Polestar has secured $550 million in funding from a host of long-term financial investors, marking the first time external investors have backed the Swedish automaker.
Polestar says it received considerable interest from a host of external investors due to growing demand for electric vehicles, their ever-improving technology, and the fact that they are becoming more economical.
Leading the group of new investors was Chongqing Chengxing Equity Investment Fund Partnership, Zibo Financial Holding, and Zibo Hightech Industrial Investment. South Korean conglomerate SK Inc has also invested in Polestar. The automaker has revealed that it is also having ongoing discussions with other global investors about additional funding.
“Our new investors have recognized that Polestar offers an alluring combination of established industrial and technological capability alongside superlative growth potential as the global auto industry goes electric,” Polestar chief executive Thomas Ingenlath said in a statement.
The funding “sets the stage for future growth by diversifying Polestar’s funding structure and deepening the resources available to accelerate its product development and technological capability,” the carmaker added.
This come shortly after Polestar announced a single-motor variant of its 2 sedan. Like the dual-motor models, this entry-level variant has a 78 kWh battery pack and in the U.S., pumps out a total of 231 hp. In Europe, Polestar will also sell the single-motor 2 with a 64 kWh battery and an electric motor delivering 221 hp and 243 lb-ft (330 Nm) of torque. By comparison, the dual-motor version is good for 402 hp and 487 lb-ft (660 Nm).