Company: PLSAY
Filing Date: 2025-07-01
Form Type: 6-K/A
Source: 0001884082-25-000014
Chunk: 62

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-07-01
Form: 6-K/A
Chunk 62
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 owns unique tooling which is used in the manufacturing of its vehicles. This unique tooling had previously been recognized as property, plant and equipment once either the production standard part process test is conducted or production utilizing the unique vendor tools has occurred, whichever is earlier. Management determined due to contractual terms that certain unique tooling should have instead been recognized as assets under construction (“AUC”) in the Property, plant, and equipment financial statement caption according to the progression of work, resulting in a material understatement of AUC and a corresponding understatement of Other current liabilities in the Unaudited Condensed Consolidated Statement of Financial Position as of June 30, 2024 in the amount of $8,093. The reconsideration of the AUC recognition changes the timing of recognizing AUC but does not change the expected total amount of property, plant, and equipment to be acquired. There is no impact on the interim 2024 and 2023 Unaudited Condensed Consolidated Statements of Loss and Comprehensive Loss as a result of the AUC misstatement.

(vii) Reclassification of Cash Flows

There was a classification error between investing and operating activities in the Unaudited Condensed Statement of Cash Flows related to cash paid for intellectual property (IP). While this error had no impact to the interim 2024 and 2023 Unaudited Condensed Consolidated Statements of Loss and Comprehensive Loss, it led to an overstatement of cash used for investing activities and an understatement of cash used for operating activities in the amount of $93,141 for the six months ended June 30, 2024. This error had no impact on the Unaudited Condensed Statement of Cash Flows for the six months ended June 30, 2023.

(viii) Other – Reclassifications

The errors identified in the Other – Reclassification category encompass errors arising from misallocations of assets and liabilities between different financial statement captions, misallocations of assets and liabilities between current and non-current and misallocations of revenue and expenses. There is no resulting impact on the net loss or total comprehensive net loss included in the interim 2024 and 2023 Unaudited Condensed Consolidated Statements of Loss and Comprehensive Loss, respectively, from correcting these errors.

(ix) Other – Miscellaneous

The errors identified in the Other – Miscellaneous category encompass several insignificant errors that were corrected as part of the restatement process. These errors have an immaterial impact on the interim 2024 and 2023 Un