Polestar Automotive Secures $950 Million in Funding Amid Business Plan Progress

New York, N.Y., February 29, 2024 - PRISM MediaWire - Polestar Automotive Holding UK PLC (Nasdaq: PSNY) has recently announced the successful acquisition of $950 million through a three-year loan facility facilitated by a consortium of 12 prominent international banks, which includes distinguished institutions such as BNP Paribas and HSBC. This substantial financial injection is strategically earmarked to bolster Polestar's trajectory towards its 2025 objectives, with a particular emphasis on advancing its T-win® platform-based cancer vaccine therapies. The secured loan is designed to address a significant portion of Polestar's forthcoming financial requisites, thereby complementing the $770 million cash balance as of December 31, 2023.

In reaffirmation of its strategic alliance, Geely Sweden Holdings has expressed its intent to sustain both financial backing and operational assistance, encompassing future financing endeavors. Polestar's strategic agenda includes diversifying its product portfolio with the global introduction of two new SUV models, anticipated to invigorate sales figures and bolster profit margins in the latter half of the fiscal year. Furthermore, the company has initiated an efficiency program, resulting in a 10% reduction in workforce since mid-2023, with an additional 15% reduction slated for implementation within the current year.

This funding initiative seamlessly aligns with Polestar's fortified business strategy, aimed at achieving cash flow break-even by 2025, surpassing the milestone of 155,000 annual vehicle sales, and augmenting gross margins. In terms of upcoming events, Polestar has rescheduled the release of its full-year 2023 financial results to ensure compliance with the stipulations of the Sarbanes-Oxley Act, with a revised date yet to be announced. Concurrently, a webcast, slated for February 29, 2024, has been arranged to deliberate on business updates and future prospects.

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific.

Polestar plans to have a line-up of five performance EVs by 2026. Polestar 2, the electric performance fastback, launched in 2019. Polestar 3, the SUV for the electric age, launched in late 2022. Polestar 4, the SUV coupé transformed, is launching in phases through 2023 and into 2024. Polestar 5, an electric four-door GT and Polestar 6, an electric roadster, are coming soon.

The Polestar 0 project supports the company’s ambitious goal of creating a truly climate-neutral production car by 2030. The research initiative also aims to create a sense of urgency to act on the climate crisis, by challenging employees, suppliers and the wider automotive industry, to drive towards zero.

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