Polestar CFO says ‘working on multiple options’ to address funding needs

Polestar Automotive CFO Johan Malmqvist said on the company’s Q2 call, according to a transcript of the event: “We are reaffirming our previous guidance, expecting between 60,000 and 70,000 vehicle deliveries for the year, which represents annual growth of approximately 16% to 36%. We also expect a full year gross margin of around 4% on the back of an anticipated stronger second half. In regards to funding, during the first half of the year, we’ve tapped into various funding sources where today we still have available capacity, such as continuing to access short-term working capital facilities. We have also upsized our trade finance facility to EUR 600M. And we have utilized part of the $1.6B shareholder support package. Also, since quarter end, as part of our ongoing program to maximize liquidity, we sold our Chengdu plant that previously manufactured the Polestar 1 for $71M. We are working on multiple options to address the broader funding need. These efforts are driven hand-in-hand with our two main shareholders, who continue to be very supportive.”