Polestar has announced it received a $1.6 billion loan from two major shareholders. The funding will go towards achieving its growth targets.
The two shareholders are the parent company Volvo Cars and PSD Investment. Each lender provided $800 million.
The loan will allow Polestar to navigate Europe’s increasingly challenging operating landscape. The EV maker plans to deliver 50,000 cars in 2022. Total deliveries stood at 30,400 at the end of the 3rd quarter.
In the future it plans three more car launches by 2026. One of them is the Polestar 6, which sold out in the first week of opening pre-orders.
Polestar’s press release did not specify how it would spend the money. But the company has already announced the upcoming Polestar 3 will be manufactured in South Carolina. The site belongs to Volvo Cars.
Polestar is also associated with the Industrial Bank of China and may take another loan from the Asian bank.