Polestar Automotive Holding UK PLC

Polestar Automotive Holding UK PLC held its 2026 Annual General Meeting, where shareholders approved all 16 proposals. These approvals included the company's annual report and financial statements for 2025, the directors' remuneration report and policy, and the re-appointment of all nominated directors. Shareholders also appointed PricewaterhouseCoopers LLP and Öhrlings PricewaterhouseCoopers AB as the new independent external auditors, replacing Deloitte AB, and authorized the issuance of ordinary shares and disapplication of preemption rights.

Polestar announced a strategic shift to strengthen its focus on Europe after the U.S. Department of Commerce's Bureau of Industry and Security denied authorization to sell 2027 model year vehicles and onwards in the U.S. Europe currently accounts for approximately 80% of the company's retail sales volumes, and Polestar plans to expand its sales network and localize manufacturing there. The company will continue to sell existing Polestar 3 and Polestar 4 stock in the U.S. and support customers.

Polestar Automotive Holding UK PLC has amended its Term Facility Agreement with Geely Sweden Automotive Investment AB. The amendment extends the loan's termination date to June 30, 2027, and sets the interest margin at 3.20% per annum. This modification also updates the interest payment schedule, requiring accrued interest to be paid on the new termination date.

Polestar Automotive Holding UK PLC announced its Annual General Meeting (AGM) for 2026 will take place on June 26, 2026, in London. Key resolutions include the approval of the 2025 annual report and financial statements, the Directors' Remuneration Report and Policy, and the re-appointment of all current Directors. Shareholders will also vote on the appointment of PricewaterhouseCoopers as the new external auditor and proposals related to share issuance authority and pre-emption rights. The Board unanimously recommends voting in favor of all resolutions.

Polestar reported record first-quarter volumes of 13,126 cars, a 7% year-on-year growth, with revenue slightly up to $633 million. However, the company experienced a gross loss of (3.2)% and a net loss of $(383) million, impacted by intensified competition, EU and US tariffs, and negative foreign exchange movements. Despite these challenges, Polestar strengthened its capital structure by securing $0.7 billion in new equity and renewing over $1.4 billion in facilities, with further loan conversions to equity planned.