- General
- October 30, 2020
- 3 minutes read
Polestar Seeks $500M Round
Photo credit: Polestar Polestar, the electric carmaker controlled by Swedish automaker Volvo and China’s Geely, is in talks with investors…
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| Photo credit: Polestar |
Polestar, the electric carmaker controlled by Swedish automaker Volvo and China’s Geely, is in talks with investors to raise at least $500 million of outside funding and is seeking a valuation of about $6 billion, according to a report [paywalled] by Bloomberg that if certain would mark the first time Polestar is seeking outside funding under the stewardship of Volvo and Geely.
Polestar began producing electric cars in 2017 and has debuted two cars since that time, the Polestar 1 and Polestar 2. The company has had relatively strong sales and has set a formal goal of reaching annual sales of 50,000+ within the next 2 to 3 years.
The Polestar 2, which is the company’s first fully electric vehicle, started production at a Geely manufacturing facility in China in March this year. Just last month September, the company said it would put another car, the Polestar Precept, into production.
Despite being controlled by two deep-pocketed automakers, it seems that Polestar is looking to tap outside funding to fund its operations. Potential investors for the company’s reported new round aren’t known.
