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Polestar raises USD550m from new investors; further fund raising considered

Polestar, the Swedish electric performance car company, has raised USD550m from a group of long-term financial investors.

The private placement of newly issued shares marks the first time external investors have backed Polestar’s products, brand, industrial capability, financial ambitions and high growth potential.

The new investments come as the global market for electric cars is growing strongly, with consumers increasingly prepared to combine e-mobility with their environmental aspirations. At the same time, the technologies behind electric cars are advancing and becoming more economical.

These factors led to Polestar attracting considerable interest from a range of external investors as part of its fund-raising activities. It can confirm today it is in ongoing discussions with global investors about possible additional fund raising. 

Full financial details of the transaction are not being disclosed at this stage.

The group of investors is led by Chongqing Chengxing Equity Investment Fund Partnership, Zibo Financial Holding and Zibo Hightech Industrial Investment. They have been joined by I Cube Capital, an arm of SK Inc., the South Korean global conglomerate, and a range of other investors.

The new investment sets the stage for future growth by diversifying Polestar’s funding structure and deepening the resources available to accelerate its product development and technological capability ahead of the launch of several ground-breaking cars in coming years.

Since launch three-and-a-half years ago, Polestar has developed its own high-quality manufacturing capability in China, built a global sales and distribution operation and successfully launched two vehicles, the Polestar 1 and Polestar 2, to extremely positive customer feedback and media reviews.

“Our new investors have recognised that Polestar offers an alluring combination of established industrial and technological capability alongside superlative growth potential as the global auto industry goes electric,” says Thomas Ingenlath, CEO of Polestar.

Ends.


Contacts

Graeme Lambert, Public Relations and Communications, United Kingdom
graeme.lambert@polestar.com
 

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About Polestar

Polestar is the independent Swedish premium electric performance car brand founded by Volvo Cars and Geely Holding. Established in 2017, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result. The company is headquartered in Gothenburg, Sweden, and its vehicles are available and on the road in ten global markets across Europe and North America, and in China. In 2021, Polestar is expanding into eight new markets across Europe and Asia Pacific.

Polestar produces two electric performance cars. The Polestar 1 is a low-volume electric performance hybrid GT with a carbon fibre body, 609 hp, 1,000 Nm and an electric-only range of 77 miles (WLTP) – the longest of any hybrid car in the world. The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. The Polestar 2 model range includes three variants with a combination of long- and standard range batteries as large as 78 kWh, and dual- and single motor powertrains with as much as 300 kW / 408 hp and 660 Nm.

In the future, the Polestar 3 electric performance SUV will join the portfolio, as well as the Precept – a design study vehicle released in 2020 that is slated for future production. Precept showcases the brand’s future vision in terms of sustainability, digital technology and design.

Polestar
Assar Gabrielssons Väg 9
405 31 Göteborg
Sweden

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