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Polestar lands $1B loan to keep EV plans on track
Polestar secured much needed capital via a three-year loan for $950 million as it tries to keep its EV plans on track.
Polestar secured a $950 million loan from a dozen banks, critical funds needed to keep its EV plans moving forward following Volvo’s decision to pull back its financial support of the electric automaker. The financing was provided by 12 international banks including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and SPDB, in the form of a three-year loan facility. At the company’s inaugural Polestar Day in Los Angeles last November, the automaker said next-generation vehicles and tech would provide the spark needed to boost sales.
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