Polestar Investor Presentation

Global Players Transaction overview and valuation Strong top and bottom line growth relative to peers Regional Players Revenue growth CAGR projection (2023E-2025E) 64% 12% T TESLA Global Players EBIT growth projection (2024E-2025E) 86% 75% 47% 232% 30% ID PENG NIO + RIVIAN 2024E/2025E gross margin 19% 28% 26% 21% + 26% 24% 25% 23% 20% 18% 15% 12% Regional Players 27% NA NA T TESLA 452% 300% ID X PENG NIO RIVIAN 2024E/2025E EBIT margin 21% 17% 8% 3% 11% 7% 4% 4% 2% (4%) (28%)(11%) Τ -UCID NIO PENG + T ID NIO X PENG TESLA RIVIAN TESLA RIVIAN Note: Market date as of Feb 28, 2022. Source: FactSet, Company information, Management estimates. Core Peers Chinese EV Peers 39

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