Hyperdrive
Polestar Borrows $1 Billion to Fund Rollout of Electric Vehicles
- Company seeks bank funding to lessen dependence on parent
- EV maker struggles with model delays, plans to shed staff
A Polestar Roadster concept electric vehicle.
Photographer: Lionel Ng/BloombergPolestar has raised $950 million in debt financing as the struggling luxury EV maker seeks funding outside of its parent Geely to roll out key new models.
The three-year loan facility from a syndicate of 12 banks will help bridge Polestar’s path to breaking even on cash flow, the company said Wednesday, a day ahead of reporting full-year financials. The company has been contending with model delays and waning EV demand.