GOTHENBURG, Sweden--(BUSINESS WIRE)--Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish electric performance car brand, announces that it has secured USD 950 million in external funding. The company is making strong progress on its strengthened business plan and achieving its 2025 targets. The financing is being provided by 12 leading international banks including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and SPDB, in the form of a three-year loan facility. It provides Polestar with ...

A Polestar Roadster concept electric vehicle during the Singapore Motorshow in Singapore, on Thursday, Jan. 11, 2024. The show runs through Jan. 14. Photographer: Lionel Ng/Bloomberg via Getty ImagesShares of Volvo Cars dipped on Friday, after the company said it would dilute its stake in electric vehicle maker Polestar by distributing 62.7% of its holdings to its shareholders.The company's stock traded over 5% lower at around 10:00 a.m. London time, paring some of its earlier losses.If approved during the ...

Polestar agreed to let Hertz out of a deal to buy its cars for now.Stipulations in the agreement protect Polestar's resale values.EV resale values are already delicate. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You c ...

Shares of Polestar Automotive Holding UK PLC (PSNY) have been struggling lately and have lost 18.6% over the past week. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road.While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts ...

Volvo revealed Thursday that it has cut off funding for its electric vehicle subsidiary Polestar — despite the fact it was among the first automakers to embrace electric cars.Shares of Swedish automaker’s stock surged more than 30% on Thursday as the company declared Volvo Cars is focused on “developing and concentrating its resources on its own ambitious journey, including its own in-house electric vehicles.Volvo, which currently owns a 48% stake in Polestar, said it was considering ceding more control ov ...

KEY TAKEAWAYSVolvo said it will no longer provide financial support for Polestar, an EV maker.Volvo is considering restructuring its ownership in Polestar, and could hand over its stake to its Chinese parent Geely.Volvo's pullback marks the latest retrenchment by an auto firm of its EV ambitions.Sweden's Volvo said it would stop funding electric vehicle (EV) maker Polestar (PSNY), in the latest pullback by automakers of their EV forays.Volvo said it is considering restructuring its ownership in Polestar, an ...

Polestar (NASDAQ: PSNY) stock price will be in the spotlight on Thursday after its biggest shareholder closed its cash tap. The stock closed at $2.17 on Wednesday after crashing by more than 85% from its all-time high.Volvo to stop funding PolestarCopy link to sectionPolestar is a company seeking to become a big player in the EV industry. It has made several vehicles, which have done modestly well. Most importantly, Polestar comes from a big vehicle family since it was spun off by Volvo. Volvo is now mostly ...

A Volvo C40 Recharge electric SUV is on display during the Volvo "A New Era of Volvo Cars" press conference at The Shilla Seoul on March 14, 2023 in Seoul, South Korea.Volvo Cars shares surged more than 21% on Thursday after the Swedish automaker announced that it will stop funding subsidiary Polestar Automotive.Volvo earlier in the day reported a 10% year-on-year increase in fourth-quarter net sales to 148.1 billion Swedish krona ($14.16 billion), bringing its full-year 2023 total to 552.8 billion krona.Th ...

GOTHENBURG, Sweden--(BUSINESS WIRE)--Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish electric performance car brand, welcomes Geely Sweden Holding as a potential direct new shareholder. Volvo Cars is evaluating a potential adjustment to its shareholding in Polestar including a distribution of shares to its shareholders, with Geely Sweden Holding being the primary recipient. Volvo Cars will remain a strategic partner in areas across R&D, manufacturing, after sales and commercial. Polestar has ...

Electric vehicle (EV) manufacturers are having a rough outing lately and upstart Polestar (NASDAQ:PSNY) is proving no different. PSNY stock is slipping on Friday after the underlying company announced a headcount reduction. Fundamentally, the Polestar layoffs reflect the steep market and economic obstacles facing pure-play EV makers right now.According to Seeking Alpha, Polestar plans to cut around 450 jobs globally or about 15% of its total workforce. The company cited difficult market conditions as a main ...