Geely’s Swedish Electric Automaker Polestar Raises USD550 Million
Zhang Yushuo
DATE:  Apr 15 2021
/ SOURCE:  Yicai
Geely’s Swedish Electric Automaker Polestar Raises USD550 Million Geely’s Swedish Electric Automaker Polestar Raises USD550 Million

(Yicai Global) April 15 -- Polestar, a Swedish electric carmaker owned by Volvo and its parent company, China’s Zhejiang Geely Holding Group, has raised USD550 million from investors in its first external financing round.

Investors included Chongqing Chengxing Equity Investment Fund Partnership, Zibo Financial Holding and Zibo Hightech Industrial Investment along with I Cube Capital, which is part of South Korean conglomerate SK, Goteborg-based Polestar said in a statement today.

“Further future external financing may be needed,” it added.

Polestar will use the funds raised to improve its products, brand, and industrial ability while bolstering its financial ambitions and growth potential. The company also confirmed ongoing talks to raise more external funds in the future.

The fundraiser “diversifies Polestar's financing structure and broadens the available resources that can accelerate its product development and technical capacity ahead of upcoming launches of several innovative and groundbreaking cars,” the statement said. 

Polestar has launched Polestar 1, Polestar 2 and a concept car Precept. A Tesla 3 rival, Polestar 2, with a price of around EUR60,000 (USD71,900), began deliveries last July.

Editor: Peter Thomas

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Keywords:   Polestar,EV,investment