Polestar secures a nine-figure loan to finance its growth, aiming for a cash flow break-even by 2025 and expanding its SUV lineup.
Polestar Automotive has just announced a massive financial milestone, securing $950 million in external funding, showcasing promising progress towards its 2025 targets. The inflow of capital, provided by a group of 12 leading international banks, marks a huge moment for the electric performance car brand, ensuring the resources needed for its next developmental phase. The funding agreement, highlighted by assistance from financial giants like BNP Paribas, Natixis, and HSBC, emphasizes the banking industry’s confidence in Polestar’s business course. With around $770 million in cash reserves as of the end of 2023, Polestar is now ready to pursue its improved business strategy, aiming for both operational and financial milestones by 2025.
Under the guidance of CEO Thomas Ingenlath and with the backing of Geely Holding Group, Polestar is focusing on financial health and on expanding its product line. The introduction of two SUVs, the Polestar 3 and Polestar 4, accelerates the brand’s presence in the competitive SUV market, with the Polestar 5 GT on the horizon. Additionally, Polestar’s partnership with Geely expands beyond financial support, giving access to cutting-edge technology and engineering expertise, which is essential for Polestar’s future in the EV industry. As Polestar gears up for a significant year ahead, with expectations of production growth and improved sales success, the automotive world watches closely.
Source: Polestar
