Polestar secures new funding to meet its 2025 targets
07 Mar 2024|93 views
Polestar has announced that it has secured a total of $1.29 billion (U.S.D $950 million) in external funding.
The funding comes from 12 leading international banks and will be utilised by Polestar to finance what it describes as its next stage of development. Securing this financing has come after the firm agreed to a comprehensive efficiency programme that will see the firm cutting 15% of its staff in 2024. Polestar states that it has already has cut its workforce by 10% since mid-2023.
The firm states that it has made significant progress on its strengthened business plan and 2025 targets, achieving cash flow break-even, annual volume of over 155,000, and a gross margin described as being 'in the high teens'.
The firm is additionally expanding its model range with two high-margin SUVs. Sales of the Polestar 4 is reaching new markets around the world, and production of the Polestar 3 is now starting in China and set to begin in South Carolina, U.S.A. Polestar also states that it plans to commence prototype production of the Polestar 5 in 2024. The firm is expecting volume growth and to meet a double-digit gross profit margin by the end of 2024.
Polestar has announced that it has secured a total of $1.29 billion (U.S.D $950 million) in external funding.
The funding comes from 12 leading international banks and will be utilised by Polestar to finance what it describes as its next stage of development. Securing this financing has come after the firm agreed to a comprehensive efficiency programme that will see the firm cutting 15% of its staff in 2024. Polestar states that it has already has cut its workforce by 10% since mid-2023.
The firm states that it has made significant progress on its strengthened business plan and 2025 targets, achieving cash flow break-even, annual volume of over 155,000, and a gross margin described as being 'in the high teens'.
The firm is additionally expanding its model range with two high-margin SUVs. Sales of the Polestar 4 is reaching new markets around the world, and production of the Polestar 3 is now starting in China and set to begin in South Carolina, U.S.A. Polestar also states that it plans to commence prototype production of the Polestar 5 in 2024. The firm is expecting volume growth and to meet a double-digit gross profit margin by the end of 2024.
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