Polestar, the Swedish electric performance car company, has raised $550 million from a group of long-term financial investors. The new investments come as the global market for electric cars is growing strongly, with consumers increasingly prepared to combine e-mobility with their environmental aspirations. Simultaneously the technology behind electric cars is advancing and becoming more economical, making mass consumer adoption of EVs an imminent reality.
Polestar has also confirmed that it is in ongoing discussions with global investors about possible additional fund raising. Full financial details of the transaction are not being disclosed at this stage.
The Polestar Precept EV will soon enter production
The group of investors is led by Chongqing Chengxing Equity Investment Fund Partnership, Zibo Financial Holding and Zibo Hightech Industrial Investment. They have been joined by I Cube Capital, an arm of SK Inc., the South Korean global conglomerate, and a range of other investors.
The new investment sets the stage for future growth by diversifying Polestar's funding structure. It deepens the pool of resources available to accelerate product development and technological capabilities ahead of launching several ground-breaking cars in the coming years.
Thomas Ingenlath, CEO of Polestar, said, "Our new investors have recognized that Polestar offers an alluring combination of established industrial and technological capability alongside superlative growth potential as the global auto industry goes electric,"