Polestar is reportedly looking to raise at least $500 million through a new investment round.
It is understood that the electric car manufacturer is seeking a valuation of approximately $6 billion, at least according to an anonymous source with knowledge on the matter. Polestar, Geely and Volvo have declined to comment.
Bloomberg reports that Volvo chief executive Hakan Samuelsson is seeking a valuation for Polestar that’s comparable with rivals like NIO and Tesla. Reports of Polestar seeking new investments comes roughly a month after the eye-catching Precept Concept was confirmed for production and will hit the market with an interior made exclusively from recycled PET bottles, cork vinyl and reclaimed fishing nets.
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Polestar has not said when the Precept will land in showrooms, but the production model is expected to closely resemble the concept. Key design details of the latter included a panoramic glass roof, flush door handles and suicide rear doors. No details have been provided about what powertrain the finished item will use.
While news of the Precept heading to production is exciting for the Swedish automaker, what is so good news is the fact that the Polestar 2, its first mass-production electric vehicle, was recently recalled for the second time in one month.
This latest recall is related to the High Voltage Coolant Heater and involves 4,586 vehicles. The recall announced in early October concerned an issue with the Battery Energy Control Module and came after reports from several drivers who claimed to have lost power while driving.
