UPDATE: In a significant boost for its future, Polestar has secured a $600 million loan facility from Geely Sweden Holdings AB, just announced today. This crucial financial support comes amid Polestar’s recent struggles, including concerns over potential stock delisting from the NASDAQ.
The Swedish performance EV brand, backed by Geely, aims to stabilize its operations and enhance its market presence. The loan, which Polestar will utilize for general corporate purposes, includes a provision for an additional $300 million contingent on the company’s future liquidity needs. This move signals Geely’s confidence in Polestar’s potential, especially as vehicle sales are projected to rebound in 2025.
Polestar has recently experienced a surge in customer interest, with deliveries of the new Polestar 4 commencing for North American customers. Upgrades to the Polestar 3 are also set to make the model a competitive player in the energy transition space, particularly with its vehicle-to-grid capabilities in Europe.
As of now, Polestar’s lineup includes four models available across 28 countries, with plans to expand further. The upcoming Polestar 7 SUV is scheduled for launch in 2028, alongside the highly anticipated Polestar 6 coupe/roadster. With these developments, Polestar is positioning itself to rival industry leader Tesla, notably with its Polestar 3 crossover challenging the popular Model Y.
To attract Tesla customers, Polestar is offering incentives of up to $18,000, making its models even more appealing. This strategic move is part of a broader effort to strengthen its market position and ensure long-term viability in the competitive EV sector.
As Polestar continues to evolve, industry watchers will be keen to see how these financial developments translate into market performance. The company is clearly focused on turning its fortunes around and delivering cutting-edge electric vehicles that resonate with consumers.
Stay tuned for more updates as Polestar navigates this transformative period in the EV landscape.
