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Reading: Polestar takes $1.6 billion loan to achieve growth targets
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EV-a2z > News > Polestar takes $1.6 billion loan to achieve growth targets
News

Polestar takes $1.6 billion loan to achieve growth targets

EV-a2zm
Last updated: 2022/11/18 at 7:08 AM
EV-a2zm Published November 4, 2022 2 Min Read
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Polestar recently disclosed that it had secured $1.6 billion in funding from two significant shareholders to support its planned future growth, according to Autonews.

Contents
Ambitious goalsFederal tax credit illegibility
https://twitter.com/gezgintrk/status/1588250620951044096

Ambitious goals

Polestar and other automakers seek to expand their business despite the current state of the global economy, especially in Europe. That said, Polestar has obtained a sizable $1.6 billion loan from parent firm Volvo Cars and shareholder PSD Investment ($800 million each).

Thomas Ingenlath, the CEO of Polestar, cites two driving motives for the company to obtain such sizable capital. “[We] are on track to reach our goal of delivering 50,000 cars to customers in 2022. We are making strong progress on our ambitious plans to launch three more cars by 2026…”

The press statement did not directly state how the new capital would be used. Nonetheless, it is evident that the emphasis is on creating Polestar’s current lineup and developing its next automobiles.

💡ELECTRIC CAR ALERT! FOR ONE DAY ONLY! ⚡️

Win a Polestar 3 Long Range as well as £20,000 cash and £5,000 worth of charging! 😱

GET YOUR TICKETS BEFORE MIDNIGHT TONIGHT! 👉 https://t.co/juPNjt3yl9 pic.twitter.com/fgpazFkezg

— BOTB (@BOTB_Dreamcars) October 28, 2022

Federal tax credit illegibility

Notably, the next Polestar 3 will be produced by the Scandinavian brand in a precedent Volvo Cars factory in South Carolina. Meanwhile, the Polestar 2 car will probably still be produced in China along with other Geely EVs..

Sporty Polestar 2 EV comes with a whopping 476 horsepower

Polestar 2 is a new EV from automaker Polestar that offers 270 miles of range for just over $40,000 after federal tax credit. What's incredible about these otherwise daily driver looking elect https://t.co/ySrpD8zJAA pic.twitter.com/oJATSaqt8g

— Curby (@joincurby) November 3, 2022

The brand’s planned electric SUV would therefore be eligible for federal tax incentives in the US, but its electric sedan would not. It is also worth noting that only a few weeks have passed since Polestar declared that it would keep working with Chinese financer Industrial Bank.

However, no documented funding agreements with the bank have yet been made. Despite this, Industrial Bank established a name with Polestar, and many believe the two will collaborate eventually.

Polestar enters into strategic partnership with Industrial Bank in China https://t.co/hah3A7i5P1

— Not Elon Musk News (@notelonmn) October 21, 2022

The demand for electric vehicles is rising worldwide due to certain government initiatives to push for net-zero emission targets. However, the automaker needs a variety of alternatives and sufficient production capacity to profit from it.

An increasing number of battery gigafactories has been announced in the past couple of years. Will there be enough battery capacity to meet rising electric vehicle demand? | https://t.co/W0EmtTk2G6 pic.twitter.com/eYIVWJm4bY

— S&P Global Commodity Insights Metals (@SPGCIMetals) November 1, 2022

In recent months, the supply and demand chains have appeared to be sluggish. Nonetheless, uncertainty remains on how current global political and economic developments will impact the aforementioned significant chain in the automotive sector.

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TAGGED: Electric Vehicle, EV, Polestar, Volvo
EV-a2zm November 18, 2022 November 18, 2022
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