Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Q1 2023 Earnings Conference Call May 11, 2023 8:00 AM ET

Company Participants

Bojana Flint - Head of IR

Thomas Ingenlath - CEO

Johan Malmqvist - CFO

Conference Call Participants

Steven Fox - Fox Advisors

Winnie Dong - Deutsche Bank

Tobias Beith - Redburn

Dan Levy - Barclays

Andres Sheppard - Cantor Fitzgerald

Alex Porter - Piper Sandler

Operator

Good day and thank you for standing by. Welcome to the Polestar Q1 2023 Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I will now like to hand the conference over to our speaker today, Bojana Flint, please go ahead.

Bojana Flint

Thank you, operator. Hello, everyone. My name is Bojana Flint from Polestar Investor Relations. Thank you for joining our Q1 2023 results call. Before handing over to Thomas Ingenlath our CEO, and Johan Malmqvist, our CFO for their opening remarks, followed by analysts and shareholder questions, I will handle some housekeeping points.

I would like to remind participants of the many of our comments today will be considered forward-looking statements under the U.S. securities laws and are subject to numerous risks and uncertainties that may cause Polestar's actual results to differ materially from what has been communicated. These forward-looking statements include but are not limited to statements regarding the future financial performance of the company, production and delivery volumes, financial and operating results outlook and guidance, macroeconomic industry trends, company initiatives and other future events.

Forward-looking statements made today are effective only as of today and Polestar undertakes no obligation to update any of the forward-looking statements. For a discussion of some of the factors that could cause our actual results to differ, please review the risk factor section of the annual report on Form 20-F filed with the SEC.

In addition, management will make references to non-GAAP financial measures during this call. A discussion of why we use non-GAAP financial measures and information regarding reconciliation of our non-GAAP financial measures, with the most directly comparable GAAP measures is an investor update presentation issued earlier today.

With that, I like to turn the call over to Thomas, please go ahead.

Thomas Ingenlath

Thank you, Bojana. The first quarter was a good example of the team's hard work and commitment. We have achieved record first quarter deliveries of 12,076 cars up 26% year-on-year, and end as the second quarter of this year with good commercial momentum. I would like to spend a few moments reflecting on what has enabled this. The main things that set Polestar apart as a brand.