Polestar Automotive UK : and Luminar expand partnership to include 5

2023.02.02

ID: 663533

Polestar and Luminar expand partnership to include Polestar 5

Under existing partnership, Luminar supplies LiDAR for Polestar 3

New expanded partnership extends scope to future cars, now including Polestar 5 Polestar 3 with LiDAR now available to order at Polestar.com[1]

GOTHENBURG, SWEDEN and ORLANDO, FLORIDA - February 2, 2023. Polestar (Nasdaq: PSNY) and Luminar (Nasdaq: LAZR) are expanding their collaboration and integration of long­range LiDAR technology in future Polestar vehicles. The utilization of LiDAR technology continues to gain momentum as the global focus on next­generation safety and autonomy increases.

The expanded partnership provides a foundation to collaborate on the industrial design and integration of Luminar's 3D laser scanning technology which will be featured on Polestar's future vehicles, now also including Polestar 5 - the electric 4­door GT car expected to launch in 2024 based on the Polestar Precept concept car.

The two companies have an existing partnership via Volvo Cars for Luminar to supply the LiDAR technology for Polestar 3, the brand's first SUV. Orders for the Polestar 3 including

LiDAR from Luminar have been brought forward, enabling customers to place orders now[1], with deliveries expected in 2024[2].

"Luminar is at the forefront of long­range LiDAR technology and this closer collaboration will allow for greater innovation in our cars to come. We look forward to combining our R&D and product design expertise to deliver truly stunning LiDAR integration and capabilities for the Polestar brand," comments Polestar CEO, Thomas Ingenlath.

"As we successfully execute together, Polestar's conviction in Luminar and the value of our technology has continued to accelerate. With this new expanded partnership and our shared pioneering spirit, we will push the boundaries of automotive technology and design into new territories for the next generation," says Austin Russell, Founder and CEO of Luminar.

Notes to editors:

1. Orders for Polestar 3 with LiDAR from Luminar start in all European and North American Polestar markets on 2 February. Orders in Australia follow slightly later in February, and are

planned to start in China from mid­April. Orders in all other Polestar markets are expected to start at a later date.

2. Deliveries of orders for Polestar 3 without LiDAR, which opened on the day of the world premiere, 12 October 2022, are expected in Q4 2023. First deliveries of Polestar 3 with LiDARare expected in late 2024. There is no change to the existing expected delivery timing on Polestar 3 overall, or the series production timing of Luminar's LiDAR independent of Polestar.

Keywords:

Press releases, Brand & Corporate, Cars, Safety, Technology, Polestar 3, Mission, Polestar 5

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. The company plans to create the first truly climate­neutral production car, without offsetting, by 2030.

Polestar's North American headquarters is located in the greater New York City area. Polestar Spaces have been opened in over 30 of the region's top electric vehicle markets.

Polestar 2 launched in 2019 as the electric performance fastback with avant­garde Scandinavian design and up to 455 hp. Polestar 3 launched in late 2022 as the SUV for the electric age - a large high­performance SUV that delivers sports car dynamics with a low stance and spacious interior. Polestar plans to release three more electric performance vehicles through to 2026.

Forward­Looking 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. Forward­looking 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 forward­looking statements. In some cases, you can identify forward­looking 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 forward­looking 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 forward­looking 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, Volvo Cars and Geely, 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 to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Polestar by its partners in order for Polestar to be able to increase its vehicle production capacities; (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 lithium­ion 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 lithium­ion battery cells catching fire or venting smoke;

1. delays in the design, manufacture, launch and financing of Polestar's vehicles 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;

1. risks related to future market adoption of Polestar's offerings; (18) risks related to Polestar's distribution model; (19) the impact of the global COVID­19 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 Forward­Looking Statements" in Polestar's Form 20­F, 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 forward­looking statements.

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

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JP Canton [e-mail] & Communications

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