EV startup Polestar was recently flirting with bankruptcy. The company, which started as an engineering team modifying Volvos for racing in the late 2000s, was spun out of Volvo in October 2017 as a standalone brand focusing on electric cars.
Last November, Polestar was looking at a $1.3 billion shortfall when Geely Holding and Volvo Cars stepped up to fill the gap and keep the company above water until 2025. During that time, it hoped to get the Polestar 3 and 4, crossover models with higher margins, out the door.
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