Polestar (PSNY) Delivers 10,000th Vehicle
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EV maker Polestar gets $1.6 billion from major shareholders
November 3, 2022 8:37 AM EDTBy Marie Mannes
(Reuters) -Electric vehicle maker Polestar said on Thursday it had secured $1.6 billion in financing from its two main shareholders to help it deliver its growth plans amid volatile markets.
Volvo Car, which co-founded the brand with China's Geely in 2017, said it would provide an $800 million loan to the firm. Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and... More
Polestar Automotive (PSNY) Announces $1.6B Funding from Major Shareholders
November 3, 2022 8:06 AM EDTPolestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish electric performance car brand, announces that it has received further commitments for financial and liquidity support from its two major shareholders.
Volvo Cars is providing USD 800mn principal amount 18-month term loan, with an equity conversion option for Volvo Cars. This loan amount is on par with the direct and indirect financial and liquidity support that Polestars other major shareholder, PSD Investment, is providing.
We welcome the continued support from our major shareholders at a time when the capital markets are volatile and... More
