Polestar will receive 950 million for the development of electric vehicles

Polestar has secured a $950 million loan from a dozen banks that will allow the company to continue its ambitious plans to develop the electric vehicle industry. This move is strategically important, especially after Volvo's decision to reduce its stake in Polestar.

Here's What We Know

According to the company, these funds will help to meet the financing needs for the next stages of development, as well as cover a significant part of the financial needs. The financing was received from 12 international banks, including BNP Paribas, Natixis, and HSBC, in the form of a three-year credit facility.

Despite this success, Polestar plans to continue to cut costs, including layoffs. The company has already reduced its workforce by 10% recently, and now plans to cut an additional 15% of jobs. However, the company's CEO is confident that these measures will bear fruit, as Polestar has ambitious plans to reach cash flow breakeven by 2025.

The company is currently actively working on launching new models such as the Polestar 3 and Polestar 4.

Source: TechCrunch