2024 Audi Q4 e-tron debuts with more range, more performance

More

Toyota next-gen electric vehicles to arrive in 2026 over 800 km of range

More

Lotus Emeya revealed with 905-hp; 0-62-mph in 2.8 seconds

More

IAA Mobility 2023: The all-new Renault Scenic E-Tech 100% electric

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
 
Polestar and Luminar expand partnership to include Polestar 5
 
Volvo V60 Plug-in Hybrid Price Announced
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
  • rss
Recent News
Solar Team Eindhoven Build Solar-Powered Off-Roader with 630 km Range
September 23, 2023
Toyota announces 500 Mirai FCEVs in the official fleet for the Olympic and Paralympic Games Paris 2024
September 23, 2023
Jaguar to Adopt Tesla’s NACS charging standard for its EV Models in North America
September 22, 2023
PEUGEOT E-308 Now Available To Order In UK, Priced From £40,050
September 22, 2023
Fiat Topolino priced from 9,890 € in Italy
September 22, 2023
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
Solar Team Eindhoven Build Solar-Powered Off-Roader with 630 km Range
September 23, 2023
Toyota announces 500 Mirai FCEVs in the official fleet for the Olympic and Paralympic Games Paris 2024
September 23, 2023
Jaguar to Adopt Tesla’s NACS charging standard for its EV Models in North America
September 22, 2023
Get in touch

Email: [email protected]

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