Polestar announced on Friday that it received a new loan of up to 450 million US dollars.
The company also renewed an existing loan worth 480 million euros (approx. 500 million US dollars). This latest financing follows the loans of 800 million US dollars, which Polestar was secured in December last December.
Polestar’s turnover fell by 15% in 2024End the year with only 44,851 units. Without strong revenue to ensure a constant cash flow critically for EV start-ups that are faced with a high cash register during the production ramp, these loans come at a crucial time. Several EV startups are bankrot during the scaling of production, most recently Nikola.
In order to reverse the course, Polestar appointed Michael Lohscheller to the CEO last autumn. Before that he led Opel and Vinfast.
Polestar 6 concept at the 2024 Goodwood Festival of Speed
Lohscheller has already lowered the prices for some models and delayed niche vehicles such as the Polestar 6 sports car to concentrate on models with a higher volume, such as the polestar 7 small crossover, which is expected around 2027. A polestar 5 sedan is based on a tailor-made platform this year.
Future models, starting with the Polestar 7, will also switch to a platform strategy in order to contain the costs and increase efficiency.
He has also presented a plan to sell Polestar vehicles via Volvo dealer in order to make access to an established dealer network for the first time. Polestar is currently selling its vehicles online and through a limited number of company -owned shops, similar to Tesla. Combination with Volvo dealers It will enable Polestar to expand its sales footprint from 70 to 130 locations in Europe and from 36 to 57 in North America.
