Polestar, the electric carmaker, announced on Wednesday that it has secured a $950 million loan from a bank syndicate, with funding secured from parent Geely. This financial move comes as a significant boost for the company, particularly after Volvo Cars, its parent company, decided to stop funding. The influx of nearly $1 billion in external cash is expected to help Polestar improve its margins by 2024 and keep its electric vehicle (EV) production plans on track. The funding is seen as a crucial step in ensuring Polestar's future in the competitive EV market, emphasizing its position as an innovative, high-end EV manufacturer.
Polestar is borrowing about $1 billion from banks to help fund the struggling carmaker's rollout of more electric models https://t.co/nNeL9hZca0
Polestar raises almost $1 billion, sees margins improving in 2024 https://t.co/wiEaLs23d2
Polestar lands $1B loan to keep EV plans on track: https://t.co/HUwu4DKdz8 by TechCrunch #infosec #cybersecurity #technology #news
Polestar lands $1B loan to keep EV plans on track https://t.co/5jtSBMMSBz
Great news for #Polestar $PSNY! $1 billion funding secured from parent Geely. This basically ensures Polestar future as an innovative, high end EV pureplay. I, for one, am very pleased to have these gorgeous cars in the market. π₯³ https://t.co/5d8qgJtMmR
Polestar raises almost $1 bln, sees margins improving in 2024 https://t.co/REccwkvzR3 https://t.co/1aXCXsBdJ5
Funding secured: Polestar's (PSNY) outlook bounces back with $1 billion in external cash https://t.co/i9P9fWx1xs by @scooterdoll
β οΈ POLESTAR RAISES ALMOST $1 BILLION, SEES MARGINS IMPROVING IN 2024 (Reuters) Polestar said on Wednesday it had raised a $950 million loan from a bank syndicate, helping to fill a gap left when Volvo Cars said it would stop funding the electric carmaker. Polestar alsoβ¦ https://t.co/ZXBKVbaSU8