Polestar secures $200m investment from Geely's Li Shufu
Polestar said on Monday it had secured a $200m (R3,565,800,000) equity investment from major shareholder PSD Investment, a company controlled by Geely Holding founder Li Shufu.
The Swedish EV maker will sell more than 190-million Class A American depositary shares (ADS) to PSD Investment, which will hold 44% of Polestar.
After the transaction Li Shufu will hold a total of 66% in Polestar through PSD investment and the Swedish subsidiary of Geely.
The Swedish carmaker has faced challenges in boosting demand for its vehicles amid a softer market and intense competition, and like many other EV makers had a need for further funding.
While the carmaker has received loans froms banks in the past year, further financial support from Geely and Li Shufu, also known as Eric Li, have not materialized.
The transaction will also reduce Volvo Cars' stake in Polestar to 16% from 18%, after the Swedish carmaker cut its holding and halted financial support last year amid analyst criticism over the burden Polestar placed on its resources.
Polestar said the private investment in public equity transaction is intended to provide working capital and fund general corporate purposes.
The company said before the closing of the transaction PSD Investment plans to convert 20-million of its Class B ADS shares into Class A ADS shares in a bid to keep its total voting power in Polestar below 50%.
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