A Polestar showroom in Sweden
Polestar has secured $1. 6 billion in monetary backing from its two largest shareholders to protect the company’s expansion plans in volatile markets, the Swedish logo said in a statement.
Volvo Car, which co-founded the logo with China’s Geely, said it would provide an $800 million loan to the logo. Its other major shareholder, PSD Investment, will provide the same amount of “direct and indirect monetary and liquidity support. “
“We welcome the continuity of our major shareholders at a time when capital markets are volatile and unpredictable,” Polestar Chief Executive Thomas Ingenlath said in the statement.
Polestar’s movements
Polestar said the investment, along with other planned financial activities, would provide the company with sufficient investment through 2023 and that it is moving towards its goal of launching 3 more cars by 2026.
In June, Polestar indexed on the Nasdaq through a merger with a special purpose acquisition company (SPAC). Since then, the value of its shares has fallen from a high of $13 to a low of $4.
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