Polestar Automotive Holding UK PLC (PSNYW) 2025 Q3 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 third quarter and first nine-months of 2025. I'm joined by Michael Lohscheller, Polestar's CEO, and Jean-Francois Mady, Polestar's CFO, who will comment on the performance, and then we will open the floor to analysts' questions.

大家好，我是Polestar投資人關係主管Anna Gavrilova。感謝您參加本次電話會議，本次會議將介紹 Polestar 2025 年第三季和前九個月的部分業績。我邀請到了 Polestar 的執行長 Michael Lohscheller 和財務長 Jean-Francois Mady，他們將對公司業績進行評論，之後我們將開放分析師提問環節。

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

在開始之前，我想提醒各位參與者，我們今天發表的許多評論將被視為美國聯邦證券法下的前瞻性聲明，並受到諸多風險和不確定性的影響，這些風險和不確定性可能導致 Polestar 的實際業績與已傳達的信息存在重大差異。這些前瞻性聲明包括但不限於有關公司未來財務表現、生產和交付量、財務和經營業績、近期展望和中期目標、籌款和資金需求、宏觀經濟和行業趨勢、公司舉措以及其他未來事件的聲明。

Forward-looking statements made today are effective only as of today, and Pulsar undertakes no obligation to update any of its forward-looking statements. 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. A discussion of why we use non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measure can be found in the appendix of the press release and in the form 6k published today.

今天作出的前瞻性聲明僅截至今天有效，Pulsar 不承擔更新任何前瞻性聲明的義務。如需了解可能導致我們實際結果與預期結果不同的一些因素，請查看我們向美國證券交易委員會提交的文件中的風險因素部分。此外，管理階層可能會在電話會議中提及非GAAP財務指標。關於我們為何使用非公認會計準則財務指標以及與最直接可比較的公認會計準則指標的調節情況的討論，請參閱新聞稿附錄和今天發布的 6-K 表格。

Now I will hand over to Michael.

現在我將把麥克風交給麥可。

Hello everyone, and thank you for joining us today. Our focus in the last quarter has been delivering on our strategic plans, transforming our commercial operations, increasing our retail footprint, and improving our operational efficiency. We are making significant progress across all three of these areas in the face of a very challenging economic environment.

大家好，感謝各位今天收看我們的節目。上個季度，我們的重點是落實策略計畫、改革商業營運、擴大零售規模以及提高營運效率。面對極具挑戰性的經濟環境，我們在上述三個領域都取得了顯著進展。

Nine months into the year, I am particularly pleased with the progress of our commercial transformation. Compared to last year, we have increased the number of sales points, excluding China by 54% to 192. Combined with a more active sales model, this is an important part of the foundation for our volume growth of 36% in the first nine months of the year. The pace of retail expansion remains high, and in the months of October alone, we have opened nine new sales points across Australia, Denmark, Sweden, Germany, the UK, and the Netherlands.

今年已經過去九個月了，我對我們商業轉型的進展感到非常滿意。與去年相比，除中國以外，我們的銷售點數量增加了 54%，達到 192 個。結合更積極的銷售模式，這是我們今年前九個月銷量成長 36% 的重要基礎。零售擴張步伐依然很快，光是 10 月份，我們就在澳洲、丹麥、瑞典、德國、英國和荷蘭開設了 9 個新的銷售點。

Five of these are new openings. Four of them are strategic moves away from smaller boutique-style city center locations to larger out of town locations, making it easier for more people to test drive and buy a Polestar. Our expansion in France is also proceeding as planned. Retail sales in the third quarter grew by 13% versus the same quarter last year and by 36% for the first nine months of the year.

其中五家是新開幕的。其中四項策略性措施是從較小的精品市中心門市轉向較大的郊區門市，讓更多的人更容易試駕和購買 Polestar 汽車。我們在法國的擴張也按計劃進行。第三季零售額比去年同期成長了 13%，今年前九個月成長了 36%。

Revenue grew by 36% in the 3rd quarter and by 49% in the first nine months. Europe remains our main market, representing over 75% of our global deliveries. Our most important European markets delivered strong year on year growth during the first nine months. Belgium and the Netherlands grew by 40% and 37% retrospectively.

第三季營收成長了 36%，前九個月成長了 49%。歐洲仍然是我們的主要市場，占我們全球交付量的 75% 以上。前九個月，我們最重要的歐洲市場實現了強勁的年成長。比利時和荷蘭的經濟成長率分別回溯了 40% 和 37%。

Germany grew by 46%. Norway grew by 63%. Sweden grew by 41%, and the UK grew by 100%. Korea remains our strongest performing market in Asia with growth of 430%. At the start of the year we announced a shift in platform strategy.

德國成長了46%。挪威經濟成長了63%。瑞典成長了 41%，英國成長了 100%。韓國仍然是我們在亞洲表現最強勁的市場，成長率達 430%。年初我們宣布了平台策略的轉變。

Moving forward, we will utilize group technology platforms for future models, giving us access to the best EV technology available in the fastest and most efficient manner. The restructuring and refocusing of our R&D operations that this enables started during the second quarter and has continued into the latter part of the year. Last month we announced further staff reduction of around 230 roads.

展望未來，我們將利用集團的技術平台開發未來的車型，以最快、最有效的方式獲得最佳的電動車技術。由此帶來的研發營運重組和重新聚焦，從第二季開始，一直持續到下半年。上個月我們宣布進一步裁減約 230 條道路的工作人員。

We will continue to optimize the structure of our operations and expect to end the year at approximately 2000 employees, down from 2,500 at the start of the year, a reduction of 20%. This process will continue as we take steps to protect our business in the face of industry headwinds.

我們將繼續優化營運結構，預計到年底員工人數將約為 2,000 人，比年初的 2,500 人減少 20%。面對產業逆風，我們將繼續採取措施保護公司業務，這個過程也將持續進行。

Last week saw the start of sales of Polestar 4 in North America, with media continuing to give this incredible car high praise for its performance, design, and technology. The Polestar 4s that are set to be delivered to customers starting in Canada are the first Polestar 4 manufactured at the Busan South Korean factory, making this car even more competitive on the North American market.

上週，Polestar 4 在北美開始銷售，媒體繼續對這款令人驚嘆的汽車的性能、設計和技術給予高度評價。即將從加拿大開始交付給客戶的Polestar 4是韓國釜山工廠生產的首批Polestar 4，這使得這款車在北美市場更具競爭力。

Having spent last week with our dealers from Canada and the US, I'm very excited about the prospects for this SUV coupe in the two very important markets. Our full focus is on ending the year in a strong way, and we expect to provide guidance in the beginning of 2026.

上週我和來自加拿大和美國的經銷商們進行了交流，我對這款SUV轎跑車在這兩個非常重要的市場的前景感到非常興奮。我們目前全力以赴，力爭以強勁的勢頭結束今年，預計將於 2026 年初發布業績指引。

With that, I lend my opening remarks and hand over to Jean-Francois.

至此，我作開場白，將發言權交給讓-弗朗索瓦。

Thank you, Michael. Good morning. Good afternoon, everyone. With continued growth in retail sales volume and revenue year on year, the financial results for the third quarter and the first nine months of 2025 demonstrate strong commercial performance at the top-line. However, significant external headwinds, notably tariff and pricing pressure, continue to impact profitability, including in the third quarter.

謝謝你，麥可。早安.大家下午好。隨著零售銷售量和收入逐年持續增長，2025 年第三季和前九個月的財務業績表明，公司在營收方面表現出強勁的商業表現。然而，重大的外部不利因素，特別是關稅和價格壓力，繼續影響獲利能力，包括第三季。

Looking at the financial results for the first nine months of 2025, retail sale volume as per annums increased by 36% to over 44,000 cars. Polestar 3 and Polestar 4 made up 65% of the retail sale. By geography, we continue to see particularly strong performance in Europe as mentioned by Michael, notably in the UK, Germany, Belgium, the Netherlands, and across the Nordic region, but also in NAAC led by South Korea.

從 2025 年前九個月的財務表現來看，零售銷量年增 36%，超過 44,000 輛。Polestar 3 和 Polestar 4 佔零售額的 65%。從地理上看，正如邁克爾所提到的，我們繼續看到歐洲表現特別強勁，尤其是在英國、德國、比利時、荷蘭和整個北歐地區，以及以韓國為首的北美大學體育協會（NAAC）地區。

The US market remains challenging as tariff and policy changes continue to impact profitability. And we need to do more on localization of parts and components to be efficient. The US represented 8% of our retail sales for the first nine months of 2025 from 16% in 2024. We operate in 28 countries worldwide, including Nantes in France, launch in June.

由於關稅和政策變化持續影響獲利能力，美國市場仍充滿挑戰。為了提高效率，我們需要在零件本地化方面做更多工作。2025 年前九個月，美國市場占我們零售額的 8%，而 2024 年這一比例為 16%。我們在全球 28 個國家開展業務，包括將於 6 月在法國南特啟動的計畫。

Our commercial transformation is progressing at pace with another 11 new retail partners signed up in the third quarter of 2025, bringing the total to 141 active retail partners at the end of September, contributing to the development of our sale points. As a result, revenue grew by 49% to about $2.2 billion US dollars in the first nine months of 2025. The drivers were first, higher sale volume and a growing share of higher price model, Polestar 3 and Polestar 4 in the sale mix.

我們的商業轉型正在快速推進，2025 年第三季又新增了 11 家零售合作夥伴，截至 9 月底，活躍零售合作夥伴總數達到 141 家，這為我們銷售點的發展做出了貢獻。因此，2025 年前九個月的營收成長了 49%，達到約 22 億美元。推動因素首先是更高的銷量，其次是高價車型 Polestar 3 和 Polestar 4 在銷售組合中的份額不斷增長。

Second, carbon credit sale amounted to $104 million under the new EU pooling agreement versus sale of below $1 million for the same period in 2024. Another $19 million is booked in over operating income. In this context, we have already hit our target of a three-digit million-dollar amount to be delivered this year. At the same time, pressure on pricing continues to grow due to the challenging market condition, and we incur costs related to the residual value guarantee in the North American markets.

其次，根據新的歐盟碳排放權交易協議，碳信用的銷售額為 1.04 億美元，而 2024 年同期銷售額則不到 100 萬美元。另有 1,900 萬美元計入營業收入。在此背景下，我們已經實現了今年交付數億美元目標金額的願景。同時，由於市場環境充滿挑戰，價格壓力持續增大，我們在北美市場也產生了與殘值保證相關的成本。

The adjusted gross margin improved by 0.3% points to a negative 1.8%. The evolving product and geographical sale mix and growing carbon credit sale supported the improvement of adjusted gross margin. Moreover, continuous reduction of cost of material, including for batteries, allows us to mitigate partially higher landing costs. External headwinds, pressure on pricing, and current tariffs were still significant. In this period, adjustment of inventory to net realizable value and expenses related to residual value guarantee further impacted negatively Pulsar's profitability.

調整後的毛利率提高了0.3個百分點，至-1.8%。不斷變化的產品和地理銷售組合以及不斷增長的碳信用銷售促進了調整後毛利率的提高。此外，包括電池在內的原材料成本的持續降低，使我們能夠部分緩解較高的到岸成本。外部不利因素、價格壓力和現有關稅仍然十分顯著。在此期間，庫存調整為淨可變現價值以及與殘值擔保相關的費用進一步對 Pulsar 的獲利能力產生了負面影響。

Selling, general and administrative expense, excluding the sale agency remuneration, continued to decrease at the pace indicated in the first half of 2025. The reduction reflects optimized marketing and advertising costs and lower general and administrative costs resulting from cost discipline and organizational restructuring.

銷售、一般及行政費用（不包括銷售代理報酬）繼續以 2025 年上半年的速度下降。此次削減反映了行銷和廣告成本的最佳化，以及由於成本控制和組織結構重組而導致的一般和管理成本的降低。

We are also reducing headcount predominantly in research and development as we have begun to implement our previously announced strategy to make better use of existing architecture from our partners, specifically GD Group, for future Polestar model as commented by Michael. Adjusted dollars loss of $561 million improved by 8%, reflecting first, fixed cost reduction due to optimized marketing spend and a lower headcount, second, carbon credit income, third, positive foreign exchange impact.

正如邁克爾所評論的那樣，我們也在減少研發部門的員工人數，因為我們已經開始實施先前宣布的策略，即更好地利用合作夥伴（特別是GD集團）的現有架構，用於未來的Polestar車型。調整後的美元虧損為 5.61 億美元，改善了 8%，這反映了：第一，由於優化行銷支出和減少員工人數而導致的固定成本降低；第二，碳信用收入；第三，積極的外匯影響。

These positive elements were partially offset by slightly higher adjusted growth loss and higher cell agency remuneration linked to growing cell volume. Briefly touching on the reported figures. Gross margin of 34% and net loss of $1.6 billion US dollars primarily reflect the impairment expense of $739 million for Polestar-free book in the second quarter 2025.

這些積極因素被略高的調整後增長損失和與細胞體積增長相關的更高的細胞機構報酬部分抵消。簡單提及已公佈的數據。毛利率為 34%，淨虧損 16 億美元，主要反映了 2025 年第二季 Polestar 無資產帳簿的 7.39 億美元減損支出。

Now turning to the results for the third quarter of 2025. Retail sales grew by 13% year on year to over 14,000 cars sold. Revenue increased 36% to $748 million driven mainly by higher volume, higher price Polestar 3 and Polestar 4 model in the mix, and carbon credit sales. This was partially offset by pressure on pricing and residual value guarantee adjustment related to the North American market. Revenue from sale of carbon credit sale was $32 million in the quarter from nil in 2024.

現在來看2025年第三季的業績。零售額年增 13%，售出超過 14,000 輛汽車。營收成長 36% 至 7.48 億美元，主要得益於銷售成長、Polestar 3 和 Polestar 4 車型價格上漲以及碳信用額度銷售。北美市場的價格壓力和殘值保證調整在一定程度上抵消了這一影響。本季碳信用額銷售收入為 3,200 萬美元，而 2024 年則為零。

Gross margin at 6%. A deterioration of 5% points was a result of first, pressure on pricing. Second, tariff. Third, adverse misf from sale of Polestar 2 and Polestar 3, specifically the sale of Polestar 3 in the US. Finally, Inventory was adjusted to net reliable value, and we incur expenses related to residual value guarantees in the North American market. Net loss was $365 million in the third quarter.

毛利率為 6%。5個百分點的惡化首先是因為價格壓力造成的。其次，是關稅。第三，Polestar 2 和 Polestar 3 的銷售，特別是 Polestar 3 在美國的銷售，造成了不利影響。最後，庫存調整為淨可靠價值，我們在北美市場產生了與殘值擔保相關的費用。第三季淨虧損為3.65億美元。

Adjusted EBITDA loss of $259 million increased year on year, mainly because of higher gross loss, higher sale agency remuneration, and negative foreign exchange impact were only partially compensated by reduction of SG&A expenses.

經過調整的 EBITDA 虧損為 2.59 億美元，較去年同期增加，主要原因是毛虧損增加、銷售代理報酬增加以及外匯匯率的負面影響，而銷售、一般及行政費用的減少僅部分抵銷了這些影響。

On the funding of our operation and liquidity during the first nine months of this year, we raised $200 million of new equity from PSD Investments Limited, an entity that is controlled by Mr. Eric Lee, Founder and Chairman of Geely Holding Group, and we secured as well about $1 billion worth of new facilities and renewed about $2.2 billion of existing facilities. Our cash position at the end of September was $995 million and Polestar was compliant with his loan covenant as of September 30 2025. With the support from GD Holding Group, we continue to make progress towards securing new equity and debt funding.

今年前九個月，為了保障營運資金和流動性，我們從吉利控股集團創始人兼董事長李顯龍先生控制的實體 PSD Investments Limited 籌集了 2 億美元的新股本，並獲得了約 10 億美元的新融資，續簽了約 22 億美元的現有融資。截至 9 月底，我們的現金餘額為 9.95 億美元，Polestar 截至 2025 年 9 月 30 日符合其貸款契約。在GD控股集團的支持下，我們繼續在獲得新的股權和債務融資方面取得進展。

Also, we plan to launch a river stock pitch shortly to change the ratio of our American depository shares to ordinary share, which is currently 1 to 1. Details will be announced separately.

此外，我們計劃很快推出一項股票推介，以改變我們美國存託股份與普通股的比例，目前該比例為 1 比 1。具體細節將另行公佈。

To conclude, our priorities remain. First, driving growth through the active selling model and leveraging our attractive model lineup. Second, improving processes, streamlining the organization and operation, looking for further synergies. Third, extracting efficiencies and cutting costs. And last but not least, securing new equity funding.

總之，我們的工作重點依然不變。首先，透過積極的銷售模式和利用我們有吸引力的車型陣容來推動成長。其次，改善流程，簡化組織和運營，尋求進一步的協同效應。第三，提高效率和降低成本。最後，也是非常重要的一點，是獲得新的股權融資。

Now I will hand over back to the operator.

現在我將把控制權交還給操作員。

(Operator Instructions)

（操作說明）

Winnie Dong, Deutsche Bank.

Winnie Dong，德意志銀行。

Yeah, thank you so much for taking my question. I was wondering if you can help us bridge the walk for gross margin a bit more? You mentioned, geographical sales mix and reduction of material cost, but then there's also pressure on pricing so I wonder if you can just give us some a bit more detailing of hits and takes thank you.

是的，非常感謝您回答我的問題。我想問您是否可以幫我們進一步提高毛利率？您提到了地理銷售組合和降低材料成本，但價格方面也存在壓力，所以我想請您再詳細介紹一下銷售情況，謝謝。

Hi, Winnie. So thanks for your question. So, I think that you want to bridge the walk between Q3 gross margin and Q2 gross margin. So the result of Q3 has been clearly disappointing for us. So first, we are continuing suffering pricing pressure on our vehicle. In addition to have a higher cost of production due to the duties. But in addition to that, also we had some adverse misfs in the sense that we have sold more Polestar 2 and more Polestar 3 than Polestar 4 as expected.

嗨，溫妮。謝謝你的提問。所以，我認為你們想要彌補第三季毛利率和第二季毛利率之間的差距。所以第三季的業績顯然令我們失望。首先，我們的車輛價格持續面臨壓力。此外，由於關稅，生產成本也會更高。但除此之外，我們也遇到了一些不利的失誤，因為我們賣出的 Polestar 2 和 Polestar 3 比 Polestar 4 的銷量要多，這與預期不符。

Even if at the same time we have successfully partially compensated part of those negative impacts by continuing reducing product cost reduction but also reducing fixed costs.

即使同時，我們也透過持續降低產品成本和降低固定成本，成功地部分彌補了這些負面影響。

On the Polestar 3 adverse mixed impact, I just would like to comment that we have realized some tactical sale, especially in the US, because this is from where most of this mixed negative mix effect is coming from, because we took the opportunity of the end of the tax incentive in the US in order to get stuck. I would say most of the polls are free, and this is from where this negative mixed impact is mostly coming from.

關於 Polestar 3 帶來的負面混合影響，我只想評論說，我們已經實現了一定的策略性銷售，尤其是在美國，因為大部分負面混合影響都來自美國，因為我們利用了美國稅收優惠政策結束的機會，結果卻陷入了困境。我認為大多數民意調查都是免費的，而這種負面的混合影響主要就來自於此。

Okay, thank you so much for the details. And then second, I was wondering if you can maybe just comment on the OpEx spending trends in the quarter and how we sort of foresee, on a go forward basis, how that could trend into next year. Thank you.

好的，非常感謝您提供的詳細資訊。其次，我想請您談談本季的營運支出趨勢，以及我們如何預測明年的趨勢。謝謝。

Yeah. So I will not comment into the detail about Q3, but as so we realized quite significant decrease of our fixed cost, especially at the end of H1 compared to last year at around 10%. Those decreases are coming, I would say, from two main levels. The first one, this is the optimization of our marketing expenses, which is coming from, I would say, less also production.

是的。因此，我不會詳細評論第三季的情況，但我們確實實現了固定成本的大幅下降，尤其是在上半年末，與去年同期相比下降了約 10%。我認為，這些下降主要來自兩個層面。第一項措施是優化我們的行銷支出，我認為這部分支出也來自於減少產量。

But also the second level is mainly driven by the reduction of head counts, so we are still marching in consolidating our organization, realizing some efficiencies and synergies. We started the year with 2,500 head counts, and we still have the objective to reach 2000 head counts by the year end. And I would say that looking at Q3 and looking at Q4, so we want to accelerate on those levels, and I think that we have a good momentum entering Q4 now.

但第二階段主要也是由人員減少所推動的，所以我們仍在推動組織整合，實現一些效率和綜效。年初時我們的員工人數為 2500 人，我們仍然希望到年底能達到 2000 人。我想說，看看第三季和第四季度，我們希望在這些方面加速發展，我認為我們進入第四季時勢頭良好。

Tobias Beith, Redburn.

托比亞斯·貝思，雷德伯恩。

Great, thanks for your time. I have two questions if I may, I'll ask them separately. Michael, since we spoke last, a bilateral trade agreement has been struck between the EU and the US. On paper it seems quite helpful for Polestar's unit profits, particularly on the Polestar 3. I wondered if I could hear your thoughts today on how you and the rest of the management team have or may be thinking about adapting your business plan for the next couple of years.

太好了，謝謝你抽出時間。如果可以的話，我有兩個問題，我會分開問。邁克爾，自從我們上次談話以來，歐盟和美國之間已經達成了一項雙邊貿易協定。從帳面上看，這似乎對 Polestar 的單位利潤有很大幫助，尤其是 Polestar 3 的單位利潤。我想聽聽您今天對您和您的管理團隊其他成員如何考慮或可能如何調整未來幾年的商業計劃的看法。

Sure, happy to do that, Tobias. So let's talk US a bit more in detail because we have a set up where on the one hand, we have the local production in Charleston where we joined the Volvo factory, which I think is a good basis, right? Because we try to localize as much as we can. At the same time, also parts and from Mexico, for example, have duties. So it's a good setup, but obviously it's also suffering from duties, right?

當然可以，我很樂意這麼做，托比亞斯。那麼，讓我們更詳細地談談我們公司的情況，因為我們的佈局是，一方面，我們在查爾斯頓設有本地生產基地，我們加入了沃爾沃工廠，我認為這是一個很好的基礎，對吧？因為我們盡可能地進行在地化。同時，來自墨西哥等地的零件也需要繳納關稅。所以這是一個不錯的方案，但顯然它也受到了任務繁重的影響，對吧？

The other thing for the US business model, which is very important to understand is that we bring out the Polestar 4 to the US and we bring it out of South Korea to the US. And that I think, we feel is a very good setup because that has much lower duties than from Europe or from China and is a good basis, right?

對於美國商業模式而言，還有一點非常重要，那就是我們將 Polestar 4 帶到美國，並且是從韓國帶到美國。我認為這是一個非常好的安排，因為與來自歐洲或中國的關稅相比，這是一個很好的基礎，對吧？

But it's a complicated word as you say, because duties change quite a bit. But we feel with the local setup in the US and then the South Korean factory, we have a good setup in order to then optimize our US business model so I hope that answers your questions.

但正如你所說，這是一個很複雜的詞，因為職責的變化相當大。但我們認為，憑藉在美國的本地佈局以及韓國的工廠，我們已經具備了優化美國商業模式的良好基礎，希望這能解答您的疑問。

Yeah, maybe just on that, what about going the opposite way around? There is now an opportunity for you to earn more profits on poolstar res exported into Europe?

對，或許就這一點而言，反過來怎麼樣？現在您有機會透過向歐洲出口Poolstar產品來賺取更多利潤嗎？

Yeah, that is an opportunity for us as well. At the same time, we also have opportunities to produce it in China and obviously once you have invested into the tooling, into the setup, it's not that easy to change immediately, but as you quite rightly highlight, it is an opportunity which we are also exploring and might use if it is appropriate for us.

是的，這對我們來說也是一個機會。同時，我們也有機會在中國生產，顯然，一旦你投資了模具和設備，就很難立即改變，但正如你所指出的，這也是我們正在探索的機會，如果合適，我們可能會利用它。

Okay, understood. Thanks, Michael.

好的，明白了。謝謝你，麥可。

Jean-Francois, if I'm not mistaken, a substantial portion of Polestar's debt portfolio was renewed in the period, and also slightly broadened by, call it $300 million. I wondered what is the new go forward effective rate of interest on Polestar's debt portfolio, and is it floating mostly?

Jean-Francois，如果我沒記錯的話，Polestar 的大部分債務組合在此期間得到了續期，並且債務規模也略有擴大，大約增加了 3 億美元。我想知道 Polestar 債務組合的最新實際利率是多少，而且利率主要以浮動利率為主嗎？

I would say that most of our interest rate is based on the references, so it is floating, yes.

我想說，我們的利率大部分都是基於參考利率，所以是浮動利率，沒錯。

Okay. And did you have a number that you could share for the new effective debt rate on the renewed portfolio?

好的。您能否分享一下重組後投資組合的實際債務利率這個數字？

I mean there is no significant change to call out the previous one.

我的意思是，並沒有什麼重大變化可以比之前的版本更值得一提。

Okay, fine, understood. Thanks for your time.

好的，明白了。感謝您抽出時間。

Andres Sheppard, Cantor.

安德烈斯·謝潑德，坎托爾。

Hi, good afternoon, everyone. Thank you for taking our questions. I was wondering maybe if we could get an update on, capital needs and liquidity if you could maybe give us a sense of, cash burn, maybe what it was, what you expect for it going forward, and what is the timing for those, additional, capital, requirements. Thank you.

大家好，下午好。感謝您回答我們的問題。我想問一下，能否提供一下關於資金需求和流動性的最新資訊？能否讓我們了解現金消耗情況，例如具體是多少，您對未來的預期是什麼，以及額外資金需求的具體時間安排？謝謝。

Okay, thanks so much for the question. So, in terms of cash burn and as I commented it in H1, so for the first semester we have a monthly cash burn of around USD136 million per month. I mentioned at the time that the level of cash burn will increase during the second semester due to, I will say, the spending or cash out related to legacy CapEx.

好的，非常感謝你的提問。所以，就現金消耗而言，正如我在第一季所評論的那樣，第一季我們每月的現金消耗約為 1.36 億美元。我當時提到，由於與遺留資本支出相關的支出或現金流出，第二學期的現金消耗水準將會增加。

But clearly compared to last year, if I'm looking at the normalized cash burn, so we are improving month after month, and this is due to, I will say, the fact that we are cutting losses, looking at our adjusted EBITDA, but also making strong action in order to improve our working capital. So we demonstrated at the end of H1 that we have collected the level of inventory at 40,000 units for more than 22,000 to 23,000 units at the end of December. And of course we are quite vigilant in terms of the level of receivable and working as well.

但顯然與去年相比，如果我看一下正常化的現金消耗，我會發現我們每個月都在改善，我認為這是因為我們正在減少損失，看看我們調整後的 EBITDA，同時也採取了強有力的措施來改善我們的營運資本。因此，我們在上半年末證明，截至 12 月底，我們的庫存水準已達到 40,000 件，其中超過 22,000 件至 23,000 件。當然，我們在應收帳款水準和工作方面也保持著高度警覺。

Leveraging our payable and the payable from our related parties. So I think that we are in a good track to improve the level of cash burn, but still unfortunately we are burning more cash as planned because we have faced the increase of tariffs, more challenging market context which has deteriorated our profitability.

利用我們的應付帳款和關聯方的應付帳款。所以我認為我們正朝著改善現金消耗水平的方向穩步前進，但不幸的是，由於關稅上漲和更具挑戰性的市場環境，我們的盈利能力下降，因此我們目前的現金消耗量仍然高於計劃水平。

Now when it comes to, I would say our funding needs, so as you're aware, so we have raised $200 million US dollars new equity coming from PSD Investment Company which is owned by Mr. Li Shufu, who is the Founder and Chairman of Chile Group, and based and following this new equity, we are working actively and always with a positive mindset with GD Group in order to further increase, I would say our funding, as we all know that we cannot only rely on the debt from the bank, we have to fund some new equity, and this new equity in June was clearly a positive sign from GD Group about supporting Polestar, but also the willingness that server will will come.

現在來說說我們的資金需求。如您所知，我們已經從李書福先生（智利集團創辦人兼董事長）擁有的PSD投資公司籌集了2億美元的新股本。基於這筆新股本，我們正積極與GD集團合作，並始終保持樂觀的態度，以進一步增加我們的資金。我們都知道，我們不能只依賴銀行貸款，必須籌集新的股本。 6月的這筆新股本顯然是GD集團支持Polestar的正面訊號，也顯示了他們願意為Polestar提供支援。

So we are completely aligned with GD Group in terms of liquidity and funding plan that we are executing and we will not hesitate to come back to you and to the investment community if there is more to comment as and when required.

因此，我們在流動性和融資計劃方面與GD集團完全一致，如果將來有任何需要補充說明的地方，我們將毫不猶豫地與您和投資界溝通。

Wonderful. That, that's very helpful. Appreciate all that color and maybe one for Michael. I'm wondering if you can maybe talk a little bit about, autonomy. We're certainly seeing a bit of a trend in the automotive business with different autonomous partnerships. Curious if you can maybe talk about opportunities that Polestar might be pursuing here. Is this an area of focus, anything you can say there. Thank you.

精彩的。那很有幫助。欣賞這些色彩，也許還可以給麥可點一份。我想請您談談自主性。我們確實看到汽車行業出現了一種趨勢，即不同的自動駕駛合作夥伴關係。想請您談談Polestar可能在這裡尋求的機會。這是你們關注的重點領域嗎？你們有什麼想說的嗎？謝謝。

Yeah, sure. Thanks, Andre. So happy to do that. Of course, I mean, it's an important area because it's the future, right? It will increase and we have obviously various partners already with Mobile Eye on the Polestar 4. We look at other alternatives in the various regions.

當然可以。謝謝你，安德烈。我很樂意這樣做。當然，我的意思是，這是一個重要的領域，因為它代表著未來，對吧？這個數字還會增加，而且我們顯然已經與 Mobile Eye 在 Polestar 4 上建立了各種合作夥伴關係。我們考察了各個地區的其他替代方案。

At the same time, we want to have the good balance because our brand really stands for performance. So I mean, our customers are really performance drivers in general. But of course we can combine these two things, right? And have higher level of autonomy when you don't want to drive, right? And use it, at the same time, make sure that everybody understands, look, PA stands for design, performance, and sustainability.

同時，我們也希望保持良好的平衡，因為我們的品牌真正代表的是性能。我的意思是，總的來說，我們的客戶確實是業績的驅動因素。當然，我們可以將這兩件事結合起來，對吧？而且在不想開車的時候，還能擁有更高的自主性，對吧？同時，確保每個人都明白，PA 代表設計、性能和永續性。

So yes, various, partnerships like the one with Mobile Eye highlighted by me, and it's a key focus area for us and obviously also look very carefully into the overall group possibilities and will absolutely stay a topic for the future. So more to come on that. Thanks for the question.

所以，是的，各種合作關係，例如我提到的與 Mobile Eye 的合作，是我們重點關注的領域，我們顯然也會非常仔細地研究集團整體的可能性，這絕對會是我們未來關注的話題。關於這一點，後續還會有更多討論。謝謝你的提問。

Wonderful, very helpful. Thank you so much. I'll pass it on..

太好了，很有幫助。太感謝了。我會轉達的。

Thank you. There are no further questions at this time, so I'll hand the call back to Michael for closing remarks.

謝謝。目前沒有其他問題了，我將把電話交還給邁克爾，讓他做總結發言。

Yeah, thank you everybody. So this concludes our earnings score. So thank you for joining. Wish you a wonderful day and keep in touch. Thank you everybody.

是的，謝謝大家。以上就是我們的收益評分。感謝各位的參與。祝你今天過得愉快，保持聯繫。謝謝大家。