Polestar Secures $1 Billion Loan to Ensure Success of EV Plans
Polestar secured a $950 million loan from a dozen banks, critical funds needed to keep its EV plans moving forward following Volvo’s decision to pull back its financial support of the electric automaker.
Polestar, which has cut 10% of jobs since mid-2023, said it plans to make another 15% cut this year.
Polestar currently produces the Polestar 2, Polestar 3, which recently started production in China, and the Polestar 4.
The company said it has successfully completed test production runs for the Polestar 3 at its factory in South Carolina.
The $950 million loan follows Volvo Cars’ decision last month to reduce its 48% holding in Polestar and let parent company Geely take over financial responsibility.
