Company: PLSAY
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001884082-25-000012
Chunk: 386

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 386
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 Deferred tax assets as of December 31             $              81,554      $              42,336  

Information regarding the composition of recognized deferred tax liabilities is as follows:

                                                                      As of December 31,                             
  Specification of deferred tax liabilities                           2024                         2023              
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Lease liability                                                     27,024                     29,430              
  Accruals                                                            5,374                      13,008              
  Inventory                                                           1,491                       4,360              
  Intangible assets                                                   448                        23,825              
  Warranty                                                            —                           6,259              
  Recognized value of deferred tax liabilities as of December 31      $                               $      76,882  
  Netting of asset and liability tax position                         ( 33,707)               ( 73,547)              
  Deferred tax liability as of December 31                            $                               $       3,335  

All changes in deferred tax assets and liabilities have been reported in the Consolidated Statement of Loss and Comprehensive Loss for the years ended December 31, 2024, 2023, and 2022 respectively. Deferred taxes have been calculated by applying the tax rate per jurisdiction.

2024 was the first year Polestar calculated and posted a provision for residual value guarantee, hence there is no comparative figure for 2023.

Information regarding the recognition deferred tax assets:

The Group recognizes deferred tax assets to the extent that the Group believes that the likelihood of recognition is probable. In making such a determination, the Group considers reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and the results of recent operations. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. Significant management judgements and assumptions are required in determining the recognition of deferred tax assets related to tax losses and other temporary deductible differences. A change in judgement or assumption could have a material impact on the recognition of deferred tax assets.

As of December 31, 2024 and 2023, the Group made the judgement that there is not sufficient, objectively verifiable evidence available which would demonstrate that it is more likely than not that the Group would be able to realize all deferred tax assets in the future. This resulted in deferred tax assets on tax loss carry forwards not being recognized amounting to $