Written by Cláudio Afonso and Collins Eshiet
Twenty-four hours after announcing the departure of its CEO Thomas Ingenlath, the Geely-backed brand Polestar reported the second quarter earnings results while announcing that has secured $300 million in funding earlier in the month.
The company’s shares surged 17% early Thursday following the results as it revealed the reduction of its inventory by approximately 30% in addition to a lower than expected quarterly operating loss.
In a statement, Polestar said it has secured up to $300 million in external funding, “in the form of a one-year revolving term loan facility” adding it intends to use the money on “general corporate purposes”.
Winfried Vahland, Polestar’s incoming Chairman, said on Wednesday Geely “remains deeply committed to Polestar’s success, and with Michael at the helm, supported by a dynamic leadership team, we are well-positioned for continued innovation and growth.”
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The Sweden-based firm, which delivered 13,150 cars from April to June, appointed Michael Lohscheller as its new chief executive officer from the first day of October. Lohscheller recently led the Vietnamese EV maker VinFast and the truck manufacturer Nikola.
Deliveries of the Polestar 4 SUV Coupe have already started in Europe while the brand started manufacturing its SUV Polestar 3 in South Carolina to avoid the recently announced U.S. tariffs on China-made EVs.
While still trying to recuperate its business after starting the year poorly, Polestar “remains confident of a stronger second half of the year, particularly in the fourth quarter as sales of the two premium SUVs build.”
Written by Cláudio Afonso and Collins Eshiet
