Polestar announced it has secured 1.6 billion US dollars in financing support from its major shareholders. The Swedish electric performance car brand made the announcement via press release on Thursday, saying it had “received further commitments for financial and liquidity support from its two major shareholders.”
According to the release, Volvo Cars is providing the EV maker with $800 million US dollars in the form of an 18-month term loan, with an equity conversion option for Volvo Cars. The company said this amount is “on par” with indirect and direct financial and liquidity support offered by Polestar’s other major shareholder, PDS Investment.
“We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable,” said Polestar CEO Thomas Ingenlath. “With sufficient funds through 2023, we remain laser-focused on business execution.”
Ingenlath said the company currently has around 70,000 cars on the road and is on track to reach its goal of delivering 50,000 vehicles in 2022. He also said Polestar was making “strong progress” to launch three more vehicles by 2026.
So far, the company has produced two electric performance cars, the Polestar 1 and Polestar 2. The latest addition to the lineup, the Polestar 3, is the company’s first electric performance SUV, launched in October. The company has plans to release one new EV per year, including the Polestar 4, a smaller electric SUV coupe, in 2023.
The Polestar 5, an electric 4-door GT, is planned for 2024 and is expected to be the production evolution of the concept car unveiled in 2020. This past March, the company revealed its second concept car, an electric performance Roadster, which the company said would be the inspiration for the Polestar 6, expected in 2026.
Polestar will release its third-quarter financial results on Friday, November 11.
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