Electric vehicle (EV) manufacturer Polestar has secured a $450 million financial commitment while also announcing a postponement of its fourth-quarter earnings call.
On Friday, the Geely-owned automaker revealed that it would delay its Q4 earnings report and fiscal year 2024 details until next month. This decision follows a prior announcement to postpone Q4 results in March, after securing over $800 million in year-long loans intended for settling existing debts.
Polestar has not yet disclosed specific plans for the newly acquired funding, though further details are expected to be shared during the upcoming earnings call, for which a date has yet to be set.
This development comes after the company experienced a 14 percent drop in deliveries during the third quarter, totaling 44,851 units. Polestar also recorded a 15 percent decline in global sales for the entirety of 2024.
In August, Polestar appointed Michael Lohscheller as its new CEO, replacing former chief executive Thomas Ingenlath, as outlined in a press release. Additionally, financial difficulties led Volvo, a former key stakeholder, to sell its remaining shares in Polestar to fellow owner and Chinese automaker Geely last year, despite Polestar’s plans to expand into up to seven new global markets by 2025.
Polestar has also joined the growing list of EV brands gaining access to Tesla’s Supercharger network in recent months. Tesla has been gradually opening its charging infrastructure to other automakers, allowing non-Tesla EVs to utilize its North American Charging Standard (NACS) in exchange for agreements to integrate the proprietary charging hardware.
So far, Polestar joins Ford, General Motors (GM), Lucid Motors, Mercedes, Nissan, Rivian, and Volvo in securing access to Tesla’s Supercharger network, as noted on Tesla’s website.
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