2023, triggered by the commercialization of the Polestar 4, production of the Polestar 3, and changes in the expected usage of intangible assets undergoing internal development. For the year ended December 31, 2023, Polestar has four cash generating units: (1) the Polestar 2, (2) the Polestar 3, (3) the Polestar 4, and (4) internal development projects, mainly the Polestar 5, Polestar 6, and PX2 powertrain. Any impairment recognized due to the change in Polestar's evaluation of its CGUs constitutes a change in accounting estimate.

Goodwill is allocated based on the nature of the transaction which gave rise to the Goodwill and the consequential synergies. Accordingly, Goodwill is not allocated to a specific CGU due to the nature of the transaction which generated such Goodwill. Similarly, the Polestar trademark is not allocated to a specific CGU. Goodwill and trademarks are tested for impairment at the corporate level which reflects all assets of the Company, as a whole.

In testing a CGU for impairment, Polestar compares the CGU’s carrying amount to its recoverable amount. Polestar calculates the recoverable amount using Level 3 measurement inputs because a quoted or observable price is not available in active markets related to the Group's CGUs. The recoverable amount is the higher of the CGU’s fair value less costs of disposal or “Value In Use.” Value In Use is defined as the present value of the future cash flows expected to be derived from an asset (i.e., a discounted cash flow). For the year ended December 31, 2023, this discounted cash flow was calculated based on estimations regarding future cash flows as seen in the 2024-2028 business plan. All CGUs use an after tax discount rate of 15.5%. For the year ended December 31, 2022, this discounted cash flow was calculated based on estimations regarding future cash flows as seen in the 2023-2027 business plan and an after-tax discount rate of 14.0%.

The terminal growth rate is for cash flows through the following 10 years. Polestar did not apply a terminal growth rate in calculating each CGU's cash flows when testing the CGUs for impairment for the year ended December 31, 2023. For the year ended December 31, 2022 a terminal growth rate of 2.0% for cash flows through the following 10 years was used.

The estimated future cash flows are based on assumptions valid at the date of the impairment test that represent the best estimate of future economic conditions. Such estimates are calculated using estimates, assumptions, and judgements related to future economic conditions, market share, market growth, and product profitability which are consistent with Polestar Group’s latest business plan. When the carrying amount of the CGU is determined to be greater than the recoverable amount, an impairment loss is recognized by first reducing the CGU’s goodwill and then reducing other assets in the CGU on a pro rata basis.

Mainly due to a decrease in forecasted demand for the assets generated through the PS2 CGU, Polestar impaired its PS2 CGU as of December 31, 2023. The recoverable amount of the PS2 CGU was $696,950, resulting in an impairment loss of $351,241. No impairment losses were recognized as of December 31 2022, and 2021.

Equity method investments

Polestar applies the equity method of accounting when it has an ownership interest that conveys significant influence over the associate, typically through interest in the voting stock of the associate of between 20% and 50%.

Under the equity method of accounting, at the date of acquisition, the investment is recorded at cost and the Group’s proportionate share of the unconsolidated associate’s net income or loss is included in the Consolidated Statement of Comprehensive Loss, adjusted to eliminate intercompany gains and losses.

The carrying amount of the Group’s investment is adjusted to recognize its share of realized profit or loss. If Polestar's share of realized losses exceeds the carrying amount of its investment, the investment balance will be written down to not less than zero. In future periods, when Polestar’s share of associate earnings returns to positive, the earnings will be netted against all previously unrecognized losses, providing recognized earnings.

Polestar eliminates its unrealized profit from downstream inventory transactions against the carrying amount of its investment. If the unrealized profit exceeds the balance of the investment, Polestar will reduce the carrying amount of its investment to zero. Any remaining portion of Polestar’s share of unrealized profit will not be eliminated.

Polestar conducts routine evaluations of its investment to determine if there are any indicators of impairment present and if there is subsequently objective evidence that the investment is impaired and will recognize an impairment loss when there is a decline in value below carrying value that is other than temporary.

As of December 31, 2023 Polestar has an equity method investment in Polestar Technology (Shaoxing) Co., Ltd ("Polestar Technology"), recognized within Investment in associates in the Consolidated Statement of Financial Position.

Financial instruments

Financial instruments are any form of contract that gives rise to a financial asset in one company and a financial liability or equity instrument in another company.

Classification of financial assets and liabilities

The classification of financial instruments is based on the business model in which these instruments are held, on their contractual cash flows and takes place at initial recognition. Assessments of the contractual cash flows are made on an instrument-by-instrument basis. Polestar Group applies one business model for interest-bearing instruments. All interest-bearing instruments are held to collect contractual cash flows and are carried at amortized cost.

Initial recognition

Financial assets and liabilities are recognized on the Consolidated Statement of Financial Position on the date when Polestar Group becomes party to the contractual terms and conditions (i.e., the transaction date). Financial assets are initially recognized at the price that would be received when selling an asset in an orderly transaction between market participants at the measurement date (“Fair Value”), plus transaction costs directly attributable to the acquisition of the financial asset, except for those financial assets carried at fair value through the Consolidated Statement of Loss and Comprehensive Loss. Financial liabilities are initially recognized at the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., Fair Value).

Subsequent measurement

For the purpose of subsequent measurement, financial instruments are measured at amortized cost or financial fair value through profit or loss (“FVTPL”).

Financial instruments carried at FVTPL consist of financial assets with cash flows other than those of principal and interest on the nominal amount outstanding. Changes in fair value of these instruments are recognized in profit and loss as Finance income (expense).

Financial instruments carried at amortized cost are non-derivative financial instruments with contractual cash flows that consist solely of payments of principal and interest on the nominal amount outstanding. These financial instruments are subsequently carried at amortized cost using the effective interest method. Gains and losses are recognized in the Consolidated Statement of Loss and Comprehensive Loss when the financial assets carried at amortized cost are impaired or derecognized. Interest effects on the application of the effective interest method are also recognized in the Consolidated Statement of Loss and Comprehensive Loss as well as effects from foreign currency translation.

Financial assets

Financial assets on the Consolidated Statement of Financial Position consist of Trade receivables, Other current and non-current financial assets, derivative assets, marketable securities and Cash and cash equivalents.

A financial asset or a portion of a financial asset is derecognized when the asset is settled or when substantially all significant risks and benefits linked to the asset have been transferred to a third party. Where Polestar Group concludes that all significant risks and benefits have not been transferred, the portion of the financial assets corresponding to Polestar Group’s continuous involvement continues to be recognized.

Financial assets and liabilities are presented separately in the Consolidated Statement of Financial Position except where there is a legally enforceable right to offset the recognized amounts and there is an intention of settling them on a net basis, to realize the assets and settle the liabilities simultaneously.

Financial liabilities

Financial liabilities in the Consolidated Statement of Financial Position encompass Liabilities to credit institutions, Trade payables, other current and non-current financial liabilities, and derivative liabilities (i.e., Earn-out rights and Class C Shares).

A financial liability or a portion of a financial liability is derecognized when the obligation in the contract has been fulfilled, cancelled or has expired.

The Group classifies its derivative financial instruments and marketable securities as carried at FVTPL, while all other financial assets and liabilities are carried at amortized cost. Refer to Note 18 - Reverse recapitalization for additional information on the Earn-out rights and the Class C Shares.

Impairment of financial assets

The Group assesses, on a forward-looking basis, the expected credit loss associated with financial assets measured at amortized cost. For the initial recognition of financial assets carried at amortized cost, primarily Trade receivables with similar risk characteristics, an analysis is made to identify the need for a provision for expected credit losses (“ECL”). The Group uses the simplified approach for estimating ECLs, which requires expected lifetime losses to be recognized from the initial recognition of the receivable. The Group

considers historical credit loss experience, current economic conditions, supportable forecasts for future economic conditions, macroeconomic conditions, and other expectations of collectability. The ECL provision is reevaluated on an ongoing basis after initial recognition.

When an ECL is calculated, and if it is material, it is recognized in an allowance account which decreases the amount of Trade receivables. The amount of the expected credit loss will be recognized as an expense in the Consolidated Statement of Loss and Comprehensive Loss. As of December 31, 2023 and 2022, the Group has recognized de minimis write-offs on receivables due from unrelated parties.

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required, or permitted, to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would operate, and it also considers assumptions that market participants would use when pricing the asset or liability.

A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Group use observable market data, when available, and minimize the use of unobservable inputs when determining fair value:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3 – Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Financial assets and liabilities of the Group primarily consist of Cash and cash equivalents, marketable securities, restricted cash, Trade receivables, Trade payables, short-term and long-term borrowings, the earn-out rights, and Class C Shares. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Polestar Group’s assessment of the significance of a particular input to the fair value measurements requires judgement and may affect the valuation of the assets and liabilities being measured and their classification within the fair value hierarchy.

Valuation methodology for the fair value of the financial liability related to the Class C-2 Shares

The Class C-2 Shares represents a derivative financial instrument that is carried at fair value through profit and loss (“FVTPL”) by reference to Level 2 measurement inputs because an observable price for the Class C-1 Shares, which are almost identical instruments, is available in the active market. Class C Shares are presented in current liabilities within the Consolidated Statement of Financial Position as they can be exercised by the holder at any time. The related liability is measured at fair value, with any changes in fair value recognized in earnings. The fair value of the Class C-2 Shares is determined using a binomial lattice option pricing model in a risk-neutral framework whereby the future prices of the Class A Shares are calculated assuming a geometric Brownian motion (“GBM”). For each future price, the Class C-2 payoff amount is calculated based on the contractual terms of the Class C-2 Shares, including assumptions for optimal early exercise and redemption, and then discounted at the term-matched risk-free rate. The final fair value of the Class C-2 Shares is calculated as the probability-weighted present value over all modeled future payoff amounts. As of December 31, 2023, the fair value of the Class C-2 Shares was determined to equal $1,080 by leveraging the closing price of the Class C-1 Shares on the Nasdaq of $0.24 per share, an implied volatility of 88%, a risk-free rate of 3.9%, a dividend yield of $0, and a 1,000 time-steps for the binomial lattice option pricing model. As of December 31, 2022, the fair value of the Class C-2 Shares was determined to equal $10,080 by leveraging the closing price of the Class C-1 Shares on the Nasdaq of $1.12 per share, an implied volatility of 89%, a risk-free rate of 4.0%, a dividend yield of $0, and a 1,000 time-steps for the binomial lattice option pricing model. Refer to Note 18 - Reverse recapitalization for more detail on the Class C-2 Shares.

Valuation methodology for the fair value of the financial liability related to the Former Parent’s contingent earn-out rights

The Former Parent’s contingent earn-out right represents a derivative financial instrument that is carried at FVTPL by reference to Level 3 measurement inputs because a quoted or observable price for the instrument or an identical instrument is not available in active markets. The Earn-out liability is presented in non-current liabilities within the Consolidated Statement of Financial Position to align with the expected timing of the underlying earn-out payments. The fair value of the earn-out is determined using a Monte Carlo simulation that incorporates a term of 3.98 years, the five earn-out tranches, and the probability of the Class A Shares in Parent reaching certain daily volume weighted average prices during the earn-out period resulting in the issuance of each tranche of Class A Shares and Class B Shares in Parent to the Former Parent. As of December 31, 2023, the fair value of the earn-out was determined to equal $155,402 by leveraging an implied volatility of 80% and a risk-free rate of 3.9%. As of December 31, 2022, the fair value of the earn-out was determined to equal $598,570 by leveraging an implied volatility of 75% and a risk-free rate of 4%. The implied volatility represents the most significant unobservable input utilized in this Level 3 valuation technique. The calculated fair value would increase (decrease) if the implied volatility were higher (lower). Refer to Note 18 - Reverse recapitalization for more detail on the Former Parent’s earn-out rights.

Valuation methodology for the fair value of RSUs and PSUs granted to employees under the 2022 Omnibus Incentive Plan

The fair value of the RSUs granted April 3, 2023 was determined by reference to the Group’s closing share price of $3.79 on the business day immediately preceding the grant date (i.e., $3.79 per RSU). The fair value of the RSUs granted September 9, 2022 was determined by the reference Group's share price of $6.72 on the grant date. The fair value of PSUs granted April 3, 2023 and September 9, 2022 was determined by calculating the weighted-average fair value of the 368,732 and 241,705 respective units linked to market-based vesting conditions and the 1,106,195 and 644,116 respective units linked to non-market-based vesting conditions. The units linked to non-market-based vesting conditions were fair valued by reference to the Group’s closing share price of $3.79 and $6.72 on the business day immediately preceding the grant date (i.e., $3.79 and $6.72 per unit) April 3, 2023 and September 9, 2022. The units linked to market-based vesting conditions were fair valued using a Monte Carlo simulation in a risk-neutral option pricing framework whereby the future share prices of Polestar’s Class A Shares and shares of the peer group over the performance period were calculated assuming a GBM. For each simulation path, the payoff amount of the awards was calculated as the simulated price of the Class A Shares multiplied by the simulated total shareholder return vesting (i.e., the number of awards simulated to vest based on

the probability of achievement of certain performance conditions) and then discounted to the grant date at the term-matched risk-free rate.

For the shares granted April 3, 2023, the fair value per unit of the units linked to market-based vesting conditions was determined to be $3.33 by leveraging an implied volatility of 75%, a peer group historical average volatility of 63.5%, a risk-free rate of 3.8%, a simulation term of 2.7 years, a dividend yield of 0%, and 100,000 simulation iterations. As such, the weighted-average fair value per PSU was calculated to be $3.68. For the shares granted September 9, 2022, the fair value per unit of the units linked to non-market-based vesting conditions was determined to be $7.93 by leveraging an implied volatility of 70%, a peer group historical average volatility of 81.9%, a risk-free rate of 3.5%, a simulation term of 2.3 years, a dividend yield of nil, and a 100,000 simulation iterations. As such, the weighted-average fair value per PSU was calculated to be $7.02. Refer to Note 8 - Share-based payment for more detail on the 2022 Omnibus Incentive Plan.

Inventories

Inventories in Polestar Group includes new, used, and internal vehicles. Internal vehicles are those used by employees or the Group for demonstration, test drive, and various other operating purposes that will be sold as used vehicles. Most internal vehicles are utilized for a period of one year or less prior to sale. Inventories are measured at the lower of acquisition or manufacturing cost and NRV and consist primarily of finished goods as of December 31, 2023 and 2022. NRV is calculated as the selling price in the ordinary course of business less estimated costs of completion and selling costs. The acquisition or manufacturing costs of inventory includes costs incurred in acquiring the inventories and bringing them to their present location and condition, including, but not limited to, costs such as freight and customs duties, and certain costs related to IP. Costs for selling, administration and financial expenses are not included. For groups of similar products, a group valuation method is applied. The cost of similar assets is established using the first-in, first-out method (FIFO). The estimate of the provision for impairment of Inventories is determined for those assets that have lost their value.

Equity

Distributed group contributions to the owners, along with the related tax effect, are recorded in equity in accordance with the principles for shareholder’s contributions. If any unconditional shareholder’s contributions are received from the main owner, they are recognized in equity.

Provisions and contingent liabilities

Provisions are recognized on the Consolidated Statement of Financial Position when a legal or constructive obligation exists as a result of a past event, it is deemed more likely than not that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are regularly reviewed and adjusted as further information becomes available or circumstances change. If the effect of the time value of money is material, Non-current provisions are recognized at present value by discounting the expected future cash flows at a pre-tax rate reflecting current market assessments of the time value of money. The unwinding of the discount is expensed as incurred and recognized in the Consolidated Statement of Loss. The discount rate does not reflect such risks that are taken into consideration in the estimated future cash flow. Revisions to estimated cash flows (both amount and likelihood) are allocated as operating cost. Changes to present value due to the passage of time and revisions of discount rates to reflect prevailing current market conditions are recognized as a financial cost.

Warranty provisions

The Group issues various types of product warranties, under which the Group generally guarantees the performance of products delivered and services rendered for a certain period of time. The estimated warranty costs include those costs which are related to contractual warranties, warranty campaigns (i.e., recalls), and warranty cover in excess of contractual warranties or campaigns. Warranty cover in excess of contractual warranties or campaigns occurs when Polestar Group provides a customer warranty type assistance, above and beyond the stated nature of the contract. This type of warranty cover is normal practice in maintaining a strong business relationship with the customer; the Group accordingly includes the estimate of this provision in total estimated warranty costs. In the future, the Group, may at various times initiate a recall if any products or vehicle components, including any systems or parts sourced from our suppliers, prove to be defective or noncompliant with applicable laws and regulations.

All warranty provisions are recognized at the time of the sale of vehicles. The initial calculations of the warranty provisions are based on historical warranty statistics, considering factors like known quality improvements and costs for remedying defaults. The warranty provisions are subsequently adjusted if recalls for specific quality problems are made. On a semi-annual basis, the provisions are adjusted to reflect the latest available data such as actual spend and exchange rates. The provisions are reduced by warranty reimbursements from suppliers. Such refunds from suppliers decrease Polestar Group’s warranty costs and are recognized to the extent these are considered to be virtually certain, based on historical experience or agreements entered into with suppliers.

Employee benefits provisions

Employee benefits provisions comprise estimated costs related to short-term incentive programs, long-term incentive programs, and post-employment benefit programs. Estimates for these provisions primarily give consideration to employment agreements and regular internal determinations made by the Board's compensation committee regarding cash-based incentives for employees. Refer to the Employee benefits section elsewhere in this footnote for additional discussion on the Group's incentive and post-employment benefits programs.

Litigation provisions

Litigation provisions comprise estimated costs for advisors, settlements, and other legal costs associated with lawsuits under which the Group is a defendant or in circumstances where the Group has indemnified other parties subject to a lawsuit. Estimates for these provisions give consideration to advice from advisors, precedents set by outcomes from lawsuits of similar nature, legal budgets, and internal assessments of trial timing and risk. Refer to Note 23 - Current and non-current provisions for additional detail of individual litigation provisions for circumstances where the Group's exposure is deemed material.

Other provisions

Other provisions primarily comprise estimated costs for taxes and other miscellaneous items. Estimates for these provisions give consideration to historical trends, various other risks, and specific agreements related to recoveries provided by suppliers which cannot be allocated to any other class of provision.

Contingent liabilities

When a possible obligation does not meet the criteria for recognition as a liability, it may be disclosed as a contingent liability. These possible obligations derived from past events and their existence will be confirmed only when one, or several, uncertain future events, which are not entirely within the Group’s control, take place or fail to take place. A contingent liability could also exist for a present obligation, due to a past event, where an outflow of resources is less than likely or when the amount of the obligation cannot be reliably measured.

Assets held for sale

Non-current assets, groups of assets, and liabilities which comprise disposal groups are presented as Assets held for sale where the asset or disposal group is available for immediate sale in its present condition and the sale is highly probable. For a sale to be highly probable related to an asset held for sale or disposal group, management must be committed to a plan to achieve the sale, there must be an active program to find a buyer, the non-current asset or disposal group must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale must be anticipated to be completed within one year from the date of classification.

Borrowing costs

Borrowing costs are expensed as incurred unless they are directly attributable to the acquisition, construction or production of a qualifying asset and are therefore part of the cost of that asset.

Equity - Narrative (Details)
$ / shares in Units, $ in Thousands

1 Months Ended

6 Months Ended

12 Months Ended

Jun. 23, 2022

USD ($)

Jul. 28, 2021

USD ($)

Jul. 31, 2021

USD ($)

Mar. 31, 2021

$ / shares

Dec. 31, 2022

Jun. 23, 2022

Dec. 31, 2023

USD ($)

vote

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

Dec. 31, 2023

vote

£ / shares

Jan. 01, 2022

$ / shares

Jan. 01, 2022

£ / shares

Dec. 31, 2020

Disclosure of classes of share capital [line items]

Proceeds from the issuance of share capital and other contributed capital | $

$ 1,417,973

$ 0

$ 1,417,973

^[1]

$ 582,388

^[1]

Listing expense | $

$ 0

$ 372,318

^[2]

$ 0

^[2]

Exchange ratio

8.335

Vested (in shares)

(174,075)

(501,451)

Issuance to Convertible Note holders | $

$ 35,231

$ 0

Minimum

Disclosure of classes of share capital [line items]

Issue of equity | $

50,000

Geely

Disclosure of classes of share capital [line items]

Issuance to Convertible Note holders | $

$ 9,531

Geely | Related parties

Disclosure of classes of share capital [line items]

Issuance to Convertible Note holders | $

$ 9,531

Disclosure of classes of share capital [line items]

Closing share price (in usd per share) | $ / shares

$ 18

$ 8.04

Shares issued to convertible note holders (in shares)

4,306,466

4,306,466,000

Number of share options granted in share-based payment arrangement (in shares)

125,000

375,000

Number of additional shares authorised (in shares)

4,532,023,252

Number of votes per share | vote

Class A Shares | Minimum

Disclosure of classes of share capital [line items]

Closing share price (in usd per share) | $ / shares

$ 10.00

Class A Shares | Related parties

Disclosure of classes of share capital [line items]

Class A Shares | Polestar Automotive Holding UK PLC ("Parent")

220,918,695

Disclosure of classes of share capital [line items]

Par value per share (in usd per share) | $ / shares

294,877,349

$ 0.01

Shares issued to convertible note holders (in shares)

4,306,466

Disclosure of classes of share capital [line items]

Closing share price (in usd per share) | $ / shares

18,032,787

$ 30.50

$ 8.04

Proceeds from the issuance of share capital and other contributed capital | $

$ 550,000

Listing expense | $

$ 2,843

Number of additional shares authorised (in shares)

135,133,164

Number of votes per share | vote

Class B Shares | Polestar Automotive Holding UK PLC ("Parent") | Related parties

Disclosure of classes of share capital [line items]

Par value per share (in usd per share) | $ / shares

$ 0.01

Redeemable Preferred Shares

Disclosure of classes of share capital [line items]

Par value per share (in usd per share) | (per share)

50,000,000

$ 65

£ 1.00

Redeemable Preferred Shares | Polestar Automotive Holding UK PLC ("Parent")

Disclosure of classes of share capital [line items]

Par value per share (in usd per share) | £ / shares

50,000,000

£ 1.00

Class C Shares

Disclosure of classes of share capital [line items]

Number of additional shares authorised (in shares)

Number of votes per share | vote

Class C-1 Ordinary Shares | Polestar Automotive Holding UK PLC ("Parent")

Disclosure of classes of share capital [line items]

Par value per share (in usd per share) | $ / shares

$ 0.10

Class C-2 American Depositary Shares | Polestar Automotive Holding UK PLC ("Parent")

Disclosure of classes of share capital [line items]

Par value per share (in usd per share) | $ / shares

$ 0.10

Disclosure of classes of share capital [line items]

Exchange of Class B for Class A (in shares)

197,026,729

467,677,673

197,026,729

467,976,748

467,677,673

197,026,729

467,976,748

214,371,808

Exchange ratio

8.335

294,877,349

Issuance to PIPE investors (in shares)

26,540,835

Issuance to GGI shareholders (in shares)

82,193,962

Issuance of Volvo Cars preference shares (in shares)

58,882,610

Disclosure of classes of share capital [line items]

18,032,787

Exchange of Class B for Class A (in shares)

35,377,866

1,642,233,575

35,377,866

1,642,233,575

35,377,866

1,642,233,575

Exchange ratio

8.335

(35,377,866)

Issuance to PIPE investors (in shares)

Issuance to GGI shareholders (in shares)

Class B Shares | Geely

Disclosure of classes of share capital [line items]

Class B Shares | Class B Shares

4,262,295,000

Disclosure of classes of share capital [line items]

Stock converted during the period (in shares)

17,345,079

Class C-1 Ordinary Shares | Polestar Automotive Holding UK PLC ("Parent")

Disclosure of classes of share capital [line items]

Class C-2 American Depositary Shares | Polestar Automotive Holding UK PLC ("Parent")

20,499,965

Disclosure of classes of share capital [line items]

Finance Income And Expense [Abstract]

4,500,000

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[2]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Assets held for sale	12 Months Ended
Assets held for sale	Dec. 31, 2023
Assets Held For Sale [Abstract]
Assets held for sale	Note 28 - Assets held for sale In December 2022, the Group committed to a plan to sell, to Geely, its Chengdu manufacturing plant held by the Group subsidiary, PSNEV, that was previously used to manufacture the Polestar 1 and special edition Polestar 2 BST 270. Accordingly, the Chengdu plant and certain related assets were presented as a disposal group held for sale. The assets related to the Chengdu Plant which were classified as held for sale amounted to $56,001 as of December 31, 2022. The cumulative foreign exchange losses related to exchange rate differences from translation of the disposal group that were included in other comprehensive income as of December 31, 2022 amounted to $1,392. In July 2023, there was a change in the asset grouping classified as held for sale to include an immaterial amount of Other current assets and liabilities along with $85,542 of accounts receivable. The accounts receivable was an intercompany receivable, held by PSNEV, which was not settled prior to the sale of the asset group. Geely agreed to purchase the intercompany receivable as part of the sale, resulting in a change in the asset grouping. On August 1, 2023, the Group completed the sale of the asset group to Geely. Upon disposal of the asset group, cumulative foreign exchange losses of $6,636 were reclassified from equity to profit or loss as part of the gain on disposal. The derecognition of the asset group previously classified as held for sale, including the modification to include accounts receivable, resulted in a total gain of $16,334. The gain is reflected within Other operating income (expense) on the Consolidated Statement of Loss and Comprehensive Loss. Refer to Note 27 - Related party transactions for additional details.

Operating segments (Details) - USD ($) $ in Thousands	12 Months Ended
Operating segments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical areas [line items]
Revenue from contracts with customers	$ 2,378,562	$ 2,444,105	$ 1,346,347
Non-current receivables from contracts with customers	1,797,527	1,767,422
UNITED STATES
Disclosure of geographical areas [line items]
Revenue from contracts with customers	393,614	515,711	250,853
Non-current receivables from contracts with customers	5,017	16,247
SWEDEN
Disclosure of geographical areas [line items]
Revenue from contracts with customers	276,910	362,125	199,697
Non-current receivables from contracts with customers	1,239,023	1,148,209
UNITED KINGDOM
Disclosure of geographical areas [line items]
Revenue from contracts with customers	529,372	338,042	207,031
Non-current receivables from contracts with customers	32,342	35,334
GERMANY
Disclosure of geographical areas [line items]
Revenue from contracts with customers	242,629	287,010	117,642
Non-current receivables from contracts with customers	27,058	31,005
NORWAY
Disclosure of geographical areas [line items]
Revenue from contracts with customers	92,688	231,310	231,640
KOREA, REPUBLIC OF
Disclosure of geographical areas [line items]
Revenue from contracts with customers	59,912	118,108	0
NETHERLANDS
Disclosure of geographical areas [line items]
Revenue from contracts with customers	98,405	111,316	132,547
BELGIUM
Disclosure of geographical areas [line items]
Revenue from contracts with customers	111,829	88,823	53,411
CANADA
Disclosure of geographical areas [line items]
Revenue from contracts with customers	129,209	84,220	17,335
DENMARK
Disclosure of geographical areas [line items]
Revenue from contracts with customers	95,292	67,555	38,227
AUSTRALIA
Disclosure of geographical areas [line items]
Revenue from contracts with customers	103,288	64,547	0
FINLAND
Disclosure of geographical areas [line items]
Revenue from contracts with customers	45,567	42,236	10,056
SWITZERLAND
Disclosure of geographical areas [line items]
Revenue from contracts with customers	42,611	37,855	41,131
ITALY
Disclosure of geographical areas [line items]
Revenue from contracts with customers	36,580	1,067	0
AUSTRIA
Disclosure of geographical areas [line items]
Revenue from contracts with customers	33,898	27,604	5,465
CHINA
Disclosure of geographical areas [line items]
Revenue from contracts with customers	25,863	39,253	39,668
Non-current receivables from contracts with customers	448,361	507,358
Other Regions
Disclosure of geographical areas [line items]
Revenue from contracts with customers	60,895	27,323	$ 1,644
Non-current receivables from contracts with customers	$ 45,726	$ 29,269

Finance income and expense

12 Months Ended

Dec. 31, 2023

Finance income and expense

Note 11 - Finance income and expense

The following table details the Group’s finance income and expense:


	For the year ended December 31,
Finance income	2023		2022		2021
Net foreign exchange rate gains on financial activities	37,125		—		31,574
Interest income on bank deposits	32,280		7,658		1,396
Other finance income	49		894		—
Total	$	69,454	$	8,552	$	32,970

	For the year ended December 31,
Finance expense	2023		2022		2021
			(Restated)		(Restated)
Interest expense on credit facilities and financing obligations	116,270		33,331		11,681
Interest expense to related parties	85,203		37,945		30,770
Loss on debt modification	6,829		—		—
Interest expense related to lease liabilities	5,008		6,201		2,377
Credit facility expenses	—		—		377
Other finance expenses	11		5		13
Net foreign exchange rate losses on financial activities	—		30,920		—
Total	$	213,321	$	108,402	$	45,218

For the years ended December 31, 2023, 2022 and 2021, interest expense to related parties was comprised of interest on overdue Trade payables balances and interest on related party borrowings. For the year ended December 31, 2023, Loss on debt modification relates to loss incurred on Polestar's modification of its related party convertible instrument with Volvo Cars. Refer to Note 27 - Related party transactions for further discussion.

Supplemental cash flow information (Tables)

12 Months Ended

Dec. 31, 2023

Statement of cash flows [abstract]

Supplemental Cash Flow Information

The Group's non-cash investing and financing activities were as follows:


	For the year ended December 31,
	2023	2022	2021
		(Restated)	(Restated)

Purchases of intangible assets in trade payables - related parties and accrued expenses - related parties	129,478	74,781	357,760
Initial recognition of ROU assets and lease liabilities	54,569	43,514	13,039
Purchases of property, plant and equipment in trade payables	19,230	47,156	18,611
Prepaid assets and warrant liabilities assumed upon closing of the merger with GGI	—	57,040	—
Issuance of Earn-out rights upon closing of the merger with GGI	—	1,500,638	—
Initial recognition of investment in associates	29,400	—	—

Changes in the Group's current and non-current liabilities arising from financing activities were as follows:


	Liabilities to credit institutions		Convertible liabilities		Other financing liabilities		Earn-out and Class C Shares liabilities		Lease liabilities		Total
Balance as of January 1, 2022	642,644		—		7,192		—		77,523		727,359
of which outstanding principal	642,339		—		7,069		—		—		649,408
of which accrued interest	305		—		123		—		—		428
Changes from financing cash flows
Proceeds from short-term borrowings	2,059,298		—		90,501		—		—		2,149,799

Repayments of borrowings	(1,347,392)		—		(79,543)		—		—		(1,426,935)
Repayments of lease liabilities	—		—		—		—		(19,448)		(19,448)
Total changes from financing cash flows	$	711,906	$	—	$	10,958	$	—	$	(19,448)	$	703,416
Changes from other items
Initial recognition of lease liabilities	—		—		—		—		43,514		43,514
Cancellation of lease liabilities	—		—		—		—		(157)		(157)
Interest expense	27,179		—		511		—		6,201		33,891
Interest paid	(24,822)		—		(627)		—		(6,201)		(31,650)
Issuance of Earn-out rights and assumption of warrant liabilities upon closing of the merger with GGI	—		—		—		1,563,728		—		1,563,728
Total changes from other items	$	2,357	$	—	$	(116)	$	1,563,728	$	43,357	$	1,609,326
Changes from effects of foreign exchange rates	(27,905)		—		(1,344)		—		(4,600)		(33,849)
Changes from effects of fair value measurement	—		—		—		(937,158)		—		(937,158)
Balance as of December 31, 2022	$	1,329,002	$	—	$	16,690	$	626,570	$	96,832	$	2,069,094
of which outstanding principal	1,326,388		—		16,690		—		—		1,343,078
of which accrued interest	2,614		—		—		—		—		2,614

Balance as of January 1, 2023	1,329,002		—		16,690		626,570		96,832		2,069,094
of which outstanding principal	1,326,388		—		16,690		—		—		1,343,078
of which accrued interest	2,614		—		—		—		—		2,614


Changes from financing cash flows
Proceeds from short-term borrowings	3,174,669		—		88,162		—		—		3,262,831
Proceeds from long-term borrowings			1,250,000		131,738		—		—		1,381,738
Repayments of borrowings	(2,482,674)		—		(70,334)		—		—		(2,553,008)
Repayments of lease liabilities	—		—		—		—		(21,916)		(21,916)
Total changes from financing cash flows	$	691,995	$	1,250,000	$	149,566	$	—	$	(21,916)	$	2,069,645
Changes from other items
Initial recognition of lease liabilities	—		—		—		—		54,569		54,569
Cancellation of lease liabilities	—		—		—		—		(3,067)		(3,067)
Interest expense	110,097		60,325		2		—		5,008		175,432
Interest paid	(104,762)		(42,620)		(2)		—		(5,008)		(152,392)
Total changes from other items	$	5,335	$	17,705	$	—	$	—	$	51,502	$	74,542
Changes from effects of foreign exchange rates	5,488		—		1,229		—		830		7,547
Changes from effects of fair value measurement	—		6,829		—		(465,168)		—		(458,339)
Balance as of December 31, 2023	$	2,031,820	$	1,274,534	$	167,485	$	161,402	$	127,248	$	3,762,489
of which outstanding principal	2,023,582		1,256,829		167,485		—		—		3,447,896
of which accrued interest	8,238		17,705		—						25,943

Liabilities to credit institutions - Summary of Working Capital Loans (Details) € in Thousands, ¥ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 CNY (¥)
Disclosure of detailed information about borrowings [line items]
Loans received	$ 1,923,755			$ 1,300,108
3 Month Euro Interbank Offered Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	2.30%	2.30%	2.30%
Borrowings, arrangement fee, percentage	0.0015	0.0015	0.0015	0.0015	0.0015	0.0015
Secured bank loans received	$ 442,795	€ 400,104		$ 288,746	€ 270,095
3 Month Euro Interbank Offered Rate \| Euro Interbank Offered Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis				2.10%	2.10%	2.10%
12 Month Loan Prime Rate Plus 1.25%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	7.35%	7.35%	7.35%
Unsecured bank loans received	$ 100,000			$ 72,517		¥ 500,000
12 Month Loan Prime Rate Plus 1.25% \| Loan Prime Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis				1.25%	1.25%	1.25%
12 Month Loan Prime Rate Plus 0.05%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	0.05%	0.05%	0.05%
Unsecured bank loans received	$ 36,617		¥ 260,000	$ 103,845		¥ 716,000
12 Month Loan Prime Rate Plus 0.05% \| Loan Prime Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis				0.05%	0.05%	0.05%
August 3 Month Loan Prime Rate Plus 2.3%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	0.05%	0.05%	0.05%
Unsecured bank loans received	$ 1,610		¥ 11,430	$ 147,000
August 3 Month Loan Prime Rate Plus 2.3% \| Loan Prime Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis				2.30%	2.30%	2.30%
September 3 Month Loan Prime Rate Plus 2.3%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	0.45%	0.45%	0.45%
Unsecured bank loans received	$ 32,533		¥ 231,000	$ 255,000
September 3 Month Loan Prime Rate Plus 2.3% \| Loan Prime Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis				2.30%	2.30%	2.30%
Secured 4.48% Working Capital Loan
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	1.30%	1.30%	1.30%
Borrowings, interest rate				4.48%	4.48%	4.48%
Secured bank loans received	$ 43,659		¥ 310,000	$ 133,000
3 Month Secured Overnight Financing Rate Plus 2.4%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	2.30%	2.30%	2.30%
Unsecured bank loans received	$ 402,000			$ 100,000
3 Month Secured Overnight Financing Rate Plus 2.4% \| Secured Overnight Financing Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis				2.40%	2.40%	2.40%
Unsecured 7.5% Working Capital Loan
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	0.90%	0.90%	0.90%
Borrowings, interest rate				7.50%	7.50%	7.50%
Unsecured bank loans received	$ 320,000			$ 200,000
12 Month Secured Overnight Financing Rate Plus 1.1%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	1.10%	1.10%	1.10%
Unsecured bank loans received	$ 82,000
12 Month Loan Prime Rate Plus 0.25%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	0.25%	0.25%	0.25%
Unsecured bank loans received	$ 70,417		¥ 500,000
12 Month Secured Overnight Financing Rate Plus 0.65%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	0.65%	0.65%	0.65%
Unsecured bank loans received	$ 118,000
12 Month Secured Overnight Financing Rate Plus 1.11%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	1.11%	1.11%	1.11%
Unsecured bank loans received	$ 100,000
12 Month Loan Prime Rate Plus 0.15%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	0.15%	0.15%	0.15%
Unsecured bank loans received	$ 28,167		¥ 200,000
12 Month Loan Prime Rate Plus 1.05%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	1.05%	1.05%	1.05%
Unsecured bank loans received	$ 12,957		¥ 92,000
12 Month Secured Overnight Financing Rate Plus 1.70%
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	1.70%	1.70%	1.70%
Unsecured bank loans received	$ 133,000

Share-based payment - Narrative (Details)		12 Months Ended
Share-based payment - Narrative (Details)	Mar. 24, 2022 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted (in shares)		1,909,045	1,823,114
Vested (in shares)		174,075	501,451
Weighted average exercise price of share options granted in fair value \| $		$ 126,000
Share-based compensation \| $		$ 5,000,000	$ 4,958,000	$ 0
Class A Shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted in share-based payment arrangement (in shares)		125,000	375,000
Share-based compensation \| $		$ 359,000
2022 Omnibus Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled (in shares)		299,706
Number of outstanding shares options		1,909,045
Free Share Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Holding period		1 year
Restricted Share Units (RSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted (in shares)		530,424	629,303
Vested (in shares)		169,853	170,683
Cancelled (in shares)			33,340
Restricted Share Units (RSU) \| 2022 Omnibus Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of outstanding shares options		530,424
Weighted average exercise price of share options granted in fair value \| $		$ 2,010,000
Performance Share Units (PSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted (in shares)		1,378,621	858,821
Vested (in shares)		0	0
Cancelled (in shares)			266,366
Weighted average exercise price of share options granted in fair value \| $		$ 980,000
Performance Share Units (PSU) \| 2022 Omnibus Incentive Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of outstanding shares options		1,378,621
Weighted average exercise price of share options granted in fair value \| $		$ 5,073,000
Free Share Units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted (in shares)		0	334,990
Vested (in shares)		4,222	330,768
Free Share Units \| Free Share Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value at measurement date, other equity instruments granted \| $			$ 1,715,000
Weighted average fair value at measurement date other equity instruments vested fair value \| $			22,000
Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options vested in share-based payment arrangement (in shares)	250,000,000	250,000,000
Expense from equity-settled share-based payment transactions \| $		$ 5,308,000
Equity-Settled Share-Based Payment Arrangement \| Class A Shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value at measurement date, other equity instruments vested \| $			$ 4,946,000
Number of share options granted in share-based payment arrangement (in shares)			500,000
Executives and Key Management \| Post-Listing Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		3 years
Value creation, target percentage		0.25
Cash flow, target percentage		0.25
ESG target percentage		0.20
Operational target percentage		0.30
Executives and Key Management \| Restricted Share Units (RSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted (in shares)		517,220
Weighted average fair value at measurement date, other equity instruments granted \| $		$ 3,476,000
Vested (in shares)		169,853	170,683
Weighted average fair value at measurement date, other equity instruments vested \| $		$ 1,141,000	$ 1,147,000
Cancelled (in shares)		23,780,000
Weighted average fair value at measurement date, other equity instruments cancelled \| $		$ 160,000
Executives and Key Management \| Restricted Share Units (RSU) \| Post-Listing Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted (in shares)		112,083
Weighted average fair value at measurement date, other equity instruments granted \| $		$ 753,000
Executives and Key Management \| Performance Share Units (PSU) \| Post-Listing Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted (in shares)			858,821
Weighted average fair value at measurement date, other equity instruments granted \| $			$ 6,031
Share-based Payment Arrangement, Tranche One \| Executives and Key Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment arrangement, percent vested		0.33
Share-based Payment Arrangement, Tranche Two \| Executives and Key Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment arrangement, percent vested		0.33
Share-based Payment Arrangement, Tranche Three \| Executives and Key Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment arrangement, percent vested		0.34

Other current assets (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Subclassifications of Other Assets

Other current assets for the Group were as follows:


	As of December 31,
	2023		2022
			(Restated)
Value added tax receivables	124,906		66,354
Prepaid expenses and accrued income	36,864		32,452
Advances to suppliers	16,452		3,337

Other current receivables	17,570		10,840
Insurance recovery assets	8,350		—
Total	$	204,142	$	112,983

Investment in Associates (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about investment property [abstract]

Schedule of Activity Related of Investment

The following table summarizes the activity related to Polestar's investment in Polestar Technology:


Balance as of January 1, 2023	—
Investment in Polestar Technology	29,400
Elimination of effects of downstream sales	13,904
Recognized share of losses in Polestar Technology	(43,304)
Balance as of December 31, 2023	$	—

The following table summarizes the activity related to Polestar's unrecognized losses in Polestar Technology:


Unrecognized balance as of January 1, 2023	—
Unrecognized share of losses in Polestar Technology	(1,407)
Unrecognized balance as of December 31, 2023	$	(1,407)

Schedule of Financial Information Own Financial Statements

The following table provides summarized financial information from Polestar Technology's financial statements and a reconciliation to the carrying amount of Polestar's investment:


			For the year ended December 31,


	2023

Non-current assets	19,295
Current assets	95,770
Non-current liabilities	(8,774)
Current liabilities	(137,689)
Net liabilities	$	(31,398)
The Group's share of net liabilities	(15,385)
Elimination of effects of downstream sales	13,904
Unrecognized losses in Polestar Technology	1,407
Other reconciling items	74
Carrying amount of the Group's investment in Polestar Technology	$	—

Revenue	1,445
Net loss and total comprehensive loss	(91,247)
The Group's share of losses in Polestar Technology	$	(44,711)

Significant accounting policies and judgements (Policies)

12 Months Ended

Dec. 31, 2023

Disclosure Of List Of Accounting Policies [Abstract]

General information

Polestar Automotive Holding UK PLC (the “Parent”), together with its subsidiaries, hereafter referred to as “Polestar,” “Polestar Group” and the “Group,” is a limited company incorporated in the United Kingdom. Polestar Group operates principally in the automotive industry, engaging in research and development, branding and marketing, and the commercialization and selling of battery electric vehicles, and related technology solutions. Polestar Group's current lineup of battery electric vehicles consists of the Polestar 2 ("PS2"), a premium fast-back sedan, the Polestar 3 ("PS3"), a luxury aero sport-utility vehicle, the Polestar 4 ("PS4"), a premium sport utility vehicle, the Polestar 5 ("PS5"), a luxury sport grand-touring sedan, and the Polestar 6 ("PS6"), a luxury roadster. As of December 31, 2023, the PS2 and PS4 are in production while the remaining vehicles are under development. Operating sustainably is a critical priority of the Group; targeting climate neutrality by 2040, creating a climate neutral car (cradle-to-gate) by 2030, and halving the emission intensity per car sold by 2030. Polestar Group has a presence in 27 markets across Europe, North America, and Asia. Polestar Group has its management headquarters located at Assar Gabrielssons väg 9, 405 31 Göteborg, Sweden.

Merger with Gores Guggeinheim, Inc.

Merger with Gores Guggenheim, Inc.

Gores Guggenheim, Inc. (“GGI”) was a special purpose acquisition company (“SPAC”) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or a similar business combination. GGI was incorporated in Delaware on December 21, 2021 and completed its initial public offering (“IPO”) on March 25, 2021.

On September 27, 2021, GGI entered into a Business Combination Agreement (“BCA”) with Polestar Automotive Holding Limited, a Hong Kong incorporated company (“Former Parent”), Polestar Automotive (Singapore) Pte. Ltd., a private company limited by shares in Singapore (“Polestar Singapore”), Polestar Holding AB, a private limited liability company incorporated under the laws of Sweden (“Polestar Sweden”), Polestar Automotive Holding UK Limited, a limited company incorporated under the laws of England and Wales and a direct wholly owned subsidiary of the Former Parent, and PAH UK Merger Sub Inc., a Delaware corporate and a direct wholly owned subsidiary of the Parent (“US Merger Sub”).

On June 23, 2022 (“Closing”), the Former Parent consummated a reverse recapitalization pursuant to the terms and conditions of the BCA. At the Closing, Polestar Holding AB and its subsidiaries became wholly owned subsidiaries of Parent. US Merger Sub merged with GGI, pursuant to which the separate corporate existence of US Merger Sub ceased and GGI became a wholly owned subsidiary of the Parent.

Basis of preparation

The Consolidated Financial Statements in this annual report of Polestar Group are prepared in accordance with the IFRS, issued by the IASB and UK-adopted international accounting standards. The Consolidated Financial Statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. For group financial reporting purposes, Polestar Group companies apply the same accounting principles, irrespective of national legislation, as defined in the Group accounting directives. Such accounting principals have been applied consistently for all periods, unless otherwise stated.

This annual report is prepared in the presentation currency, U.S. Dollar (“USD”). All amounts are stated in thousands of USD (“TUSD”), unless otherwise stated.

Periods discussed prior to June 23, 2022 represent the operations of Polestar Automotive Holding Limited and its consolidated subsidiaries.

Going concern

Going Concern

Polestar Group’s financial statements have been prepared on a basis that assumes Polestar Group will continue as a going concern and the ordinary course of business will continue in alignment with management’s 2024-2028 business plan.

Management assessed Polestar Group’s ability to continue as a going concern and evaluated whether there are certain events or conditions, considered in the aggregate, that may cast substantial doubt about Polestar’s ability to continue as a going concern. All information available to management, including cash flow forecasts, liquidity forecasts, and internal risk assessments, pertaining to the twelve-month period after the issuance date of these Consolidated Financial Statements was used in performing this assessment.

As a result of scaling up commercialization and continued capital expenditures related to the PS2, PS3, PS4, PS5, and PS6, managing the Company’s liquidity profile and funding needs remains one of management’s key priorities. If Polestar is not able to raise the necessary funds through operations, equity raises, debt financing, or other means, the Group may be required to delay, limit, reduce, or, in the worst case, terminate research and development and commercialization efforts. Since inception, Polestar Group has generated recurring net losses and negative operating and investing cash flows. Net losses for the years ended December 31, 2023, 2022, and 2021, amounted to $1,194,831, $477,455, and $969,298, respectively. Negative operating and investing cash flows for the years ended December 31, 2023, 2022, and 2021, amounted to $2,299,241, $1,798,339, and $441,492, respectively. Management’s 2024-2028 business plan indicates that Polestar will generate negative operating cash flows in the near future and positive operating cash flows starting the second half of 2025; investing cash flows of Polestar will continue to be negative in the near and long-term future due to the nature of Polestar’s business. Securing financing to support operating and development activities represents an ongoing challenge for Polestar Group.

Polestar Group primarily finances its operations through short-term working capital loan arrangements with credit institutions (i.e., 12 months or less), contributions from shareholders, extended trade credit from related parties, and long-term financing arrangements with related parties. Management’s 2024-2028 business plan indicates that Polestar Group depends on additional financing that is expected to be funded via a combination of new short-term working capital loan arrangements, long-term loan arrangements, shareholder loans with related parties, and executing capital market transactions through offerings of debt and/or equity. The timely realization of these financing endeavors is crucial for Polestar Group’s ability to continue as a going concern. If Polestar is unable to obtain financing from these sources or if such financing is not sufficient to cover forecasted operating and investing cash flow needs, Polestar Group will need to seek additional funding through other means (e.g., issuing new shares of equity or issuing bonds). Management has no certainty that Polestar Group will be successful in securing the funds necessary to continue operating and development activities as planned.

During the year ended December 31, 2023, Polestar demonstrated efforts towards achieving liquidity targets in management's 2024-2028 business plan by:

•Renegotiating the terms of its convertible credit facility with Volvo Cars to extend the principal repayment date to June 30, 2027 and achieve an additional borrowing capacity;

•Securing long-term financing support from Geely in the form of various facilities; and

•Entering into multiple short-term working capital loan arrangements with banking partners in China.

Polestar is party to financing instruments during the 12 months following the reporting period that contain financial covenants with which Polestar must comply. A failure to comply with such covenants may result in an event of default that could have material adverse effects on the business. Due to the factors discussed above, there is material uncertainty as to whether Polestar will be able to comply with all covenants in future periods. Remedies to an event of default include proactively applying for a covenant waiver prior to such event of default occurring.

Adoption of new and revised standards

Effects of new and amended IFRS

New and amended IFRS issued but not yet effective

Presentation

Restatement

Basis of consolidation

Foreign currency

For more information about currency risk, see Note 3 - Financial risk management.

Use of estimates and judgments

Use of estimates and judgements

Actual results could differ materially from those estimates using different assumptions or under different conditions.

Finance income and expense

Marketable securities

Restricted cash

Government grants

Revenue recognition

Sales of vehicles

Sales of software and performance engineered kits

There are no significant payment terms as payment is due near the date of invoice.

Sales of carbon credits

There are no significant payment terms as payment is due near the date of invoice.

Vehicle leasing revenue

Other revenue

The performance obligation related to the sales of technology to other related parties is satisfied at the point in time the Group transfers the Intellectual property to the related party.

There are no significant payment terms as payment is due near the date of invoice.

Contract liabilities

Cost of sales

Employee benefits

Short-term employee benefits

Other long-term benefits

Post-employment benefits

Share-based payments

Leases

Polestar as lessee

Sale leaseback transactions

Polestar as lessor

Earnings per share


POS Class			EPIS Denominator Adjustment Method
Unvested equity-settled RSUs			Treasury share1
Class C Shares			Treasury share
Earn-out Rights and PSUs			The number of shares issuable if the reporting date were the end of the contingency period
Convertible Notes			The number of shares issued assuming conversion occurred at the beginning of the reporting period
Convertible Credit Facilities with Volvo Cars and Geely			If the instrument is converted, the number of shares issued on the date of the conversion

Property plant and equipment

Manufacturing engineering

Acquired IP

Amortization of acquired IP related to the PS1 terminated in connection with the end of PS1 production as planned as of December 31, 2021. All PS1 assets have been fully amortized.

Internally developed IP

Software

Trademarks

Goodwill

Tooling

Polestar owns the unique tooling which is used in the manufacturing of its vehicles. Tooling is depreciated on a production basis and capitalized into inventory.

The following useful lives are applied in Polestar Group:


Asset			Useful lives (in years)
Buildings			30-50
Machinery and equipment (excluding tooling)			3-7

Depreciation of PPE is included in costs of sales as well as selling or administrative expense, depending on the nature of the item being depreciated.

Impairment

Equity method investments

Financial instruments

Financial instruments are any form of contract that gives rise to a financial asset in one company and a financial liability or equity instrument in another company.

Classification of financial assets and liabilities

Initial recognition

Subsequent measurement

For the purpose of subsequent measurement, financial instruments are measured at amortized cost or financial fair value through profit or loss (“FVTPL”).

Financial assets

Financial liabilities

A financial liability or a portion of a financial liability is derecognized when the obligation in the contract has been fulfilled, cancelled or has expired.

Impairment of financial assets

Fair value measurement

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3 – Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Valuation methodology for the fair value of the financial liability related to the Class C-2 Shares

Valuation methodology for the fair value of the financial liability related to the Former Parent’s contingent earn-out rights

Valuation methodology for the fair value of RSUs and PSUs granted to employees under the 2022 Omnibus Incentive Plan

the probability of achievement of certain performance conditions) and then discounted to the grant date at the term-matched risk-free rate.

Provisions and contingent liabilities

Equity

Warranty provisions

Employee benefits provisions

Litigation provisions

Other provisions

Contingent liabilities

Assets held for sale

Borrowing costs

Borrowing costs are expensed as incurred unless they are directly attributable to the acquisition, construction or production of a qualifying asset and are therefore part of the cost of that asset.

Income taxes benefit (expense) - Tax Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
2023	$ 0	$ 0
2024	0	67,221
2025	0	174,128
2026	169,970	131,524
2027	109,965	188,728
2028	147,666	215,925
2029 onwards	2,951,159	1,368,738
Tax loss carryforwards as of December 31	$ 3,378,760	$ 2,146,264

Net loss per share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Net loss attributable to common share holders, basic	$ (1,194,831)	$ (477,455)	$ (969,298)
Net loss attributable to common share holders, diluted	$ (1,194,831)	$ (477,455)	$ (969,298)
Weighted-average number of common shares outstanding, basic (in shares)	2,110,069	2,027,328	1,911,580
Weighted-average number of common shares outstanding, diluted (in shares)	2,110,069	2,027,328	1,911,580
Net loss per share - basic (in dollars per share)	$ (0.57)	$ (0.24)	$ (0.51)
Net loss per share - diluted (in dollars per share)	$ (0.57)	$ (0.24)	$ (0.51)

Reverse recapitalization - Summary of Earn-Out Rights (Details) - Gores Guggenheim, Inc. Business Combination Agreement (BCA) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reverse Recapitalization [Line Items]
Earn-out rights		$ 598,570	$ 0
Earn-out rights issued		1,500,638
Change in fair value measurement	$ (443,168)	(902,068)	$ 0
Monte Carlo
Reverse Recapitalization [Line Items]
Earn-out rights	$ 155,402	$ 598,570

Revenue - Schedule of Revenue Disaggregation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 2,378,562	$ 2,444,105	$ 1,346,347
Sales of vehicles
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	2,319,947	2,386,454	1,299,196
Sales of software and performance engineered kits
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	18,994	21,308	25,881
Sales of carbon credits
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,452	10,984	6,299
Vehicle leasing revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	17,421	16,719	6,217
Other revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 20,748	$ 8,640	$ 8,754

Equity

12 Months Ended

Dec. 31, 2023

Disclosure of classes of share capital [abstract]

Equity

Note 22 - Equity

Changes in the Group's equity during the years ended December 31, 2023, 2022, and 2021 were as follows:


	Class A Shares	Class B Shares	Share capital	Other contributed capital
Pre-closing of the merger with GGI
Balance as of January 1, 2021	214,371,808	—	(1,318,752)	—
Issuance during the year	—	18,032,787	(547,157)	—
Conversion from Class A to Class B	(17,345,079)	17,345,079	—	—
Issuance of Convertible Notes	—	—	—	(35,231)


Balance as of December 31, 2021	197,026,729	35,377,866	$	(1,865,909)	$	(35,231)
Issuance during the period	—	—	—		—
Balance as of June 23, 2022	197,026,729	35,377,866	$	(1,865,909)	$	(35,231)
Closing of the merger with GGI
Removal of Polestar Automotive Holding Limited from the Group
Exchange of Class A for Class B (1:8.335)	(197,026,729)	1,642,233,575	1,565,447		(1,565,447)
Exchange of Class B for Class A (1:8.335)	294,877,349	(35,377,866)	281,090		(281,090)
Reclassification of GBP Redeemable Preferred Shares	—	—	(65)		65
Issuance of Volvo Cars Preference Shares1	58,882,610	—	(589)		(588,237)
Issuance to Convertible Note holders	4,306,466	—	(43)		43
Issuance to PIPE investors	26,540,835	—	(265)		(249,735)
Issuance to GGI shareholders	82,193,962	—	(822)		(521,285)
Listing expense	—	—	—		(372,318)
Transaction costs	—	—	—		38,903
Post-closing of the merger with GGI
Equity-settled share-based payment	876,451	—	(9)		(9,900)
Balance as of December 31, 2022	467,677,673	1,642,233,575	$	(21,165)	$	(3,584,232)
Equity-settled share-based payment	299,075	—	(3)		(5,390)
Related party capital contribution2	—	—	—		(25,565)
Balance as of December 31, 2023	467,976,748	1,642,233,575	$	(21,168)	$	(3,615,187)

1 - The Volvo Cars Preference Shares subsequently converted into Class A shares following the merger with GGI on June 23, 2022.

2 - Refer to the Other financing instruments section of Note 27 - Related party transactions for more details.

Pre-closing of the merger with GGI

In March 2021, the Group distributed 18,032,787 shares of newly authorized Class B Shares at $30.50 (in ones) per share for gross proceeds of $550,000 with related issuance costs of $2,843. Of the 18,032,787 shares issued, 4,262,295 were issued to Geely. In July 2021, 17,345,079 Class A Shares were converted to Class B Shares. As of December 31, 2021, 197,026,729 Class A Shares and 197,026,729 Class B Shares were outstanding, respectively. Each common share was valued at $8.04 (in ones). Both Class A and B Shares were issued with no par value.

Closing of the merger with GGI

Between January 1, 2022, and prior to the Closing of the merger with GGI, there were no events impacting the Group’s equity other than the issuance of 50,000 British Pound Sterling (“GBP”) Redeemable Preferred Shares in the Parent with a par value of GBP 1.00, equivalent to $65, to the Former Parent. This issuance was part of Parent’s incorporation in the United Kingdom as a subsidiary of the Former Parent in preparation for the Closing of the merger with GGI. These shares were subsequently reclassified to Share capital when the Former Parent was separated from the Group at Closing.

In connection with the Closing of the merger with GGI and the removal of the Former Parent (Polestar Automotive Holding Limited) from the Group:

•197,026,729 Class A Shares were exchanged at a ratio of 1:8.335 for 1,642,233,575 Class B Shares;

•35,377,866 Class B Shares were exchanged at a ratio of 1:8.335 for 294,877,349 Class A Shares;

•4,306,466 Class A Shares were issued to holders of the Convertible Notes;

•26,540,835 Class A Shares were issued to the PIPE investors;

•82,193,962 Class A Shares were issued to the former shareholders of GGI; and

•58,882,610 Preference Shares were issued to Volvo Cars which subsequently converted into 58,882,610 Class A Shares.

Refer to Note 1 - Significant accounting policies and judgements and Note 18 - Reverse recapitalization for more details on the merger with GGI.

Post-closing of the merger with GGI

Following the merger with GGI, 174,075 and 501,451 Class A Shares were issued to employees of the Group as of December 31, 2023 and 2022 under the Omnibus Plan, respectively. 125,000 and 375,000 Class A Shares were issued in exchange for marketing services as of December 31, 2023, and 2022, respectively. Refer to Note 8 - Share-based payment for additional details. As of December 31, 2023, there were an additional 4,532,023,252 Class A Shares and 135,133,164 Class B Shares with par values of $0.01 authorized for issuance. No additional Class C Shares or Redeemable Preferred Shares were authorized for issuance.

The following instruments of Parent were issued and outstanding as of December 31, 2023:

•467,976,748 Class A Shares with a par value of $0.01, of which 220,918,695 were owned by related parties;

•1,642,233,575 Class B Shares with a par value of $0.01, of which all were owned by related parties;

•20,499,965 Class C-1 Shares with a par value of $0.10;

•4,500,000 Class C-2 Shares with a par value of $0.10; and

•50,000 GBP Redeemable Preferred Shares with a par value of GBP 1.00.

Holders of Class A Shares in Parent are entitled to one vote per share and holders of Class B Shares in the Parent are entitled to ten votes per share. Holders of Class C Shares in Parent are entitled to one vote per share for certain matters, but have no voting rights with respect to general matters voted on by holders of Class A Shares and Class B Shares in the Parent. Additionally, holders of GBP Redeemable Preferred Shares in the Parent have no voting rights. Any dividends or other distributions paid by the Parent shall only be issued to holders of outstanding Class A Shares and Class B Shares in the Parent. Holders of Class C Shares and GBP Redeemable Preferred Shares in the Parent are not entitled to participate in any dividends or other distributions. Refer to Note 18 - Reverse recapitalization for additional information on the Class C Shares which are accounted for as derivative financial liabilities in accordance with IAS 32 and IFRS 9.

Convertible Notes

In July 2021, Geely and two other third-parties invested $35,231 in non-interest-bearing Convertible Notes. Of the $35,231, $9,531 was held by Geely. The Convertible notes were accounted for as equity upon issuance and classified within Other contributed capital. The Convertible Notes were not eligible to receive a coupon or dividend for the first 24 months after issuance and were to convert to common shares upon (1) an issuance of equity securities in an amount greater than $50,000 to any entity that owned more than 35% voting power in the Former Group, (2) the occurrence of any initial public offering, combination with a special purpose acquisition company, or direct listing, (3) a liquidation of the Former Group, or (4) the non-occurrence of any of the preceding events by the 24-month anniversary of the issuance of the Convertible Notes. The second conversion event was satisfied on June 23, 2022 in connection with the merger with GGI and the Convertible Notes were converted into 4,306,466 Class A Shares in the Parent, resulting in a reclassification of par value within equity from Other contributed capital to Share capital.

Currency translation reserve

The currency translation reserve comprises exchange rate differences resulting from the translation of financial reports of foreign operations that have prepared their financial reports in a currency other than Polestar Group’s reporting currency.

Accumulated deficit

Accumulated deficit comprises Net loss for the year and preceding years less any profits distributed. Accumulated deficit also includes the effects of business combinations under common control within Polestar Group.

Revenue - Schedule of Contract Liabilities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Disclosure of disaggregation of revenue from contracts with customers [line items]

$ 94,137

$ 75,693

183,473

137,504

(59,999)

(77,667)

Effect of foreign currency exchange rate differences - (Restated)

(47,594)

(38,208)

5,108

(3,185)

112,062

45,119

^[1]

63,063

49,018

^[1]

Sales generated obligation

175,125

94,137

Disclosure of disaggregation of revenue from contracts with customers [line items]

12,667

20,050

82,182

70,896

(59,999)

(77,667)

Effect of foreign currency exchange rate differences - (Restated)

2,184

(612)

35,781

12,667

1,253

Deferred revenue - extended service

37,034

12,667

Disclosure of disaggregation of revenue from contracts with customers [line items]

39,924

21,830

30,800

31,648

Effect of foreign currency exchange rate differences - (Restated)

(23,917)

(12,807)

757

(747)

23,552

18,111

24,012

21,813

Deferred revenue - connected services

47,564

39,924

Disclosure of disaggregation of revenue from contracts with customers [line items]

28,511

17,120

14,469

16,058

Effect of foreign currency exchange rate differences - (Restated)

(4,973)

(2,889)

1,558

(1,778)

6,135

4,083

33,430

24,428

Deferred revenue - operating leases & other

39,565

28,511

Disclosure of disaggregation of revenue from contracts with customers [line items]

13,035

16,693

56,022

18,902

Effect of foreign currency exchange rate differences - (Restated)

(18,704)

(22,512)

609

(48)

46,594

10,258

4,368

2,777

$ 50,962

$ 13,035

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Trade receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade Receivables [Line Items]
Gross trade receivables, external	$ 126,205	$ 239,578
Trade receivables - related parties	61,026	79,225
Net trade receivables	187,231	318,803
Not overdue
Trade Receivables [Line Items]
Gross trade receivables, external	62,916	124,189
Trade receivables - related parties	52,313	65,522
Net trade receivables	115,229	189,711
1-30 days overdue
Trade Receivables [Line Items]
Gross trade receivables, external	49,670	93,371
Trade receivables - related parties	7,474	12,786
Net trade receivables	57,144	106,157
30-90 days overdue
Trade Receivables [Line Items]
Gross trade receivables, external	7,842	19,034
Trade receivables - related parties	1,204	519
Net trade receivables	9,046	19,553
>90 days overdue
Trade Receivables [Line Items]
Gross trade receivables, external	5,777	2,984
Trade receivables - related parties	35	398
Net trade receivables	$ 5,812	$ 3,382

Consolidated Statement of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Adjustments to reconcile net loss to net cash flows:

$ (1,194,831)

$ (477,455)

^[1]

$ (969,298)

^[1]

Depreciation and amortization expense

115,010

142,991

^[2]

217,841

^[2]

Warranty provisions

65,543

91,283

^[2]

57,480

^[2]

Impairment of property, plant, and equipment, vehicles under operating leases, and intangible assets

134,877

14,830

^[2]

30,782

^[2]

351,241

^[2]

(69,454)

(8,552)

^[2]

(32,970)

^[2]

213,321

108,402

^[2]

45,218

^[2]

(443,168)

(902,068)

^[1]

(22,000)

(35,090)

^[1]

372,318

^[2]

Share of losses in associates

(7,138)

29,660

^[2]

(3,075)

^[2]

43,304

^[2]

Gain on sale of asset grouping

(16,334)

^[2]

Loss on derecognition and disposal of property, plant, and equipment and intangible assets

10,892

11,036

^[2]

Litigation provisions

35,676

19,890

23,367

^[2]

11,560

^[2]

26,787

(26,672)

^[2]

9,876

^[2]

(8,510)

11,266

^[2]

(358,392)

(186,393)

^[2]

(283,776)

^[2]

Trade receivables, prepaid expenses, and other assets

77,424

21,629

^[2]

59,074

^[2]

(151,634)

(222,691)

^[2]

57,119

^[2]

Trade payables, accrued expenses, and other liabilities

(459,002)

21,981

^[2]

496,782

^[2]

32,280

8,552

^[2]

1,396

^[2]

(220,147)

(68,130)

^[2]

(12,564)

^[2]

(35,477)

(19,559)

^[2]

(1,859,842)

(1,089,295)

^[2]

(314,555)

^[2]

Additions to property, plant, and equipment

(137,400)

(32,269)

^[2]

(24,701)

^[2]

(457,364)

(674,275)

^[2]

(102,236)

^[2]

Proceeds from sale of property, plant, and equipment

(2,500)

^[2]

1,779

^[2]

Proceeds from sale of asset grouping

153,586

^[2]

(439,399)

(709,044)

^[2]

(126,937)

^[2]

(1,906)

^[2]

48,830

^[2]

3,262,831

2,149,799

^[2]

698,882

^[2]

Proceeds from related party capital contribution

1,381,738

^[2]

25,565

^[2]

Proceeds from the issuance of share capital and other contributed capital

1,417,973

^[2]

582,388

^[2]

Repayments of borrowings

(2,553,008)

(1,426,935)

^[2]

(411,950)

^[2]

Repayments of lease liabilities

(21,916)

(19,448)

^[2]

(8,913)

^[2]

(38,903)

^[2]

Effect of foreign exchange rate changes on cash and cash equivalents

2,093,304

2,082,486

^[2]

909,237

^[2]

987

(66,947)

^[2]

(27,492)

^[2]

Net (decrease) increase in cash and cash equivalents

(204,950)

217,200

^[2]

440,253

^[2]

Cash and cash equivalents at the beginning of the period

973,877

^[3]

756,677

^[2]

316,424

^[2]

Schedule Of Employee Benefits

$ 768,927

$ 973,877

^[3]

$ 756,677

^[2]

[1]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[2]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.
[3]	Refer to Note 31 - Restatement of prior period financial statements for reconciliations between originally reported and as revised annual amounts.

Employee benefits (Tables)

12 Months Ended

Dec. 31, 2023

Employee Benefits [Abstract]

The total employee benefits costs for the Group (including key management personnel) during the periods presented were as follows:


	For the year ended December 31,
	2023		2022		2021
			(Restated)		(Restated)
Wages, salaries, and other short-term benefits	201,195		154,929		92,233
Social security and other social benefits	46,905		30,216		8,228
Post-employment benefits	29,523		26,294		18,600
Share-based compensation	5,000		4,958		—
Total employee benefits	$	282,623	$	216,397	$	119,061

The following table discloses total costs related to employee benefits for the Group’s Executive Management Team (“EMT”) and managing directors at the Group’s sales units:


	For the year ended December 31,
	2023		2022		2021
Short-term employee benefits	6,205		8,486		5,094
Post-employment benefits	907		996		525
Other long-term benefits	—		228		417
Share-based compensation	1,829		1,294		—
Total benefits to key management personnel only	$	8,941	$	11,004	$	6,036

Inventories - Schedule of Inventory (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Inventories [Abstract]

Work in progress

$ 32

$ 1,387

Finished goods and goods for resale

1,070,897

664,789

Provision for impairment

(131,570)

(36,022)