Polestar on Friday announced additional funding as the automaker looks to continue building out its lineup of electric vehicles.
In a press release, Polestar said it had secured a 12-month loan facility of up to $450 million, following an $800 million 12-month facility locked in by the automaker in December. Polestar is also renewing a European Green Trade Finance Facility (TFF) for 480 million euros, or approximately $499 million at current exchange rates. It didn’t specify exactly where the new funding is coming from and whether its global parent Geely has a role—although it emphasized it received funding in 2022 from “a syndicate of leading global banks.”
2025 Polestar 3
Additional funding was expected, but it’s still good news as Polestar looks to stabilize itself. Polestar shares have trended downward since the automaker went public in 2022 via a merger with a special purpose acquisition company (SPAC), and the automaker missed reduced 2023 delivery targets. Its 2024 financial results will be published in April.
Polestar describes itself as “born in Sweden,” although the EV maker produces most of its vehicles in China. It hasn’t manufactured a car in Sweden yet but leans on Volvo for development facilities. Thomas Ingenlath unexpectedly resigned as CEO of Polestar last year after leading the brand since its separation from Volvo, which had previously used the Polestar name for performance models, parts, and racing. Ingenlath was replaced in August of last year by Michael Lohscheller, who had previously served as CEO of Vinfast, Opel, and Nikola.
2025 Polestar 4
In what will likely help expand the brand’s reach, the Polestar 3 electric SUV went on sale last year, with U.S.-market vehicles manufactured in South Carolina. It likely has broader appeal than the Polestar 2 compact, or the segment-defying Polestar 4 that followed it to global showrooms.
The automaker reaffirmed in January that the Polestar 5 fastback would be the next model to arrive, reaching showrooms at some point later this year. It will be followed by a small SUV dubbed the Polestar 7, which will leapfrog the Polestar 6 convertible that’s also still in the queue.