Copy
View this email in your browser
Polestar raises $550 million from new investors; further fundraising considered

Polestar, the Swedish electric performance car company, has raised $550 million (USD) 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. Simultaneously the technology behind electric cars is advancing and becoming more economical, making mass consumer adoption of EVs an imminent reality.

These factors led to Polestar attracting considerable interest from a range of external investors as part of its fund-raising activities. Polestar also confirms 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. It deepens the pool of resources available to accelerate product development and technological capabilities ahead of launching several ground-breaking cars in the coming years.

Since the brand’s launch in October 2017, Polestar has developed its own high-quality manufacturing facility 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 recognized that Polestar offers an alluring combination of established industrial and technological capability alongside superlative growth potential as the global auto industry goes electric,” said Thomas Ingenlath, CEO of Polestar.

Ends.


Contacts

JP Canton, Public Relations and Communications, North America
jp.canton@polestar.com
 

Discover more

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, North America, and China. In 2021, Polestar is expanding into eight new markets across Europe and Asia Pacific.

Polestar produces two electric performance cars. Polestar 1 is a low-volume electric performance hybrid GT with a carbon fiber body, 619 hp, 738 lb-ft of torque, and an MPGe of 124 kilometers – 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 two variants featuring a 78 kWh battery paired with dual- and single motor powertrains. The Polestar 2 long range dual-motor has an output of 408 hp and 487 lb-ft of torque.

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

Unsubscribe | User Profile
Privacy policy