Polestar has secured a new $450 million loan and renewed its €480 million Green Trade Finance Facility (TFF), providing crucial funding as the company navigates an increasingly challenging EV market. The announcement comes as Polestar has also delayed reporting its Q4 and 2024 financial results.
According to a press release from Polestar, this latest funding includes a 12-month term loan of up to $450 million, supplementing the more than $800 million in 12-month loans it secured in December 2024.
These financial moves come at a crucial time for the Swedish EV brand. Polestar’s global sales fell by 15% in 2024, delivering just 44,851 units. This decline in revenue has put pressure on the company’s liquidity and ability to sustain operations without external financing.
To address these challenges, Polestar appointed Michael Lohscheller as CEO in late 2024. A seasoned automotive executive with leadership experience at Opel and VinFast, Lohscheller has implemented cost-cutting measures, including price reductions on select models and the postponement of lower-volume projects like the Polestar 6 sports car.
ALSO READ: Polestar 3 Gets New Digital Key Features and Free Hardware Boost
Instead, the company is prioritizing volume-oriented models, such as the upcoming Polestar 5 sedan and the future Polestar 7 crossover, which is expected in 2027. Additionally, Polestar plans to transition to a single-platform manufacturing strategy, streamlining production costs and improving efficiency.
Polestar also announced today it plans to release its Q4 and full-year 2024 financial results in April 2025. The company had previously indicated those results would be published in March.
