Electric Vehicles
Polestar Secures $1.6 Billion From Volvo and China's Li Shufu
A Volvo AB Polestar 1 electric vehicle at the Beijing International Automotive Exhibition.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Polestar Automotive Holding secured commitments for financial aid from its two major shareholders to meet the electric-car maker’s funding requirements through next year.
Volvo Car AB is providing an 18-month, $800 million loan with an option to convert it to equity in a potential future raise by Polestar, it said Thursday. The other major shareholder, PSD Investment Ltd., controlled by Chinese billionaire Li Shufu, is committing an equal amount via direct and indirect financial and liquidity support.