Polestar
Assembly Line
Swedish EV maker Polestar bags €877M in external funding
Gothenburg-based Polestar, a premium electric vehicle firm, announced on Wednesday that it has secured $950M (approximately €877M) as a three-year loan facility. The funding was provided by 12 leading international banks, including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC, and SPDB.
The Swedish company intends to use the raised funds to finance its next development stage, which covers its financing requirements. Thomas Ingenlath, Polestar CEO, says, “Securing funding from a syndicate of global banks reflects our partners’ support for Polestar’s growth course. Together with Geely’s full financial support and access to innovative technology and engineering expertise, we have reinforced our path towards cash flow break-even targeted in 2025.”