In order for Polestar to have sufficient financial resources during the next year, two of the company’s major shareholders have entered into substantial loans.
The electric car manufacturer borrows a total of 1.6 billion dollars, which corresponds to approximately 18 billion Swedish kronor.
– We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable, says Thomas Ingenlath, Polestar’s CEO, in a statement.
Four weeks ago, the latest model from Polestar was launched, in the form of the Polestar 3, which is the manufacturer’s first SUV.
There are currently around 70,000 Polestar cars on the road and the goal is to deliver another 50,000 cars to customers during the year. Then the plan is for three more cars to be launched by 2026.
In order for the electric car manufacturer to be able to succeed in this, sufficient money is of course required. Therefore, Polestar is now borrowing $1.6 billion from two shareholders.
Volvo Cars is providing one half of the loan (ie $800 million) over 18 months, with a share conversion option. PSD Investment, Polestar’s other major shareholder, provides corresponding support.
– With sufficient funds until 2023, we remain laser-focused on business execution, says Thomas Ingenlath.
Currently, Volvo Cars’ ownership stake in the company amounts to 48.3 percent.
“Polestar is our associated company and an important business partner, as it plays a key role in our strategic ambition to become fully electric by 2030 and shape the mobility of the future,” says Johan Ekdahl, CFO at Volvo Cars, in a press release .