Things are moving along briskly at electric automaker Polestar. The company has begun production of its third model, the Polestar 3 SUV, in Chengdu, China. Importantly for US buyers, production is also slated to begin in South Carolina in mid-2024. The company has successfully completed a production test series at its Carolina plant.
“This stunning car takes a significant step forward with start of production marking an important milestone on our journey from a one- to three-car company this year,” said Polestar CEO Thomas Ingenlath. “We have also achieved launch readiness at the factory in Ridgeville, South Carolina, and are well on track with our plans to start manufacturing Polestar 3 in the USA.”
Polestar has benefited from international roots—Swedish design from Volvo Cars, and manufacturing expertise and financial backing from China’s Geely. Parent Volvo recently sold most of its stake in Polestar to step-parent Geely. Now, without missing a step, the company has secured $950 million in new funding from 12 major international banks. The cash, and then some, will be needed—Polestar already has three more new EVs scheduled to hit the streets between now and 2026.
“Securing funding from a syndicate of global banks reflects our partners’ support for Polestar’s growth course,” said CEO Ingenlath. “Together with Geely’s full financial support and access to innovative technology and engineering expertise, we have reinforced our path towards cash flow break-even targeted in 2025.”
