Polestar announces securing $950M in external funding

Polestar Automotive announces that it has secured $950M in external funding. “The company is making strong progress on its strengthened business plan and achieving its 2025 targets,” it stated. Polestar added: “The financing is being provided by 12 leading international banks including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and SPDB, in the form of a three-year loan facility. It provides Polestar with the funds it requires to finance the next stage of its development and covers a large majority of its estimated financing needs. Cash on the balance sheet as at 31 December 2023 was approximately USD 770 million.” Thomas Ingenlath, Polestar CEO, added: “Securing funding from a syndicate of global banks reflects our partners’ support for Polestar’s growth course. Together with Geely’s full financial support and access to innovative technology and engineering expertise, we have reinforced our path towards cash flow break-even targeted in 2025.”