| Summary of transactions between related parties |
The total revenue recognized from each related party is shown in the table below: | | | | | | | | | | | | | For the year ended December 31, | | 2025 | 2024 | 2023 | | Volvo Cars | 217,885 | 101,299 | 86,460 | | Ziklo Bank AB | 95,864 | 107,553 | 46,319 | | Polestar Times Technology | 38,543 | 67,451 | — | | Other related parties | — | 10 | 5,895 | | Total revenue from related parties | 352,292 | 276,313 | 138,674 | | % of total revenue | 11.5% | 13.6% | 5.9% |
The total purchases of goods, services and other for each related party is shown in the table below: | | | | | | | | | | | | | For the year ended December 31, | | 2025 | 2024 | 2023 | | Volvo Cars | 1,298,933 | | 1,330,998 | | 2,341,970 | | | Geely | 1,199,505 | | 877,908 | | 252,888 | | | Other related parties | 18,771 | | 13,204 | | 7,693 | | | Total | 2,517,209 | | 2,222,110 | | 2,602,551 | |
| | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Volvo Cars | Geely1 | Polestar Times Technology | Other related parties | Total | | Amounts due from related parties | | | | | | Trade receivables and other receivables2 | 104,996 | | 77,017 | | 29 | | 15,755 | | 197,797 | | | Other assets | — | | 2,834 | | — | | — | | 2,834 | | | Total | 104,996 | | 79,851 | | 29 | | 15,755 | | 200,631 | | | Amounts due to related parties | | | | | | | Loans and borrowings | (1,020,230) | | (935,440) | | — | | (65,994) | | (2,021,664) | | | Trade payables | (497,386) | | (492,808) | | — | | (1,807) | | (992,001) | | | Accrued expenses | (160,522) | | (88,713) | | (53) | | (4,851) | | (254,139) | | | Lease liabilities | (72,821) | | — | | — | | — | | (72,821) | | | Other liabilities | (8,098) | | — | | — | | (3,484) | | (11,582) | | | Total | (1,759,057) | | (1,516,961) | | (53) | | (76,136) | | (3,352,207) | |
1 - Under the PS4 technology license agreements and manufacturing and vehicle supply agreements signed between Polestar and Geely entities, Polestar agreed to pay Geely compensation if it did not meet minimum sales volumes established in the agreements. In 2024 there was a volume deficit and, as of December 31, 2024, Polestar recognized an accrued expense of $7,647 and $37,397 for the technology license agreements and manufacturing and vehicle supply agreements respectively. In June, 2025, Polestar and Geely signed Notices on Volume Deficit Compensation for 2024 in which it was acknowledged by both parties that a portion of the compensation was not payable by Polestar as it was related to volume deficit which was due to supplier issues and other delays for which Polestar was not responsible. As a result, as of December 31, 2025, Polestar recognized a reversal of other cost of sales of $29,779. The remaining amount of $15,265 was waived by Geely and recognized as other contributed capital. 2 - In 2025, the Group recognized an impairment loss of $4,457 under the expected credit loss model on trade receivables from a related party, in connection with PS5‑related asset sales. | | | | | | | | | | | | | | | | | | | As of December, 31, 2024 | | Volvo Cars | Geely | Polestar Times Technology | Other related parties | Total | | Amounts due from related parties | | | | | | | Trade receivables and other receivables | 21,713 | | 42,316 | | 3,445 | | 13,209 | | 80,683 | | | Other assets | — | | 2,713 | | — | | — | | 2,713 | | | Total | 21,713 | | 45,029 | | 3,445 | | 13,209 | | 83,396 | | | Amounts due to related parties | | | | | | | Loans and borrowings | (1,022,746) | | (402,539) | | — | | (55,343) | | (1,480,628) | | | Trade payables | (430,828) | | (357,984) | | (1) | | (1,733) | | (790,546) | | | Accrued expenses | (79,470) | | (143,066) | | (10,015) | | (3,997) | | (236,548) | | | Lease liabilities | (73,430) | | — | | — | | — | | (73,430) | | | Other liabilities | (37,269) | | — | | — | | (2,375) | | (39,644) | | | Total | (1,643,743) | | (903,589) | | (10,016) | | (63,448) | | (2,620,796) | |
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