Polestar introduced on Friday that it has secured a brand new mortgage of as much as $450 million.
The corporate additionally renewed an current mortgage price 480 million euros (roughly $500 million). This newest funding follows the $800 million in loans Polestar secured final December.
Polestar’s gross sales fell 15% in 2024, ending the 12 months at simply 44,851 models. With out sturdy revenues to make sure constant money circulation—vital for EV startups going through excessive money burn throughout manufacturing ramp-ups—these loans come at a vital time. A number of EV startups have gone bankrupt whereas scaling manufacturing, most lately Nikola.
To assist reverse course, Polestar appointed trade veteran Michael Lohscheller as CEO final fall. Beforehand, he led Opel and VinFast.
Polestar 6 Idea AT 2024 Goodwood Pageant of Pace
Lohscheller has already lowered costs on some fashions and delayed area of interest automobiles just like the Polestar 6 sports activities automobile to concentrate on higher-volume fashions, such because the Polestar 7 small crossover anticipated round 2027. A Polestar 5 sedan based mostly on a bespoke platform will nonetheless launch later this 12 months.
Future fashions, beginning with the Polestar 7, will even transfer to a single-platform technique to curb prices and enhance efficiencies.
He has additionally launched a plan to promote Polestar automobiles via Volvo dealerships, giving the model entry to a longtime supplier community for the primary time. Presently, Polestar sells its automobiles on-line and thru a restricted variety of company-owned shops, just like Tesla. Pairing up with Volvo dealerships will allow Polestar to develop its gross sales footprint from 70 to 130 websites in Europe and from 36 to 57 in North America.
