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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 building new AstaZero safety proving ground in Sweden

Volvo is an automaker committed to vehicle safety, setting an ambitious target for itself: by 2020, the Swedish automaker envisions that no one will be killed or seriously injured in one of its cars. In order to achieve that goal, Volvo has announced a new proving ground designed specifically to test safety solutions.
Called AstaZero, the new facility near the company's headquarters in Gothenburg, Sweden, is the result of a $70 million investment. It will cover some 500 acres, with over 60 acres of pavement, four city blocks and three and a half miles of highway. The Active Safety Test Area (the ASTA in AstaZero) will enable Volvo and its partners (including Scania trucks as well as government bodies and university development programs) to simulate city streets, highways, rural roads, roundabouts, T-junctions and more, combining traffic from cars, pedestrians, bicycles, motorcycles, buses, trucks and even animals in order to account for all manner of potential hazards.
The facility will enable Volvo to test active safety systems and autonomous vehicle operations, and even allow robots to test its prototypes in an adaptive environment that aims to be more flexible than existing proving grounds. Read more about Volvo's commitment to safety in the press release below.

Volvo's European EX30 launch plagued by software issues, refunds

Are we ready to include crippling software problems in electric vehicles part of "the new normal?" If so, we'd think little of it. We're most surprised by Volvo being the reason for asking the question. The Swedes had to postpone production of their flagship 2025 EX90 due to software issues. Then, after crowing about starting production, we find out the automaker's informed buyers that their EX90's might not be complete upon delivery, waiting for over-the-air updates to restore functionality that buyers of an $80,000 would expect to come with their vehicle. Overseas, the EX30 appears to be in even more trouble, its software reminding us of the problems Volkswagen had with its ID.3 and Chevy had with its Blazer EV on launch. Autocar reports that the glitches "range from screens going black and steering-wheel buttons not responding to cars not charging and even emergency braking systems randomly activating," as well as "bricked infotainment touchscreens, incorrect information displayed (such as time and range), profiles reverting back to factory settings and driver aids failing." Some customers are reportedly returning their cars to Volvo for full refunds. The automaker told Autocar the EX30 remains on sale, but in the UK, Volvo's pushed online shoppers to the 2025 model; the 2025 EX30 launches July 8, Volvo said. The configurator at Volvo's UK site advisers visitors, "EX30 Model Year 2024 is no longer available for new configurations. However you are welcome to browse our stock cars." At the time of writing, we did not find any similar notice on the Volvo sites for France, Germany, or Sweden. A poster on a UK forum for EX30 owners wrote to another member that ordering's been disabled on the UK site for three months. And it's a popular model. Volvo has more than 35,000 units in Europe through the end of May, making it the third-best-selling selling EV there after the Tesla Model Y and Model 3. Every new car comes with its share of hiccups. Based on checking forums, owners seem thoroughly pleased with the EX30's build quality. The hiccups here and in general with EVs is that their primary issues trace back to software (on top of the usual mechanical issues all vehicles face). On that UK forum for EX30 owners, the Recent Topics tab is peppered with threads about problems with the hatchback, the Faults & Technical section contains 85 individual topics (some of which are undoubtedly duplicates or misplaced).