Polestar introduced on Friday that it has secured a brand new mortgage of as much as $450 million.
The corporate additionally renewed an present mortgage value 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 yr at simply 44,851 items. With out sturdy revenues to make sure constant money stream—vital for EV startups dealing with excessive money burn throughout manufacturing ramp-ups—these loans come at an important time. A number of EV startups have gone bankrupt whereas scaling manufacturing, most not too long ago 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 Velocity
Lohscheller has already lowered costs on some fashions and delayed area of interest automobiles just like the Polestar 6 sports activities automotive to give attention to 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 yr.
Future fashions, beginning with the Polestar 7, may even transfer to a single-platform technique to curb prices and increase efficiencies.
He has additionally launched a plan to promote Polestar automobiles by means of Volvo dealerships, giving the model entry to a longtime vendor community for the primary time. At present, Polestar sells its automobiles on-line and thru a restricted variety of company-owned shops, much 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.
