Polestar reduces relative greenhouse gas emissions by 9% per sold car and discloses 2040 climate roadmap

GOTHENBURG, SWEDEN – 16 April 2024. Polestar (Nasdaq: PSNY) has published its Sustainability Report for 2023. The Swedish electric performance car brand continues to make significant progress on its climate targets, achieving a reduction of 9% in relative greenhouse gas emissions per sold car in 2023.

 

This equates to a reduction of 3.4 tCO2e compared to 2022 and was achieved by a focus on three main areas: the use of carefully chosen materials with lower climate impact, renewable electricity in car and battery production, and energy efficiency in use phase. The achievements in 2023 and future ambitions illustrate that it is possible to decouple growth from increased emissions.

Fredrika Klarén, Polestar’s Head of Sustainability, says: “Our vision is clear - we want to accelerate the EV-transition while bringing in more sustainable and innovative solutions to make electric cars even better. We need to acknowledge that our industry still has a huge potential for improvement when it comes to disclosing concrete plans for achieving its climate pledges. This year we are sharing the work we do to make our climate roadmap more concrete, as we navigate towards our 2040 climate goal.”

In 2023, Polestar also focused on enhancing its traceability practices and expanding the number of battery risk minerals tracked. A significant advancement is the ability to trace lithium and nickel used in Polestar 3's batteries, adding to cobalt and mica that have been monitored with blockchain technology since 2020 and 2021, respectively.

 

The sustainability report transparently discloses how Polestar is adopting a due diligence approach to improve the ability to identify and remediate sustainability related risks. During 2023, Polestar introduced a digital platform to streamline the collection of sustainability related data to support transparency and compliance with standards and regulations.

 

Find the report here.

Ends.

Notes to editors

Polestar has a goal of reaching climate neutrality by 2040. Becoming truly climate-neutral means eliminating all greenhouse gas emissions across operations, and all phases of a car’s life cycle. This includes emissions from supply chain and manufacturing, as well as energy use during the car’s use phase.

Polestar’s LCAs, published since 2020, consider a range of factors in a car’s life cycle, from supply to manufacture and recycling, and summarise the climate impact in one easily understood number. This enables consumers to make quick and educated decisions when buying a car. The LCA figures stated in this release disclose the cars’ cradle-to-gate carbon footprint which includes material acquisition through the production of the product and excludes the use and end-of-life stages. The LCA figures related to the vehicles’ cradle-to-grave carbon footprint present a total carbon footprint of the car adding use phase and end-of-life on top of its cradle-to-gate carbon footprint.

Evi Boits

Communications Manager, oona agency

 

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About Polestar

About Polestar 
Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific. Polestar is scheduled to expand into additional markets in 2025.

Polestar has three models in its line-up: Polestar 2, an electric performance fastback; Polestar 3, the SUV for the electric age; and Polestar 4, the SUV coupé transformed. With plans to have a line-up of five performance EVs by 2026, Polestar 5, an electric four-door GT and Polestar 6, an electric roadster, are coming soon. 

The Polestar 0 project supports the company’s ambitious goal of creating a truly climate-neutral production car by 2030. The research initiative also aims to create a sense of urgency to act on the climate crisis, by challenging employees, suppliers and the wider automotive industry, to drive towards zero. 

Forward-Looking Statements

Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Polestar and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestar’s ability to maintain agreements or partnerships with its strategic partners, such as Volvo Cars, Geely or Xingji Meizu Group, and to develop new agreements or partnerships; (2) Polestar’s ability to maintain relationships with its existing suppliers, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (3) Polestar’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its reliance on strategic partners for servicing its vehicles and their integrated software; (4) Polestar’s reliance on its partners, some of which may have limited experience with electric vehicles, to manufacture vehicles at a high volume or develop devices, products, apps or operating systems for Polestar, and on the allocation of sufficient production capacity or resources to Polestar by its partners in order for Polestar to be able to increase its vehicle production capacities and product offerings; (5) competition, the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) Polestar’s estimates of expenses and profitability; (7) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (8) the possibility that Polestar may be adversely affected by other economic, business, and/or competitive factors; (9) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on Polestar’s future business; (10) changes in regulatory requirements, governmental incentives and fuel and energy prices; (11) the outcome of any legal proceedings that may be instituted against Polestar or others; (12) the ability to meet stock exchange listing standards; (13) risks associated with changes in applicable laws or regulations and with Polestar’s international operations; (14) Polestar’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (15) delays in the design, development, manufacture, launch and financing of Polestar’s vehicles and other product offerings, and Polestar’s reliance on a limited number of vehicle models to generate revenues; (16) Polestar’s ability to continuously and rapidly innovate, develop and market new products; (17) risks related to future market adoption of Polestar’s offerings; (18) risks related to Polestar’s distribution model; (19) the impact of the global COVID-19 pandemic, inflation, interest rate changes, the ongoing conflict between Ukraine and Russia, supply chain disruptions and logistical constraints on Polestar, Polestar’s projected results of operations, financial performance or other financial and operational metrics, or on any of the foregoing risks; and (20) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the SEC by Polestar. There may be additional risks that Polestar presently does not know or that Polestar currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.