Polestar Automotive Holding UK PLC has received further financial and liquidity support from its two major shareholders.
Volvo Cars is providing $800m principal amount 18-month term loan, with an equity conversion option for Volvo Cars.
PSD Investment is providing the same amount.
Polestar CEO, Thomas Ingenlath, said: “We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable. With sufficient funds through 2023, we remain laser focused on business execution. We have around 70,000 cars on the road today, and 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.”