Polestar secures a $450 million loan, postpones releasing Q4 and 2024 findings
In a move aimed at navigating the increasingly challenging electric vehicle (EV) market, Polestar, the Swedish-Chinese EV manufacturer, has announced the postponement of its Q4 and 2024 financial results, originally slated for March 2025, to April. This decision comes under the leadership of Michael Lohscheller, the newly appointed CEO of Polestar, who took the helm in late 2024.
Lohscheller, who was appointed as CEO before September 2025, has also postponed lower-volume projects such as the Polestar 6 sports car. The CEO has implemented cost-cutting measures, including price reductions on select models, and has secured a new $450 million loan to bolster the company's financial position.
This latest funding, announced in December 2024, includes a 12-month term loan of up to $450 million. It comes on the heels of Polestar securing over $800 million in 12-month loans in the same month, demonstrating the company's commitment to financial stability.
Polestar's financial moves are not just about survival, though. The company is prioritising volume-oriented models, with the upcoming Polestar 5 sedan and the future Polestar 7 crossover, expected in 2027, taking centre stage. This shift towards volume production is part of Polestar's plan to transition to a single-platform manufacturing strategy, aimed at streamlining production costs and improving efficiency.
Despite these efforts, Polestar's global sales fell by 15% in 2024, delivering just 44,851 units. The company's renewed €480 million Green Trade Finance Facility (TFF) is another step towards ensuring Polestar's continued growth and success in the competitive EV market.
As Polestar prepares to release its Q4 and full-year 2024 financial results in April 2025, the company remains focused on its mission to provide exciting, progressive, and sustainable electric performance cars. With Lohscheller at the helm, Polestar is poised to navigate the challenges of the EV market and continue its journey towards a sustainable future.
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