Image credits: Polestar
Gothenburg-based Polestar, a premium electric vehicle company backed by Volvo Car Group and Hollywood actor Leonardo DiCaprio, announced on Thursday that it has received $1.6 billion (about 1.6 billion euros) in support financial support from two of its main shareholders.
As part of the deal, Volvo Cars is providing an 18-month, $800 million loan with a capital conversion option for Volvo Cars.
The company says the loan amount is on par with direct and indirect financial and liquidity support provided by Polestar’s other major shareholder, PSD Investment.
“We welcome the continued support of our major shareholders at a time when capital markets are volatile and unpredictable. With sufficient funds through 2023, we remain focused on business execution. We have approximately 70,000 cars on the road today and are on track to meet our goal of delivering 50,000 cars to customers in 2022. Additionally, we are making strong progress on our ambitious plans to launch three additional cars in ‘by 2026,’ says the CEO of Polestar. Thomas Ingenlath.
Polestar: what you need to know
Founded in 2017 by Volvo Cars and Zhejiang Geely Holding, Polestar is a global manufacturer of premium performance electric vehicles. To date, Polestar has produced two performance electric cars: Polestar 1 and Polestar 2.
The Polestar 1 is a low-volume electric performance hybrid GT with a carbon fiber body producing 609hp and 1,000Nm of torque. It has an electric range of 124 km (WLTP).
The Polestar 2 model range includes three variants with a combination of long-range and standard batteries of up to 78 kWh and dual and single-motor powertrains with up to 300 kW / 408 hp and 660 Nm of torque.
Starting in 2022, the Swedish company plans to launch one new electric vehicle per year, starting with the Polestar 3, the company’s first electric performance SUV launched in October 2022.
The Polestar 4 should follow in 2023, a smaller electric SUV coupé.
In 2024, the electric performance 4-door Polestar 5 GT is set to launch as a production evolution of Polestar Precept – a concept car released in 2020.
The company aims to produce a truly climate-neutral car by 2030.
Earlier this year, Polestar unveiled its second concept car. This electric performance roadster builds on Precept’s design, technology and sustainability ambitions, the company says.
The company also confirmed in August 2022 that a version of the concept will be produced as the Polestar 6 electric performance roadster, with an expected launch in 2026.
Polestar’s performance electric cars – Polestar 1 and Polestar 2 – are currently on the roads of Europe, North America and Asia.
By 2023, the company expects its cars to be available in 30 markets. Polestar cars are currently manufactured in China, with additional future manufacturing planned in the United States.
Watch our interview with Paul Down, Head of Sales at Intigriti.
Image credits: Polestar
Gothenburg-based Polestar, a premium electric vehicle company backed by Volvo Car Group and Hollywood actor Leonardo DiCaprio, announced on Thursday that it has received $1.6 billion (about 1.6 billion euros) in support financial support from two of its main shareholders.
As part of the deal, Volvo Cars is providing an 18-month, $800 million loan with a capital conversion option for Volvo Cars.
The company says the loan amount is on par with direct and indirect financial and liquidity support provided by Polestar’s other major shareholder, PSD Investment.
“We welcome the continued support of our major shareholders at a time when capital markets are volatile and unpredictable. With sufficient funds through 2023, we remain focused on business execution. We have approximately 70,000 cars on the road today and are on track to meet our goal of delivering 50,000 cars to customers in 2022. Additionally, we are making strong progress on our ambitious plans to launch three additional cars in ‘by 2026,’ says the CEO of Polestar. Thomas Ingenlath.
Polestar: what you need to know
Founded in 2017 by Volvo Cars and Zhejiang Geely Holding, Polestar is a global manufacturer of premium performance electric vehicles. To date, Polestar has produced two performance electric cars: Polestar 1 and Polestar 2.
The Polestar 1 is a low-volume electric performance hybrid GT with a carbon fiber body producing 609hp and 1,000Nm of torque. It has an electric range of 124 km (WLTP).
The Polestar 2 model range includes three variants with a combination of long-range and standard batteries of up to 78 kWh and dual and single-motor powertrains with up to 300 kW / 408 hp and 660 Nm of torque.
Starting in 2022, the Swedish company plans to launch one new electric vehicle per year, starting with the Polestar 3, the company’s first electric performance SUV launched in October 2022.
The Polestar 4 should follow in 2023, a smaller electric SUV coupé.
In 2024, the electric performance 4-door Polestar 5 GT is set to launch as a production evolution of Polestar Precept – a concept car released in 2020.
The company aims to produce a truly climate-neutral car by 2030.
Earlier this year, Polestar unveiled its second concept car. This electric performance roadster builds on Precept’s design, technology and sustainability ambitions, the company says.
The company also confirmed in August 2022 that a version of the concept will be produced as the Polestar 6 electric performance roadster, with an expected launch in 2026.
Polestar’s performance electric cars – Polestar 1 and Polestar 2 – are currently on the roads of Europe, North America and Asia.
By 2023, the company expects its cars to be available in 30 markets. Polestar cars are currently manufactured in China, with additional future manufacturing planned in the United States.
Watch our interview with Paul Down, Head of Sales at Intigriti.
