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Polestar gets a nearly $1 billion lifeline.
Hot on the heels of the EV company’s conscious uncoupling from Volvo, Polestar announced $950 million in external financing, which is will be enough for the “next stage of its development and covers a large majority of its estimated financing needs.”
The three-year loan comes from “12 leading international banks including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and SPDB.” Geely, the Chinese automaker that owns both Volvo and Polestar, is also ready to step in with more cash when needed. Polestar has a make-or-break year ahead, with the imminent release of two new EVs, the Polestar 3 and Polestar 4.
Polestar secures USD 1 billion external funding; business outlook confirmed
[media.polestar.com]
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