New PEUGEOT E-208 GTi electric hot hatch revealed

More

BYD achieves best sales month of the year, overseas sales hit new high

More

Alpine A390 electric sport SUV revealed

More

All-new Nissan MICRA now fully-electric, on sale late 2025

More

Truemag

  • Electric Car News
  • Electric Car Reviews
  • Plug-in Hybrids
  • Technology
  • Home
  • About Us
  • Privacy Policy
  • Advertise
  • Charging Map

Polestar obtains over USD 1.6bn in funding

The Swedish electric performance car manufacturer Polestar has received a total of USD 1.6bn dollars for financial and liquidity support from its two major shareholders from its two main shareholders.

Volvo Cars is providing USD 800mn principal amount 18-month term loan, with an equity conversion option for Volvo Cars. This loan amount is on par with the direct and indirect financial and liquidity support that Polestar’s other major shareholder, PSD Investment, is providing. PSD Investment is owned by Eric Li, chairman of both Volvo Cars and parent company Geely.

This package, alongside other planned financing activities by Polestar, provides the company with sufficient funds through 2023 – including the production start-up of the Polestar 3.

“We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable. With sufficient funds through 2023, we remain laser focused on business execution. We have around 70,000 cars on the road today, and are on track to reach our goal of delivering 50,000 cars to customers in 2022. We are making strong progress on our ambitious plans to launch three more cars by 2026,” says Polestar CEO, Thomas Ingenlath.

Volvo Cars established Polestar as a new electric vehicle focused brand and is the largest institutional shareholder in the company. Volvo Cars holding in Polestar amounts to 48.3 per cent.

“Polestar is our affiliate brand and an important business partner, as it plays a key role in our strategic direction to become fully electric by 2030 and shape the future of mobility,” said Johan Ekdahl, Chief Financial Officer, Volvo Cars. He added, “The financial support provided by us along with Polestar’s other main owner will ensure Polestar remains steadfast on further delivering on its ambitions as a performance EV car brand.”

Nov 7, 2022Blagojce Krivevski
Wiener Linien Orders 60 Mercedes-Benz eCitaro all-electric city busesTesla, NIO and Renault shine in latest Green NCAP tests
You Might Also Like
 
Volvo Group to establish plant for battery production in Sweden
 
Volvo Cars’ plug-in sales up 17 percent in January, 44 percent share of plug-ins
Blagojce Krivevski

Blagojce Krivevski is physicist and green technology lover. Keep in touch with Blagojce through his email, web site, Twitter, Linkedin, Facebook and Google+.

November 7, 2022 Electric Car Newsgeely, polestar, Volvo, Volvo Cars
Follow Us
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • pinterest
  • rss
Recent News
New PEUGEOT E-208 GTi electric hot hatch revealed
June 14, 2025
Tritium Launches TRI-FLEX EV Charging Platform in Europe
June 14, 2025
TOYOTA GAZOO Racing unveils hydrogen-fueled “GR LH2 Racing Concept” at Le Mans
June 13, 2025
WeaveGrid and Rivian Partner On Advanced Grid-Integrated Charging Solutions
June 13, 2025
Global EV sales up 24% in May
June 13, 2025
About
ElectricCarsReport.com ElectricCarsReport.com is a website dedicated to pure electric vehicles and the full range of consumer information and tools about electric cars, green technology energy, and the environment.
Latest News
New PEUGEOT E-208 GTi electric hot hatch revealed
June 14, 2025
Tritium Launches TRI-FLEX EV Charging Platform in Europe
June 14, 2025
TOYOTA GAZOO Racing unveils hydrogen-fueled “GR LH2 Racing Concept” at Le Mans
June 13, 2025
Get in touch

Email: [email protected]

Get new stories by email:
Archives
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • pinterest
  • rss
DMCA.com
© ElectricCarsReport.com | All Rights Reserved.