Geely’s EV Unit Polestar Raises $550 Million, Company Says: Report

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  • The company said in a statement that funding will help accelerate product development and output as Polestar prepares to launch new car models in the coming years
  • Polestar said Chinese investors Chongqing Chengxing Equity Investment Fund Partnership and Zibo led the funding and were backed by South Korean investor I Cube Capital

As per a report by Reuters, Sweden’s Polestar, the electric car maker controlled by Volvo and its parent, the Chinese automaker Geely has raised $550 million in external funding, the company said. Polestar’s CEO Thomas Ingenlath said in a statement emailed to Reuters said that the new investors have recognised that Polestar offers an alluring combination of established industrial and technological capability alongside superlative growth potential as the global auto industry goes electric.

Help accelerate product development and output

The report added that the company said in a statement that funding will help accelerate product development and output as Polestar prepares to launch new car models in the coming years.

Polestar builds hybrid performance cars in the western Chinese city of Chengdu and a sedan model at its Taizhou plant in the east. The report added that Polestar said Chinese investors Chongqing Chengxing Equity Investment Fund Partnership and Zibo led the funding and were backed by South Korean investor I Cube Capital. Polestar added it is in ongoing discussions with other investors about additional fund raising.

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