Electric car maker: Polestar gets almost a billion in loans! Stocks go fast

After Volvo dropped the Polestar electric car, the fledgling company was able to secure a financial injection of nearly a billion US dollars from a banking consortium. Then the stock rises sharply.

Electric car maker Polestar announced on Wednesday that it has received a $950 million loan from a consortium of banks, reports said. Reuters. The funding comes at a difficult time after Volvo Cars, one of the main investors, announced it would not provide further funding.

News of the financial injections caused Polestar’s share price on the Nasdaq to rise sharply. It ended yesterday’s trading day with a gain of 22.8 percent. One share cost $1.83 in late trading. The price rose another four percent in after-hours trade.

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