SK Group was among the participants in a round representing the first external funding for Volvo Cars' electric vehicle spinoff.
Polestar, the Sweden-based electric vehicle (EV) developer spun off by automotive manufacturer Volvo Cars, received $550m in funding from investors including conglomerate SK Group yesterday.
Chongqing Chengxing Equity Investment Fund Partnership co-led the round with Zibo Financial Holding and Zibo Hightech Industrial Investment, and it included undisclosed other participants. It represents the brand’s first external funding.
Volvo bought Polestar’s predecessor, a touring car racing team of the same name, in 2015 and announced its intention to begin developing EVs under…
