Polestar gets $950 million loan – Electromobility (e-mobility), corporate news, business and industry (other) | News | VISION Mobility

Swedish electric car maker Polestar has secured $950 million in external funding. The financing will be provided by twelve banks – including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and SPDB – in the form of a three-year credit line. The funds are intended to finance the next phase of development and cover a large portion of the estimated financial needs. Polestar’s cash balance was approximately $770 million as of December 31, 2023.

Polestar CEO Thomas Ingenlath: “With Geely’s deep financial support and access to innovative technology and technical expertise, we have solidified our path to break even through 2025.”

To consolidate its financial divisions, the Swedish electric car brand has also launched a savings plan. Among other things, 10% of jobs have already been cut since mid-2023, and 15% more are expected to follow this year. Polestar wants to get closer to its 2025 goals: to achieve cash flow parity, an annual volume of more than 155,000 cars and a total volume of high youth. In addition, there is a new shareholder structure with Geely Sweden Holdings as the new second largest shareholder, which has taken over shares from Volvo Cars, which still has an 18% stake in Polestar (VISION mobility reported).