- The Swedish Electric Car Manufacture Polestar recently announced it has received further investments funds for financial and liquidity support from its two major shareholders.
- Polestar is receiving $1.6 Billion Dollars. “Volvo Cars is providing USD 800mn principal amount 18-month term loan, with an equity conversion option for Volvo Cars. This loan amount is on par with the direct and indirect financial and liquidity support that Polestar’s other major shareholder, PSD Investment, is providing.” Polestar Investors Docs
- I believe this money will be divided into multiples areas of focus, perhaps the most crucial area is the Polestar 3 SUV recently announced, soon to be in production early 2023. The Polestar 4, 5 and 6 are all due out by 2026, this investment will help polestar in further cars developments and manufacturing.
“We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable. With sufficient funds through 2023, we remain laser focused on business execution. We have around 70,000 cars on the road today, and are on track to reach our goal of delivering 50,000 cars to customers in 2022. We are making strong progress on our ambitious plans to launch three more cars by 2026,” says Polestar CEO, Thomas Ingenlath.
Bite Size News
- Apple's market value is now higher than that of Alphabet, Amazon and Meta combined.
- The iPhone maker's worth stands at $2.307 trillion, while its tech peers add up to $2.306 trillion.
- Tech stocks have suffered after posting poor quarterly earnings, but Apple dodged a wipeout.
In October alone NIO as added
- 12 NIO Houses
- 1 NIO Service Center
- 2 Authorized Service Centers
- 2 NIO Delivery Centers
- 43 Power Swap Stations, including 8 PSS along highway routes
- 49 Super Charging Stations & 30 Destination Charging Stations
- 26,455 3rd-Party Chargers
NIO Inc. Provides October 2022 Delivery Update
- NIO delivered 10,059 vehicles in October 2022, increasing by 174.3% year-over-year
- NIO delivered 92,493 vehicles year-to-date 2022, increasing by 32.0% year-over-year
Cumulative deliveries of NIO vehicles reached 259,563 as of October 31, 2022