Swedish electric car brand Polestar has received a further $1.6bn in finance support from some of its major shareholders.
Volvo Cars is providing USD 800mn principal amount 18-month term loan, with an equity conversion option for Volvo Cars. This loan amount is on par with the direct and indirect financial and liquidity support that Polestar’s other major shareholder, PSD Investment, is providing.
Polestar CEO, Thomas Ingenlath, said: “We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable. With sufficient funds through 2023, we remain laser focused on business execution. We have around 70,000 cars on the road today, and are on track to reach our goal of delivering 50,000 cars to customers in 2022. We are making strong progress on our ambitious plans to launch three more cars by 2026.”
The new year will mark the start of a new wave of electric vehicles for Polestar, with the Swedish manufacturer set to launch at least two new cars in 2023, starting with the Polestar 3. The Polestar 3 will be the brands first SUV and the first vehicle to be produced on two continents.
According to the manufacturer, the Polestar 3 will, over time, offer autonomous highway piloting powered by the best-in-class LiDAR sensor from Luminar and centralized NVIDIA computing power. At launch, the Polestar 3 will feature a dual-motor drivetrain and a large battery, with a range target of over 370 miles (WLTP).
“Polestar 3 is a powerful electric SUV that appeals to the senses with a distinct, Scandinavian design and excellent driving dynamics,” said Thomas Ingenlath, Polestar CEO. “It takes our manufacturing footprint to the next level, bringing Polestar production to the United States. We are proud and excited to expand our portfolio as we continue our rapid growth.”
The Polestar 3 will precede the aptly named Polestar 4, an all-new electric SUV coupe which is also set to launch next year. A Polestar 5 and Polestar 6, also known as its O2 concept, are also planned, but details on their release have not yet been confirmed.
As previously announced, Polestar expects to post its results for the period ended September 30, 2022 on Friday, November 11, 2022.