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Polestar announces updates to its capital structure and intention to consolidate Polestar 3 manufacturing
Volvo Cars converts $274 million loan to equity and will consolidate all Polestar 3 manufacturing in Charleston, South Carolina, to improve efficiency and extend loan maturity.
- On Tuesday, March 31, 2026, Volvo Cars agreed to convert approximately $274 million of its outstanding shareholder loan into Polestar equity, while consolidating all Polestar 3 manufacturing at its Charleston, South Carolina, plant.
- Following a previous approximate $300 million debt-to-equity conversion by Geely Sweden Holdings AB, Volvo Cars expects a second, smaller conversion of approximately $65 million later this quarter, maintaining a nearly 20 percent stake in Polestar.
- Volvo CEO Hakan Samuelsson said consolidating Polestar 3 assembly in Charleston will "help generate efficiencies for both companies," underscoring confidence in the plant that formerly built the S60 sedan and EX90 electric SUV.
- A "transitional period" will run through September to prepare the Charleston facility for expanded production, while Polestar CEO Michael Lohscheller affirmed, "Our strong operational collaboration with Volvo Cars continues through manufacturing, our commercial operations."
- The South Carolina factory will expand production later this year to include the top-selling XC60 SUV and a "next-generation hybrid model," as Polestar aims to halve greenhouse gas emissions by 2030 and reach climate-neutrality by 2040.
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Polestar is moving all production of its flagship SUV to the United States. Not because it wants to. Because it has to. The Swedish electric vehicle maker announced that it will consolidate global manufacturing of the Polestar 3 at Volvo’s factory in Ridgeville, South Carolina, abandoning plans to build the vehicle at a Volvo plant in Chengdu, China. The decision, driven by punishing U.S. tariffs on Chinese-made vehicles, marks one of the most d…
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