Currently reading: Polestar secures £750 million funding to target future growth
Three-year loan from 12 international banks will help car maker invest for future after forthcoming split from Volvo

Polestar has secured $950 million (£750m) in new external funding that will help achieve its 2025 targets, including more than 155,000 annual sales and becoming cashflow break-even.

The new funding is being provided by 12 international banks, including BBVA, BNP Paribas, HSBC and Standard Chartered, and takes the form of a three-year loan.

The investment will help to fill a potential funding gap left after Volvo Cars said that it would stop funding Polestar.

Electric-only performance brand Polestar was founded in 2017 as a joint venture between Volvo Cars and Zhejiang Geely Holding Group, which also owns Volvo.

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