• News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Friday, September 5, 2025
  • Login
Auto Journal Africa
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Ask Autojorunal AI
No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
No Result
View All Result
Morning News
No Result
View All Result
Home Premium

Polestar secures $450m lifeline amid cash crunch, delays quarterly results

David Ijaseun by David Ijaseun
March 2, 2025
in Premium
0
Polestar
1.1k
SHARES
19.8k
VIEWS
Share on FacebookShare on Twitter

Polestar Automotive Holding, the Swedish electric vehicle (EV) maker backed by China’s Geely, has secured a $450 million loan to navigate a cash crunch, the company announced on Friday. The additional funding comes as Polestar faces falling demand and fierce competition in the EV market. U.S.-listed shares of the company dipped 2.7% in premarket trading following the news.

The company also postponed its fourth-quarter results to April, marking yet another delay that has left investors uneasy. Polestar’s financial disclosures have been under scrutiny after multiple reporting errors and delays in recent quarters. “The new funds will be used for general corporate purposes,” a Polestar spokesperson told Reuters, without providing further details on its financial challenges.

READ ALSO

Uber, Bolt lose rider trust in South Africa over safety and service issues

Giorgio Armani, designer, dreamer, and yachtsman who changed modern style, Dies at 91

Polestar has been burning through cash in a bid to scale up production and move closer to profitability. In December, the EV maker secured over $800 million in 12-month loans, a portion of which was allocated to repay existing debts. The latest loan is part of a broader strategy to stabilize its financial position amid a softer buying environment. Analysts warn that the company’s survival hinges on securing a steady stream of funding, a challenge that has pushed several EV startups into bankruptcy, including Nikola.

Polestar’s struggle reflects broader pressures in the EV market, where competition from industry giants like Tesla and legacy automakers has intensified. The company’s recently appointed CEO has launched a strategic review aimed at cutting costs and accelerating the path to profitability. However, with demand cooling and cash reserves under pressure, Polestar’s road ahead remains uncertain.

Read more on Polestar sees 63% stock decline, revenue dips to $2.38bn in 2023

Tags: electric vehiclesHeadlinePolestar

Related Posts

Uber in South Africa
Africa

Uber, Bolt lose rider trust in South Africa over safety and service issues

September 4, 2025
Giorgio Armani dies at 91
Business

Giorgio Armani, designer, dreamer, and yachtsman who changed modern style, Dies at 91

September 4, 2025
Cleaner transport: NEDC launches 1,000 Electric vehicles and health plan in Adamawa
News

Cleaner transport: NEDC launches 1,000 Electric vehicles and health plan in Adamawa

September 4, 2025
ArcelorMittal South Africa steel industry
News

ArcelorMittal to axe 4,000 jobs, nearly half its South African workforce

September 3, 2025
Electric vehicles plant in Kenya
Africa

Kenya bets on EVs to cut fuel imports and create jobs as local assembly surges 16%

September 3, 2025
Bugatti grand tour in morocco
Africa

Bugatti trades Monaco boulevards for Morocco’s rugged roads

September 3, 2025
Next Post
Tesla protest

Tesla takedown: Elon Musk faces backlash over massive federal workforce cuts

POPULAR NEWS

Inferno at Toyota 1000 Desert Race consumes 49 cars

Inferno at Toyota 1000 Desert Race consumes 49 cars

July 3, 2023
Mobius Motors

Mobius Motors: Rising taxes, competition ends Kenyan SUV maker’s journey

August 7, 2024
Autojournal car race

Get ready for the biggest RACE show this December in Nigeria

August 12, 2024
From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

October 25, 2024
Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

August 22, 2023

EDITOR'S PICK

Speed camera

Avoiding speed camera tickets: tips, tricks and types of cameras

January 14, 2023
Carloha Nigeria NFF

Carloha, NFF ink strategic partnership to boost sports, mobility

February 22, 2025
private jet

Toys for the rich: Rolls-Royce-powered private jet sparks climate backlash

July 7, 2025
Canada prepares retaliatory measures amid U.S. tariff threats

Canada prepares retaliatory measures amid U.S. tariff threats

March 30, 2025

About

Auto Journal Africa is the leading online and print magazine for automobiles in Africa.

Follow us

Recent Posts

  • Uber, Bolt lose rider trust in South Africa over safety and service issues
  • Giorgio Armani, designer, dreamer, and yachtsman who changed modern style, Dies at 91
  • Cleaner transport: NEDC launches 1,000 Electric vehicles and health plan in Adamawa
  • ArcelorMittal to axe 4,000 jobs, nearly half its South African workforce

Links

  • Privacy Policy
  • About Us
  • Contact Us
  • News
  • Reviews
  • Events
  • Tools
  • For Sale

© 2023 Auto Journal

No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa

© 2023 Auto Journal

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In