Fri, 14 May 2021

STOCKHOLM, April 15 (Xinhua) -- Swedish electric car maker Polestar said Thursday that it has raised 550 million U.S. dollars from a group of long-term global financial investors to help it develop future electric performance cars.

Polestar said in a press release that the investment was raised primarily from Chongqing Chengxing Equity Investment Fund Partnership, Zibo Financial Holding and Zibo Hightech Industrial Investment, along with I Cube Capital, an arm of the South Korean global conglomerate SK, as well as a range of other investors.

"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," Thomas Ingenlath, CEO of Polestar, said in the press release.

Polestar said that the private placement of newly issued shares marks the first time external investors have backed Polestar's products, brand, industrial capability, financial ambitions and high growth potential.

"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. At the same time, the technologies behind electric cars are advancing and becoming more economical," the company said.

"The new investment sets the stage for future growth by diversifying Polestar's funding structure and deepening the resources available to accelerate its product development and technological capability ahead of the launch of several ground-breaking cars in coming years," it added.

The company said that full financial details of the transaction were not being disclosed at this stage, confirming that it was "in ongoing discussions with global investors about possible additional fundraising."

Polestar is a Swedish premium electric performance car maker founded by Volvo Cars and Geely Holding.

The company is headquartered in Gothenburg, Sweden, and its vehicles are available and on the road in ten global markets across Europe, North America and China. In 2021, Polestar is expanding into eight new markets across Europe and Asia Pacific.

Since its launch three-and-a-half years ago, Polestar has developed its own high-quality manufacturing capability in China, built a global sales and distribution operation and successfully launched two vehicles, the Polestar 1 and Polestar 2.

The company said that in the future, the Polestar 3 electric performance SUV will join the portfolio, as well as the Precept -- a design study vehicle released in 2020 that is slated for future production. Precept showcases the brand's future vision in terms of sustainability, digital technology and design.

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