Polestar secures $950m debt financing from 12 banks for model rollouts and cash flow break-even.
Polestar, a luxury electric vehicle (EV) maker, has secured $950m in debt financing from a syndicate of 12 banks to fund new model rollouts. The three-year loan facility aims to bridge the company's path to breaking even on cash flow. Polestar, a subsidiary of Chinese carmaker Geely, had previously relied on funding from Volvo Cars, but this support was withdrawn. The new financing will help Polestar fund its next-stage development and cover a large majority of its estimated financing needs.
February 28, 2024
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