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Home Cars

Polestar receives $1.6B from its two stake holders to ramp up production

by Meghana Kandra
November 3, 2022
in Cars, Electric Vehicles
Reading Time: 2 mins read
0
EV maker Polestar gets $1.6 bln from major shareholders
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Polestar received financing from two of its major stake holders to achieve its future growth targets. Around $1.6 billion is from the parent company Volvo Cars and significant shareholder PSD Invesment. Each of the investors sent out around $800 million each.

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EV maker Polestar gets $1.6 bln from major shareholders
Image credits- Reuters

 

It is known that the global economy is in a tumultuous period, especially in Europe, where energy issues continue to run rampant. Despite these challenges, Polestar and numerous other brands hope to continue to grow. Polestar CEO Thomas Ingenlath notes two motivating goals for the brand in pursuing such large amounts of capital. “[We] 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 press release did not mention how the new funds would be spent specifically; however, the clear focus is on developing their upcoming vehicles and producing their existing lineup. One concern that Polestar may be looking to address with new funds is its lack of American manufacturing. As previously announced, the Scandinavian brand will use a pre-existing Volvo Cars manufacturing facility in South Carolina to build their upcoming Polestar 3.

Manufacturing

The Polestar 2 sedan will likely continue to be manufactured in China alongside other Geely (Polestar parent company) products. Meaning that while the upcoming electric SUV would qualify for federal EV subsidies in the U.S., the brand’s electric sedan would not. This financing round comes only weeks after Polestar announced that it would continue its partnership with Chinese financer Industrial Bank. No financing deals have been reported with the bank yet. Still, Industrial Bank has developed a reputation with the automaker, and many anticipate the two will work together soon.

Polestar is seizing on an opportunity that is likely a fleeting one. The wave of electric vehicle demand is only growing worldwide, and to capitalize on it, the company must have a range of options and production capacity to meet demand. What remains unclear is how current global politics and economic movements will affect demand and supply chains, both of which have seemed particularly vulnerable in recent months. Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026.

Tags: electric vehiclesPolestarPolestar 2Thomas IngenlathVolvo Cars
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Meghana Kandra

Meghana studied PGD in Journalism, open university. She has more than five years of experience in content writing, from creative content development to online journalism. Electric vehicle enthusiast, engineer, and feminist.

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