EV maker Polestar secures $450 million loan facility, delays quarterly results

Reuters

02-28

EV maker Polestar secures $450 million loan facility, delays quarterly results

Feb 28 (Reuters) - Electric vehicle maker Polestar PSNY.O has secured a 12-month loan facility of up to $450 million, it said on Friday, and would delay its fourth-quarter results in April along with its annual filing for fiscal 2024.

Backed by China's Geely [RIC:RIC:GEELY.UL], the company has struggled to drum up demand for its vehicles amid a softer buying environment and strong competition from carmakers such as Tesla TSLA.O.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shailesh Kuber)

((Zaheer.Kachwala@thomsonreuters.com;))

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