Polestar (PSNY) secured another $450 million in fresh funding as the EV maker aims for profitability this year. With three electric vehicles and a fourth on the way, Polestar expects 2025 to be its biggest yet.
Polestar secures $450 million in funding to drive growth
The Swedish EV maker announced on Friday that it had received a 12-month term facility loan of up to $450 million. Polestar also renewed the 480 million euro ($500,000) Green Trade Finance Facility (TFF).
Polestar launched the green TFF in 2022 with leading banks, including Citi, Nordea, and ING, to “support its working capital needs.” The company said the facility “strengthens Polestar’s financial position and increased diversification” of funding sources.
Polestar’s new nearly half-billion loan comes after it secured over $800 million in 12-month term facilities in December 2024.
The company also announced it’s delaying Q4 and full-year 2024 earnings until April. It was initially expected to publish financial results next month.
Last month, CEO Michael Lohscheller said “We expect 2025 to be the strongest in Polestar’s history” as new models roll out.
Polestar now has three EVs on the market, the Polestar 2, Polestar 3, and Polestar 4. Later this year, it will launch the Polestar 5, followed by an entry-level compact SUV, the Polestar 7, which is expected to arrive in 2027.
As “the company starts its next chapter,” Polestar expects to post a profit (positive adjusted EDBITA) in 2025. In the fourth quarter, the new Polestar 3 and Polestar 4 represented 56% of orders. The company will continue to work with parent company Geely to secure new equity to fund growth over the next few years.
Polestar’s stock was down slightly on Friday, but share prices have fallen over 40% over the past year. They are now just over $1.00 per share.
Check back for April 10, Polestar’s first quarter delivery numbers. The company will also release Q4 and full-year earnings in April.
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