2022.12.06

ID: 662265

Polestar announces 68 horsepower performance software upgrade for North American customers

Polestar (Nasdaq: PSNY), the Swedish electric performance car brand, has released an affordable performance software upgrade for the Long range Dual motor Polestar 2 in North America, raising the vehicle's power output by 68 horsepower to a total of 476 hp. This upgrade marks the first time that Polestar has applied its software tuning heritage to an electric car, which is available to customers in the United States and Canada via an Over­ the­Air (OTA) download. The permanent upgrade is a one­time cost of $1,195, delivering exceptional value without the hassle of a subscription.

The upgrade adds 68 horsepower and 15 lb.­ft of torque to the existing 408 hp and 487 lb.­ft of torque produced by the dual­motor powertrain, for a total output of 476 hp and 502 lb.­ft. Because the upgrade is software­based, the boost in performance can be downloaded directly to the vehicle without a trip to a Polestar service point, a quick and convenient process for any eligible Polestar owner. The OTA download is available online for eligible owners now in the Polestar Shop website, which is located at www.polestar­shop.com.

Behind the wheel, the performance boost offers increased responsiveness and a sportier experience overall, and the 0­60 mph sprint time has been reduced to 4.2 seconds. The additional power and torque are primarily felt at speeds between 44 and 80 mph, resulting in even, rapid mid­range acceleration. With this upgrade, accelerating from 50 to 75 mph takes just 2.2 seconds - half a second quicker than a standard dual­motor Polestar 2.

"This upgrade highlights how connected technologies can transform the relationship a car company has with its customers," said Thomas Ingenlath, CEO of Polestar. "The driving experience in Polestar 2 is something we are really proud of. It is such a fun car to drive already, but with this upgrade we can offer even more to our customers who might be after a little extra excitement."

The ability to order the upgrade online for remote download provides a seamless experience for Polestar customers and highlights the brand's proficiency in the increasingly digital automotive world. To learn more about the upgrade, please visit the Polestar website here.

End.

Keywords:

Press releases, Polestar 2, Cars, Technology

About Polestar

Polestar Automotive Holding UK PLC (Nasdaq: PSNY) ("Polestar") is a Swedish premium electric vehicle manufacturer. Founded by Volvo Car AB (publ.) (together with its subsidiaries, "Volvo Cars") and Zhejiang Geely Holding Group Co., Ltd ("Geely"), in 2017, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result.

Polestar is headquartered in Gothenburg, Sweden, and its vehicles are currently available and on the road in markets across Europe, North America, China and Asia Pacific. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. Polestar cars are currently manufactured in China, with additional future manufacturing planned in the USA.

In the US, the local Polestar office is located in the New York metro area, in Mahwah, New Jersey. Polestar Spaces have been opened in Los Angeles, the San Francisco Bay Area, and Orange County, Calif.; New York City; Denver, Colorado; Boston; Central and Southern New Jersey; Dallas and Austin, Texas; Detroit; Minneapolis; Phoenix; Seattle; Atlanta; Charlotte, North Carolina; Connecticut; South Florida; and Washington D.C.

Polestar has produced two electric performance cars. The Polestar 1 was built between 2019 and 2021 as a low­volume electric performance hybrid GT with a carbon fiber body, 619 hp, 738 lb­ft of torque, and an electric­only range of 52 miles (EPA) - the longest of any hybrid car in the world.

The Polestar 2 electric performance fastback is the company's first fully electric, high­ volume car. The Polestar 2 model range includes three variants with a combination of long­ and standard range batteries as large as 78 kWh, and dual­ and single­motor powertrains with as much as 476 hp and 502 lb­ft of torque.

From 2022, Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 - the company's first electric performance SUV which launched in October 2022. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe.

In 2024, the Polestar 5 electric performance 4­door GT is planned to be launched as the production evolution of Polestar Precept - the manifesto concept car that Polestar released in 2020 that showcases the brand's future vision in terms of design, technology, and sustainability. As the company seeks to reduce its climate impact with every new model, Polestar aims to produce a truly climate­neutral car by 2030.

In March 2022, Polestar revealed its second concept car, an electric performance roadster

which builds on the design, technology and sustainability ambitions laid out by Precept and showcases the brand's vision for future sports cars. The hard­top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. The concept further develops the focus on sustainability and technology, aiming towards greater circularity. Polestar confirmed in August 2022 that a version of the concept will be produced as the Polestar 6 electric performance roadster, with launch expected in 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 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 section 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.

Media contact

JP Canton jp.canton@polestar.comPR & Communications

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Polestar Automotive Holding UK plc published this content on 06 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 December 2022 14:54:56 UTC.