A new loan of 3.2 billion kroner should ensure that Polestar stays afloat for a while longer. As recently as December, the brand borrowed 5 billion.
Back in December, Polestar borrowed 5 billion kroner from 12 different banks. But that's not enough. Because the car brand has had to borrow an additional 3.2 billion kroner.
It also emerged that the brand owes more than it is actually worth. Therefore, a gigantic loan from Volvo cannot be repaid until 2028.
Already in December, the brand admitted that the five billion kroner was not enough. The new money will also be used to keep the brand running, in general.
Polestar used the first 5 billion to partially repay existing loans.
Reuters writes.
Polestar expects the best year ever despite huge loans
According to the news agency, the large loans have caused investors to question whether Polestar has control of the business.
The brand has already announced that the latest financial figures, both on an annual basis and for the fourth quarter of 2024, have been delayed again. At the same time, the new director says that a number of special initiatives must be put to an end.
In fact, the Geely-owned brand has already started closing several of them after six years. Read more about it here.
Nevertheless, director Michael Lohscheller expects that 2025 will be the brand's best year ever.
– We expect 2025 to be the strongest in Polestar's history, said the director in connection with the launch of a number of new models.
Polestar now has three electric cars on the market: Polestar 2, Polestar 3 and Polestar 4. Later this year, the Polestar 5 will be launched, followed by a compact SUV called the Polestar 7, which is expected in early 2027.
However, the brand has also had to disappoint those who were otherwise looking forward to a Tesla Roadster competitor. The Polestar 6 will not come to fruition. At least not for the time being.
It is still uncertain when the Polestar 6 will go into production. But the same can be said for the Tesla Roadster.
In fact, the only thing certain about the American electric car is that it will be postponed again and again. And again. Now the same story may have hit its competitor.
