Company: PLSAY
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001884082-25-000012
Chunk: 387

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 387
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1,044,029 698,037

Tax loss carryforwards through the year of expiration are as follows:

                                                As of December 31,                 
                                                              2024           2023  
 ───────────────────────────────────────────────────────────────────────────────────
                                      2025                   2,425              —  
                                      2026                 165,344        169,970  
                                      2027                 103,696        109,965  
                                      2028                 143,178        146,459  
                                      2029                 311,913        135,403  
                              2030 onwards               4,229,307      2,814,699  
  Tax loss carryforwards as of December 31                       $              $  

The increase in tax losses available for carryforward are mainly attributable to losses incurred as a consequence of the Group scaling its research and development expense to meet the demands of the growing business.

As of December 31, 2024, the Group had unused tax losses of $ 4,955,863 4,031,242 2,814,699 885,091 545,618

In addition to the losses referred to above, the Group also had deferred tax assets arising on other temporary differences of $ 574,087 423,744

Pillar Two

The Pillar Two legislation has been enacted or substantively enacted in several of the jurisdictions in which the Polestar Group operates. The legislation is effective for the Group’s financial year beginning January 1, 2024. The Group is in scope of the enacted or

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substantively enacted legislation and has performed an assessment of the Group’s potential exposure to Pillar Two income taxes for the current year ending on December 31, 2024.

The assessment of the exposure to Pillar Two income taxes is based on the Group’s Consolidated Financial Statements for the current year. Based on the assessment performed, the transitional safe harbor relief applies for most jurisdictions, with the exception of Denmark, Ireland, and Portugal. The full effective tax rate (ETR) calculations for Denmark, Ireland, and Portugal result in an ETR lower than 15

The Group’s Pillar Two income tax expense is immaterial and relates to profits earned in Denmark, Ireland, and Portugal.

The Group has determined that the Pillar Two income tax - which it is required to pay under Pillar Two legislation - is an income