Polestar Secures New $450M Financing Deal To Boost Growth

Polestar Automotive Holding Uk Plc. PSNY has obtained further financial backing, underscoring its focus on growth and long-term sustainability.

The company has finalized a 12-month term facility of up to $450 million and renewed its 480 million Euros ($499.60 million) Green Trade Finance Facility (TFF).

This comes after securing more than $800 million in term facilities in December 2024, enhancing its financial position even further.

Polestar also plans to announce global retail sales volumes for first-quarter 2025 on April 10, 2025.

The company intends to release its full-year and fourth-quarter results for 2024 ahead of or simultaneously with its Annual Report filing on Form 20-F in April 2025.

Also Read: WeRide’s Robobus Rolls Out In France With Renault & Beti Backing: Details

The company had originally planned to release its postponed fourth-quarter results in March, reported Reuters.

For the third-quarter, Polestar saw a 10% year-over-year decrease in revenue, dropping to $550.7 million, primarily due to reduced volume and market conditions. Retail sales totaled 12,548 vehicles, marking an 8% decline compared to the previous year.

It also reported a net loss of $323 million, while its adjusted EBITDA loss improved by 28%, reaching $180 million, thanks to cost-cutting measures.

The company said lower-than-expected Polestar 3 and 4 sales, inventory adjustments and market discounting impacted fourth-quarter performance.

In order to attract Tesla Inc TSLA customers who have harbored negative sentiments about Musk’s involvement in politics, Polestar is providing up to $20,000 to Tesla vehicle owners who decide to switch and lease a Polestar 3.

Price Action: PSNY shares are trading lower by 3.15% at $1.08 at last check Friday.

Read Next: SpaceX Rocket Launches Intuitive Machines’ Athena Lander: Details

Photo: Shutterstock