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Volvo Car, which co-founded the brand with China’s Geely, said it would provide a $800 million loan to the firm. Its other major shareholder, PSD Investment, would provide the same amount through “direct and indirect financial and liquidity support”.
“We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable,” Polestar CEO, Thomas Ingenlath, said in a statement.
The Sweden-based carmaker said the funding would enable the company with sufficient funds through 2023 and that it was making progress on its goal to launch three more cars by 2026.
In June, Polestar was listed on the Nasdaq through a merger with a special-purpose acquisition company (SPAC).
