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Polestar gets $1.6 billion boost from Volvo, other big stakeholder

Polestar said on Thursday it had secured $1.6 billion in financing from its two main shareholders to help it deliver its growth plans amid volatile markets. Volvo, which co-founded the brand with China's Geely in 2017, said it would provide an $800 million loan to the firm. Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and liquidity support," Polestar said. Volvo, which owns just over 48% in Polestar, said its loan included options for Volvo to convert some of its loans to equity in a potential future equity raising by Polestar. "We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable," Polestar CEO Thomas Ingenlath said in a statement. The Sweden-based carmaker said the funding, alongside previously secured resources, would provide the company with sufficient funds through 2023. In June, Polestar was listed on the Nasdaq through a merger with a special purpose acquisition company (SPAC). Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026. In February, Volvo formed a joint venture with battery manufacturer Northvolt to build a battery plant in Gothenburg which would produce battery cells specifically for electric Volvo and Polestar cars. However, carmakers and suppliers are struggling as costly investments in an electric future coincide with rampant inflation and soaring energy prices. Polestar's third quarter results are due on Nov. 11 Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2024 Polestar 3 revealed

Volvo pranks newest valet on the Italian Riviera

Being a valet on the Italian Riviera seems like a pretty sweet gig for a young guy. Not only do you get to watch beautiful people coming and going all day and night, but there's the opportunity to get behind the wheel of a plethora of exotic sports cars. Of course, being responsible for those expensive vehicles has to be pretty nerve wracking to get used to on the first day.
In a new commercial, Volvo pranks a new valet at the San Remo Casino to see how he would handle a surprise showing up on the red carpet. If the look on his face in the screenshot above doesn't show it, he's pretty shocked by what he sees. We don't want to spoil the reveal, so just watch the ad to find out. Afterward, if you're interested in the details behind how Volvo made it happen, you can check out a short, making-of documentary, here.

We dialed a random Swede, talked about not driving Volvos

The Swedish Number is now a thing. It's a cool thing. You dial, a random Swede picks up, and you chat. Or, in my case, you dial and a random Brit living in Sweden for the past six year picks up and you chat. Since I was calling on behalf of Autoblog, when I got Martin from the small coastal town of Sundsvall, on the phone, we talked about cars, Volvos (natch), and cold-weather testing. Oh, and about plugging in his regular Toyota Prius. ABG: I was able to come to Sweden and test Volvos a month or so ago. Do you drive a Volvo? Martin: [laughs] No. I think Volvo is a fantastic car. It truly is an amazing car, but no. My girlfriend has a company car, so we drive a hybrid Toyota Prius. ABG: And how does that work in the cold winters? It obviously cuts down on the environmental problems. Martin: No problem at all. Because we have these cold winters, like you do get in the States as well, where we park our cars, we've got electricity posts where we can plug in the cars. Motor car engines have a heater, so you can have the heater going for some time before you get into the car. So it warms up the engine and there's a socket inside the car to warm up the inside of the car as well. It's very efficient. You just need to remember to set the timer when you climb out of the car and connect the cable. It obviously cuts down on the environmental problems as well because your car is already warm before you start them. ABG: I know that makes them overall more efficient, I just didn't know it could work with any car. It used to be you would keep the diesel engine blocks warm, but this works for pretty much any car in Sweden? Martin: Yes. Our temperatures here can vary. We do tend to get roundabout -18 to -25C [0 to -15F], where I live, sometimes. Normally, in the winter, we always plug the car in to make it more environmentally friendly, for starters, and then it's a nice warm car when you get in. The coldest I remember it getting here was -36 [-33F]. In the north of Sweden they've had, on record, -56 [-69F]. ABG: That's too cold. Martin: That is cold, yeah. Most countries, now, use the north of Sweden to test their cars because of the ice. Volvo S90 Prototype View 15 Photos ABG: That's actually why I came over there, to test out the new XC90s and S90s. Martin: Is that your job, then? ABG: I don't test the cars for the companies, but I test them for Autoblog. They'll invite us to test the vehicles so we can see for ourselves what the vehicles do in cold weather.