Polestar secures $600 million term loan facility from Geely subsidiary

Polestar (NASDAQ: PSNY) entered into a credit agreement for a subordinated term loan facility of up to $600 million with a wholly owned subsidiary of Geely Sweden Holdings AB, according to a company statement.

The facility includes an initial portion available immediately, while the final $300 million would require lender consent based on Polestar's future liquidity needs. The Swedish electric vehicle manufacturer stated the term loan facility will be used for general corporate purposes.

The credit agreement establishes a lending relationship between Polestar as borrower and the Geely subsidiary as lender. Polestar is headquartered in Gothenburg, Sweden, and currently sells vehicles in 28 markets across North America, Europe, and Asia Pacific.

The company operates four vehicle models: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Future models include the Polestar 7 compact SUV planned for 2028 and the Polestar 6 roadster. Current manufacturing takes place in North America and Asia, with European production of the Polestar 7 planned.

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