Polestar Automotive Holding UK PLC (PSNY) 2026 Q1 法說會逐字稿

Hello, everyone. I’m Anna Gavrilova, Head of Investor Relations at Polestar. Thank you for joining this call covering Polestar’s select results for the first quarter 2026. I am joined by Michael Lohscheller, Polestar CEO; and Jean-Francois Mady, Polestar CFO, who will comment on the performance.

各位好。我是 Polestar 投資人關係主管 Anna Gavrilova。感謝各位參加本次電話會議，我們將說明 Polestar 2026 年第一季的部分業績。我與 Polestar 執行長 Michael Lohscheller，以及 Polestar 財務長 Jean-Francois Mady 一同出席，兩位將就表現發表評論。

Then we will open the floor to analysts questions. Before we start, I would like to remind participants that many of our comments today will be considered forward-looking statements under the US Federal Securities laws and are subject to numerous risks and uncertainties that may cause Polestar’s actual results to differ materially from what has been communicated.

接著我們將開放分析師提問。在開始之前，我想提醒與會者，我們今天的許多評論將依據美國聯邦證券法被視為前瞻性陳述，並受到多項風險與不確定性影響，可能導致 Polestar 的實際結果與已溝通內容出現重大差異。

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, near-term outlook and medium-term targets, fundraising and funding requirements, macroeconomic and industry trends, company initiatives, and other future events.

這些前瞻性陳述包括但不限於：有關公司未來財務表現、產量與交付量、財務與營運結果、短期展望與中期目標、募資與資金需求、總體經濟與產業趨勢、公司計畫，以及其他未來事件的陳述。

Forward-looking statements made today are effective only as of today, Polestar undertakes no obligation to update any of its forward-looking statements.

今日所作之前瞻性陳述僅於今日有效，Polestar 不承擔更新任何前瞻性陳述之義務。

For a discussion of some of the factors that could cause our actual results to differ, please review the risk factors contained in our SEC filings. In addition, management may make references to non-GAAP financial measures during the call.

關於可能導致我們實際結果出現差異的部分因素，請參閱我們向 SEC 提交文件中的風險因素。此外，管理層可能在本次電話會議中提及非 GAAP 財務衡量指標。

A discussion of why we use non-GAAP financial measures and their reconciliation to the most directly comparable GAAP measure can be found in the appendix of the press release and in the Form 6-K published today. Now I will hand over to Michael.

我們使用非 GAAP 財務衡量指標的原因，以及其與最直接可比 GAAP 指標之調節表，可在新聞稿附錄及今日發布的 Form 6-K 中找到。現在我把時間交給 Michael。

Thank you, Anna. Hello, everyone, and thank you for joining us today as we present our first quarter 2026 select financial and operational results. Looking at the first quarter, I’m pleased with what the team has delivered in terms of volume growth.

謝謝你，Anna。各位好，感謝今天與我們一同參與，我們將呈報 2026 年第一季部分財務與營運成果。回顧第一季，我對團隊在銷量成長方面的交付成果感到滿意。

In a very challenging market, we grew our volumes in the first quarter by 7% to over 13,100 cars, a record first quarter number for Polestar. In Europe, we grew by 11%, and that now represents 78% of our total sales.

在非常具挑戰性的市場中，我們第一季銷量成長 7%，超過 13,100 輛，創下 Polestar 歷來第一季新高。在歐洲，我們成長 11%，目前歐洲占我們總銷量的 78%。

It’s especially encouraging that we are doing well in key markets such as the UK, where we grew by 20%, Germany, where we grew by 35%, and Sweden, where we grew by 17%.

尤其令人鼓舞的是，我們在英國等關鍵市場表現良好，成長 20%；在德國成長 35%；在瑞典成長 17%。

We also saw strong growth in South Korea and Australia, two markets where we enjoy a strong brand position and where Polestar 4 is proving to be a success.

我們也在南韓與澳洲看到強勁成長，這兩個市場我們擁有強勢的品牌定位，而 Polestar 4 也證明相當成功。

In the USA, the EV market as a whole has been impacted by the removal of incentives, but the launch of Polestar 4 across North America has started well with strong media reviews and growing interest amongst customers both in Canada and the USA.

在美國，整體電動車市場因補貼取消而受到影響，但 Polestar 4 在北美的上市開局良好，媒體評測強勁，且加拿大與美國客戶的興趣持續升溫。

The last time we met, I referenced what we are all aware of, that the world around us continues to throw up challenges. This is reflected in our results for the first quarter.

上次我們見面時，我提到我們都清楚，周遭世界仍不斷帶來挑戰。這也反映在我們第一季的結果中。

Headwinds in the form of market conditions becoming more challenging, the impact of EU and US tariffs, and the overall seasonality of the quarter more than offsetting the steps we have taken to improve our cost base.

逆風因素包括市場環境更具挑戰、歐盟與美國關稅的影響，以及本季整體季節性因素，這些影響超過了我們為改善成本結構所採取的措施所帶來的效益。

Facing this reality, we have accelerated our business model transformation, changing our commercial setup by increasing retailer locations, evolving to a single group architecture, consolidating our manufacturing footprint to the regions in which we operate, and creating a leaner organization.

面對這項現實，我們加速推動商業模式轉型：透過增加零售據點來調整商業布局、演進為單一集團架構、將製造版圖整合至我們營運所在區域，並打造更精實的組織。

The commercial transformation we started 18 months ago isn’t just about growing our number of dealers. It is also about how we work with them. As an example, we have recently changed our setup with dealers in Germany.

我們在 18 個月前啟動的商業轉型，不僅是增加經銷商數量，也關乎我們如何與他們合作。舉例來說，我們近期已調整在德國與經銷商的合作架構。

As a result, we now have more flexibility in how we operate in Europe’s largest market. We have dealers with a clearer incentive to sell more cars and agreed plans to grow our number of sales points in Germany from 12 to 30 by 2027.

因此，我們在歐洲最大市場的營運方式更具彈性。經銷商在銷售更多車輛方面有更明確的誘因，並已同意計畫在 2027 年前將德國銷售據點由 12 個擴增至 30 個。

In total, we expect to end 2026 with approximately 250 sales points globally, up from 150 just over a year ago. This is a significant step for a young brand to take. Expansion is of course an important element here, equally important is a shift in locations.

整體而言，我們預期在 2026 年底全球約有 250 個銷售據點，高於一年多前的 150 個。對一個年輕品牌而言，這是重要的一步。擴張當然是關鍵要素，同樣重要的是據點位置的轉移。

We are moving from smaller, often city center-based spaces to fully fledged dealerships, located where customers go to test drives, make it easier for more people to experience our great cars and providing a natural destination for new car sales, service, and pre-owned sales.

我們正從較小、通常位於市中心的空間，轉向設備完善的經銷據點，設於客戶會前往試駕的地點，讓更多人更容易體驗我們優秀的車款，並提供新車銷售、維修服務與中古車銷售的自然目的地。

Since I joined, we have taken a lot of steps to reduce complexity in the organization and reduce our overall cost base. In total, these steps have resulted in a reduction in staff of about 25% to just approximately 1,700.

自我加入以來，我們採取了許多措施以降低組織複雜度並降低整體成本基礎。總體而言，這些措施使員工人數減少約 25%，降至約 1,700 人。

We will continue to realize activity-based savings across the organization by identifying and implementing further leaner ways of working. We are also working hard with our partners to realize efficiencies in our sourcing and manufacturing processes.

我們將持續透過辨識並落實更精實的工作方式，在全組織推動以活動為基礎的節省。我們也正與合作夥伴密切合作，以在採購與製造流程中實現效率提升。

The planned consolidation of Polestar 3 production in South Carolina, moving from two to one factory, will support these efforts further from the latter part of 2026.

計畫將 Polestar 3 的生產整合至南卡羅來納州，從兩座工廠移轉為一座工廠，將自 2026 年下半年起進一步支持這些努力。

The same focus on efficiency gains is in place for Polestar 4, and adding a new variant to the lineup to be produced in the Busan, South Korea factory will further support those efforts as volumes continue to grow.

同樣的效率提升重點也適用於 Polestar 4；此外，產品陣容新增一個將在南韓釜山工廠生產的新車型，隨著銷量持續成長，將進一步支持這些努力。

Regionalization of manufacturing is probably the most significant shift happening in the industry right now and one of the most important for our future success. This is why our decision to produce Polestar 7, the compact SUV in Europe, is so important.

製造在地化（區域化）可能是目前產業中最重大的轉變之一，也是我們未來成功最重要的因素之一。這也是為什麼我們決定在歐洲生產緊湊型 SUV Polestar 7 如此重要。

Rest assured that as market conditions continue to become more challenging, so will our focus on these topics. Last week, we started the global media test drive for Polestar 5, and the reaction and feedback I got from my discussions with journalists confirms what a unique car this is.

請放心，隨著市場環境持續變得更具挑戰，我們對這些議題的聚焦也將更加強化。上週我們啟動了 Polestar 5 的全球媒體試駕活動，我在與記者交流中得到的反應與回饋，證實這是一款多麼獨特的車。

By having journalists drive from Sweden to the Sahara, we are really showing what this electric car can do. It’s a real head turner with clean Scandinavian design, performance, and sustainability that simply put, no one else offers.

透過讓記者從瑞典一路駕駛到撒哈拉沙漠，我們真正展現了這款電動車的能力。它以純淨的斯堪地那維亞設計、性能與永續性吸引目光；簡而言之，這是其他人無法提供的。

The next step on our model offensive after the summer is the launch of the Polestar 4 SUV, followed by the all-new Polestar 2 successor early next year, addressing much wider segments with more customers and bigger profit pools.

夏季過後，我們產品攻勢的下一步將是推出 Polestar 4 SUV，接著在明年初推出全新 Polestar 2 後繼車款，切入更廣泛的市場區隔，觸及更多客戶與更大的獲利池。

Our product offensive is in full swing. With that said, I’ll hand over to Jean-Francois and look forward to taking your questions in a few minutes. Thank you.

我們的產品攻勢正全面展開。話說到這裡，我把時間交給 Jean-Francois，並期待在幾分鐘後回答各位的提問。謝謝。

Thank you, Michael. Good morning, good afternoon, everyone. Our retail expansion is continuing, as Michael stated, driving the retail sale volume growth of 7% in the first quarter.

謝謝你，Michael。各位早安、午安。我們的零售擴張正如 Michael 所說持續推進，帶動第一季零售銷量成長 7%。

Remember, we enjoy strong quarterly growth last year, so the comparison is harder this time, not least because of tougher pricing environment amid intensified competition. If we look at the result of the first quarter, retail sale exceeded 13,100 cars, an increase of 7% year-over-year.

請記得，我們去年各季成長強勁，因此這次比較基期更高，尤其是在競爭加劇下，定價環境更為嚴峻。若看第一季結果，零售銷量超過 13,100 輛，年增 7%。

Revenue was $633 million, broadly stable year-over-year. The key positive drivers were higher volume driven by Polestar 4 and positive foreign exchange impact from appreciation of pound sterling and euro against US dollar.

營收為 6.33 億美元，年比大致持平。主要正向驅動因素為 Polestar 4 帶動的更高銷量，以及英鎊與歐元兌美元升值帶來的正向匯率影響。

These positive driver were, however, offset by pressure on pricing the car line mix, which included fewer high-priced Polestar 3 cars, 9% versus 20% a year earlier, but higher contribution from Polestar 4 cars, 67% of the volume versus 49% a year earlier, and lower carbon credit sales in the quarter.

然而，這些正向因素被車款組合的定價壓力所抵銷；其中包含高單價的 Polestar 3 占比下降（9%，去年同期為 20%），但 Polestar 4 的貢獻提高（占比 67%，去年同期為 49%），以及本季碳權銷售較低。

Carbon credit sales amounted to $21 million in Q1 2026 versus $29 million in Q1 2025. Carbon credit sales are expected to follow the same pattern as last year, with revenues weighted toward the second half of the year.

2026 年第一季碳權銷售為 2,100 萬美元，對比 2025 年第一季為 2,900 萬美元。碳權銷售預期將延續去年相同型態，營收將較偏重於下半年。

As mentioned during the full year result call, we expect carbon credit sales in 2026 in line with 2025 for the full year. We continue to grow the proportion of Polestar 4 cars in the sale mix, and in line with our expectation, it support profitability of our operations.

如同在全年業績電話會議中提到的，我們預期 2026 年全年碳權銷售將與 2025 年全年相當。我們持續提高 Polestar 4 在銷售組合中的占比，且如我們預期，這將支撐營運獲利能力。

Despite this continued development in the right direction, alongside volume growth and continued product cost reduction, gross margin was negative 3.2% and adjusted gross margin was negative 3.3%.

儘管在正確方向上持續發展，並伴隨銷量成長與持續的產品成本降低，毛利率仍為負 3.2%，調整後毛利率為負 3.3%。

The lower margin was predominantly a result of pressure on pricing, EU and US tariff impact, lower carbon credit sale in the quarter, and Q1 2025 included positive one-off impact.

毛利率較低主要是因定價壓力、歐盟與美國關稅影響、本季碳權銷售較低，以及 2025 年第一季包含一次性正向影響。

Net loss for the quarter was $383 million compared to net loss of $166 million a year earlier, mainly due to factors impacting gross margin and foreign exchange impact related to Chinese yuan movements in Q1 2026 on other operating and financing liabilities.

本季淨損為 3.83 億美元，對比去年同期淨損 1.66 億美元，主要由影響毛利率的因素，以及 2026 年第一季人民幣波動對其他營運與融資負債造成的匯率影響所致。

At the same time, we continue to exercise strict cost discipline across SG&A. However, in the period, SG&A expenses were higher as sales agent remuneration increased proportionally with growth of volume and due to one-off personal related costs and timing of marketing event.

同時，我們持續在 SG&A（銷售、一般及行政費用）方面嚴格控管成本。然而，本期 SG&A 費用較高，原因是銷售代理報酬隨銷量成長而同比例增加，另有一次性人員相關成本，以及行銷活動時點因素。

While R&D costs were stable year-on-year. Adjusted EBITDA loss of $235 million, compared to adjusted EBITDA loss of $96 million in the prior period, was due to adjusted gross margin result explained earlier, increase in SG&A expenses, and mainly negative foreign exchange movements on operating liabilities.

研發成本則年比持平。調整後 EBITDA 虧損為 2.35 億美元，對比前期調整後 EBITDA 虧損 9,600 萬美元，主要因前述調整後毛利率結果、SG&A 費用增加，以及以營運負債為主的匯率變動不利影響。

On the funding of our operation and liquidity, we provided a detailed picture at the full year results. We will report to the market in due course on the debt to equity conversion by Geely Sweden of approximately $300 million, expected later this quarter, followed by the second debt to equity conversion by Volvo Cars of approximately $65 million.

關於營運資金與流動性，我們已在全年業績中提供詳細說明。我們將在適當時點向市場報告由吉利瑞典（Geely Sweden）進行約 3 億美元的債轉股，預計於本季稍晚完成，之後將由 Volvo Cars 進行第二筆約 6,500 萬美元的債轉股。

Polestar was in compliance with all its covenant at the end of the first quarter. Our cash position at the end of March 2026 was approximately $676 million.

截至第一季末，Polestar 符合所有財務契約條款（covenants）。截至 2026 年 3 月底，我們的現金部位約為 6.76 億美元。

The change in the cash position was primarily driven by higher adjusted EBITDA loss, net negative movement in working capital, and net repayment of financing facilities. These elements were offset by equity proceed in the first quarter of 2026.

現金部位的變動主要由較高的調整後 EBITDA 虧損、營運資金的淨負向變動，以及融資額度的淨償還所驅動；上述因素部分被 2026 年第一季的股權募資款所抵銷。

On the working capital movement, while inventory level reduced, this positive impact was more than offset by cash outflow from settlement of payable.

就營運資金變動而言，雖然庫存水位下降，但此正向影響被應付帳款結算所造成的現金流出大幅抵銷。

To conclude, I would like to reiterate our priorities in this challenging environment, which is made more difficult by expectation for lower economic growth and continued inflationary pressure due to recent geopolitical development that are shaping consumer spending.

最後，我想在這個充滿挑戰的環境中重申我們的優先事項；在近期地緣政治發展影響消費支出、且市場預期經濟成長放緩與通膨壓力持續的情況下，挑戰更為加劇。

First, driving growth through the active selling model, expanding sale network, and by leveraging our attractive and growing model lineup. We continue to make good progress on this front.

第一，透過主動銷售模式、擴大銷售網絡，並運用我們具吸引力且持續擴充的車型陣容來推動成長。我們在這方面持續取得良好進展。

Second, improving processes, streamlining the organization, and realizing further operational synergies. Structurally, Polestar is in significantly better shape today than 18 months ago, but there is still work to do.

第二，改善流程、精簡組織，並實現更多營運協同效益。從結構面來看，Polestar 今日的狀態較 18 個月前明顯更佳，但仍有工作要做。

Third, extracting efficiencies and sustaining cost-cutting and financial discipline. We see tangible progress on product cost reduction and discipline SG&A control, although this is a continuous drive across both the organization and in our engagement with suppliers and partners.

第三，提升效率並維持成本削減與財務紀律。我們在產品成本降低與 SG&A 控管紀律方面看到具體進展，儘管這是一項需要在組織內部以及與供應商與合作夥伴互動中持續推進的工作。

Last but not least, focusing always on cash conversion, cycle management, and exploring sources of future funding. I will hand over back to the operator.

最後但同樣重要的是，始終聚焦現金轉換、週期管理，並探索未來資金來源。我把時間交還給主持人。

(Operator Instructions) Anand Balaji of Cantor Fitzgerald.

（主持人指示）Cantor Fitzgerald 的 Anand Balaji。

Hey, this is Anand for Andres at Cantor. Congrats on the quarter, and thanks for taking our question.

嗨，我是 Cantor 的 Anand，代替 Andres。恭喜本季表現，也謝謝你們回答我們的問題。

I was wondering, as you expand to the 250 sales points by the end of the year, and you ramp up Polestar 4, maybe how should we think about the ASP and the mix trends throughout 2026, especially given these tariffs and intensified EV competition that you talked about on the call? Thank you.

我想請教，當你們在年底前擴張到 250 個銷售據點，並加速拉升 Polestar 4 的產能/銷售時，我們應該如何看待 2026 年全年 ASP（平均售價）以及產品組合趨勢？特別是在你們在電話會議中提到的這些關稅與電動車競爭加劇的背景下。謝謝。

Thanks, Anand, for the question. First of all, on the retail location, I think it’s a linear development. We add every month kind of the same number of location, which is helpful because that brings us closer to the customer, especially on the private retail channel we want to improve.

謝謝 Anand 的提問。首先，關於零售據點，我認為這是一個線性發展。我們每個月大致以相同數量新增據點，這很有幫助，因為能讓我們更貼近客戶，尤其是在我們希望改善的私人零售通路上。

Obviously, timing is very good because with the launch of the Polestar 4 SUV in the second half, we have then a much better footprint going into this important part of the year. Maybe Jean-Fransois, on the ASP level, you want to comment?

顯然時點也非常好，因為隨著下半年 Polestar 4 SUV 上市，我們在進入一年中這個重要階段時將擁有更好的據點覆蓋。也許 Jean-Fransois，你想就 ASP 水準補充一下？

Yes, to complement, I think it’s fair to say that those sale points are going to mature over the time. With the current pump anxiety that we are seeing now, the private sale channel we’ve developed, and we all know that this private sale channel, sorry, is less consuming in term of discount.

是的，補充一下，我認為可以說這些銷售據點會隨時間逐步成熟。以我們目前看到的這種「加油焦慮」（pump anxiety）而言，加上我們所建立的私人銷售通路，而我們都知道這個私人銷售通路——抱歉——在折扣方面的消耗較少。

Normally, the average ASP should improve, so the profitability, and it should be even more true with the launch of the new Polestar 4 SUV, which will happen at the end of the year, which will be a new product with even less discount when it will be launched.

通常平均 ASP 應該會改善，進而提升獲利能力；而隨著年底將推出新的 Polestar 4 SUV，這點應該會更加明顯。這將是一款新產品，在上市初期折扣也會更少。

Thanks. I appreciate the color. Maybe as a quick follow-up, as we look at the financials, can you talk a little bit about the balance sheet, given the cash on hand and the burn? Can you walk us through how you see the capital runway and the milestones on the path to free cash flow positivity? Thank you.

謝謝。我很感謝你提供的補充說明。也許快速追問一下，當我們看財務報表時，鑑於手上現金與現金消耗，你能否談談資產負債表？能否帶我們梳理一下你們如何看待資金跑道（capital runway），以及邁向自由現金流轉正路徑上的里程碑？謝謝。

As we mentioned during the last call, we had a cash burn in average of $120 million in 2025, showing a little progress versus 2024. We mentioned that structurally, we are improving because profitability is improving.

正如我們在上次電話會議中提到的，我們在 2025 年的平均現金消耗約為 1.2 億美元，相較 2024 年略有進展。我們也提到，從結構面來看，我們正在改善，因為獲利能力正在提升。

We are cutting the EBITDA loss, and we are improving the working cap, reducing the inventory. We did it significantly in 2025 compared to 2024.

我們正在縮小 EBITDA 虧損，並改善營運資金，降低庫存。相較 2024 年，我們在 2025 年做得相當顯著。

As well in term of CapEx, we mentioned that last year we had some legacy CapEx cash out, which should reduce significantly during 2026. In term of cash consumption and reduction of the cash balance at the end of Q1 2026, this is under different effects.

另外在資本支出（CapEx）方面，我們提到去年有一些歷史遺留的 CapEx 現金流出，這部分在 2026 年應會大幅降低。就現金消耗以及 2026 年第一季末現金餘額下降而言，這是受到不同因素的影響。

First, the EBITDA loss, which is mostly driven by the seasonality. As you know, Q1 is usually a low quarter in terms of volume, so it is not proper to develop profitability. We had as well some cash out payable, more important in Q1, driven by the activity we had in Q4.

首先是 EBITDA 虧損，主要由季節性所驅動。如你所知，第一季通常在銷量上是較淡的季度，因此不利於展現獲利能力。我們第一季也有較多的應付帳款現金流出，這是由第四季的業務活動所帶動。

We had as well some net repayment of some financing, but which has been offset as well by the proceed of the new equity that we got.

我們也有部分融資的淨償還，但同時也被我們取得的新股權資金（new equity）之募集款項所抵銷。

For me, the positive from still in Q1 is that when you’re looking at the working cap, we are still making progress on managing the cash flow and inventory, which are reducing, and we’re also optimizing the collection of our receivable.

對我而言，第一季仍然正面的地方在於，當你看營運資金時，我們在現金流與庫存管理上仍持續取得進展，庫存正在下降，同時我們也在優化應收帳款的回收。

It’s going into the right direction and looking for the next quarter with the seasonality, which will be more in our favor, profitability improving, our level of cash burn should improve.

方向是正確的；展望下一季，季節性因素將更有利於我們，獲利能力改善，我們的現金消耗水準應該也會改善。

Thanks so much for the color, and I appreciate the detailed answer. I’ll pass it on.

非常感謝你提供的補充說明，也感謝你詳細的回答。我會把問題交給下一位。

Winnie Dong of Deutsche Bank.

德意志銀行（Deutsche Bank）的 Winnie Dong。

Hi. Yes, thank you so much for taking my questions. I was wondering if just for, you know, the quarter itself, on growth margin, can you help us dimensionalize the impacts from, you know, pricing pressure, the EU and US tariffs?

嗨，是的，謝謝你們回答我的問題。我想請教，就這一季本身而言，在毛利率方面，你們能否幫我們量化一下來自定價壓力、以及歐盟與美國關稅的影響？

There has been a number of tariff changes recently, including the IEEPA decision, which had credited that OEM some tariff that was previously paid. Just curious if that’s something that you would be benefiting from. Overall, can you just remind us what is, Polestar’s tariff mitigation strategy as of late? Thanks.

最近關稅有多項變動，包括 IEEPA 的決定，據說讓某些 OEM 取得了先前已支付關稅的抵免。我想了解這是否也是你們可能受益的項目。整體而言，你們能否再提醒我們，Polestar 近期的關稅因應／緩解策略是什麼？謝謝。

Maybe I start, Winnie, thanks for the question, with the tariff mitigation, because that’s obviously a key topic. Lots of uncertainty. The principal idea is that we want to manufacture regionally, right? Where our customers are. Best example is the US, right?

Winnie，我先從關稅緩解談起，謝謝你的問題，因為這顯然是關鍵議題，不確定性很高。核心想法是我們希望在區域內製造，對吧？在客戶所在的地方生產。最好的例子就是美國，對吧？

Where we can use the Volvo plant in South Carolina and Charleston manufacture cars there. Same obviously for Asia and also our product strategy going forward with the Polestar 7 coming to Europe.

我們可以使用位於南卡羅來納州、查爾斯頓的沃爾沃工廠在當地生產汽車。亞洲同理；此外，我們未來的產品策略也包括 Polestar 7 將在歐洲推出。

That’s the best way to mitigate this, right? Obviously, this takes some time to set it up, but we try to be as flexible and agile as possible. Maybe, Jean-Francois, a few comments on the tariffs.

這是緩解影響的最佳方式，對吧？當然，建立這些安排需要一些時間，但我們會盡可能保持彈性與敏捷。Jean-Francois，你也許可以補充幾點關於關稅的看法。

Yes. Maybe some color regarding the evolution of the gross margin year-over-year. Indeed, as you know, the competition has significantly increased all over during 2025, the pressure on the pricing.

好的。我補充一些關於毛利率年對年變化的說明。確實，如你所知，2025 年整體競爭顯著加劇，定價壓力也更大。

When you compare the gross margin and the impact of the discount year-over-year, it’s really impacted the level of our gross margin. When it’s come about tariff, we started 2025 with a high level of inventory, which was already custom clear.

當你比較毛利率以及折扣的年對年影響時，折扣確實大幅影響了我們的毛利率水準。至於關稅方面，我們在 2025 年初有較高水位的庫存，而這些庫存已完成清關。

For the car that we sold in Q1 2025, the new tariff, which has been put in place late in 2024, was not impacting our sale in Q1 2025. Now that we’re in a steady state, it reflects as well another impact.

因此，對於我們在 2025 年第一季售出的車輛，2024 年底才實施的新關稅並未影響我們在 2025 年第一季的銷售。現在我們進入較穩定的狀態，也反映出另一層影響。

We had some negative impact due to less carbon credit sales. As we mentioned during the last call, carbon credit sales are expected to be in line with 2025 total sale of more than $210 million. This is just for me a timing difference.

我們也受到碳權（carbon credit）銷售較少的負面影響。正如我們在上次電話會議提到的，碳權銷售預期將與 2025 年全年總銷售一致，超過 2.1 億美元。對我而言，這只是時間點差異。

We should not forget that this Q1 is impacting by low seasonality. When we are comparing Q1 to Q4 2025, this seasonality is impacting us considering that Q4 2025 was quite heavy loaded in term of carbon credit sales for $88 million.

我們也不應忽略，第一季受到淡季季節性影響。當我們把第一季與 2025 年第四季相比時，季節性會影響我們，因為 2025 年第四季在碳權銷售方面相當集中，達 8,800 萬美元。

Okay. Got it. Thanks so much for the details. Just to follow up on, the retail expansion, you’re obviously, you know, going through a ramp right now.

好的，了解。非常感謝這些細節。接著追問一下零售擴張，你們顯然正在進入爬坡期。

I guess just curious how maybe that’s opening up the sales channels, and could this represent some, upside to your low double-digit growth, volume guidance for this year? Or is that more or less sort of embedded within that original outlook? Thank you.

我想了解這是否正在打開銷售通路，並且是否可能對你們今年「低雙位數成長」的銷量指引帶來一些上行空間？還是說這大致已包含在原先的展望之中？謝謝。

Yeah. Thanks, Winnie. We have considered that obviously in our volume projection because it’s important to be closer to our customers. The increased number of retail location has two big important benefits. First one, we are closer to our private customers, right?

是的，謝謝你，Winnie。我們在銷量預測中已經把這點納入考量，因為更貼近客戶很重要。增加零售據點數量有兩個非常重要的好處。第一，我們能更接近個人客戶，對吧？

Because they want to go to physical stores, but also to smaller fleets, right? This is really embedded and also one of the reason, in addition with our product lineup, which obviously is going to be much better and much more competitive going forward. These two elements are embedded in our volume guidance we gave in February of this year.

因為他們希望到實體店；同時也能更接近較小型的車隊客戶，對吧？這確實已反映在我們的預測中；此外，另一個原因是我們的產品陣容，未來顯然會更好、也更具競爭力。這兩個因素都已包含在我們今年 2 月給出的銷量指引之中。

Got it. Thank you. I’ll pass it on.

了解，謝謝。我把問題交給下一位。

Thank you. I’m showing no further questions. I’ll now turn the conference back to Michael Lohscheller, CEO of Polestar, for his closing comments.

謝謝。我這邊顯示沒有其他提問。現在我把電話會議交回 Polestar 執行長 Michael Lohscheller，請他做結語。

Thanks, everybody, for joining. I wish you a wonderful day and obviously speak to you very soon. Thank you, everybody.

謝謝各位參與。祝大家有美好的一天，我們也會很快再與各位交流。謝謝大家。