Polestar Gets $1.6B Runway from Volvo Cars
Search
Close this search box.
ADVERTISEMENT
BUSINESS

Polestar Gets $1.6B Runway from Volvo Cars

Polestar Now Has Enough Cash To Survive Until 2023

Thanks to a massive, $1.6 billion injection of cash from its major stakeholders, Polestar now has runway to make it through 2023.

Volvo Cars is providing $800 million, 18-month term loan to its spinoff brand, Polestar, with an equity conversion option for Volvo Cars. The loan is equal to another set of funds, made up of direct and indirect financial and liquidity support from Polestar’s other major shareholder, PSD Investment. The combined $1.6 billion means the brand has enough runway to survive until deliveries of the recently revealed Polestar 3 SUV are well underway, and the brand is reaping the benefits of a more diversified (read: US-friendly, crossover-based) product lineup.

“We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable,” says Polestar CEO, Thomas Ingenlath. “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.”

What do you guys think — is Polestar’s popularity set to explode when the new 3 orders start to roll in, or is the Polestar brand too niche to make it into the mainstream? Check out the 3’s official launch video, from last month, and let us know what you think in the comments.

Polestar 3 World Premier

SOURCE | IMAGES: POLESTAR.

FTC: We use income-earning auto affiliate links. Learn more.

AUTHOR: 

JO BORRAS

Leave a Reply

Your email address will not be published. Required fields are marked *

Share ARTICLE

Podcast

Trending

Electrify Podcast episode 325 with Kevin Dunn of Steady Garage

Episode 325 with Kevin Dunn: Steady Garage

Chargie Brings 96 EV Charging Stations to Multifamily Community in Tulare California

Chargie Brings 96 EV Charging Stations to Multifamily Community in Tulare, California

WattEV CEO Salim Youssefzadeh Holding MCS Charger

WattEV Opens Solar-Powered Megawatt Electric Truck Charging Depot

ADVERTISEMENT
EcoFlow Delta Pro Ultra Launch
Men's EVRYjourney Black 500W
velowave summer fun sale
With an off-road electric skate, your adventures will be limitless