Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion includes information that is relevant to understanding Polestar's consolidated financial condition and results of operations and should be read together with the Unaudited Condensed Consolidated Interim Financial Statements for the six-month periods ended June 30, 2025 and 2024, included elsewhere in this report. Refer to Polestar's consolidated financial statements as of December 31, 2024 and 2023, and for the three years ended December 31, 2024 (the "Consolidated Financial Statements") that were included in Polestar's annual report on Form 20-F filed with the SEC on May 9, 2025 (the "2024 20-F") for more information about the year ended December 31, 2024. All figures presented in the tables below are in thousands of U.S. dollars, unless otherwise stated.