US EditionPolestar 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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Volvo Shifts Polestar 3 Production Entirely To the US
Polestar and Volvo are ending Polestar 3 production in Chengdu, China, and consolidating all output of the electric SUV at Volvo's plant in South Carolina. "The move to consolidate global Polestar 3 production in Charleston help[s] generate efficiencies for both companies, whilst also underscoring our confidence in the plant and the role it plays in our manufacturing footprint," said Hakan Samuelsson, chief executive of Volvo Cars. "The U.S. is …
Polestar brings China production operations to Ridgeland plant
Polestar 3 production consolidates at Ridgeville plant in South Carolina Assembly shifts from Chengdu China to Volvo’s Berkeley County facility Plant also produces Volvo EX90 SUV with XC60 coming soon Volvo has invested $1.3 billion in Ridgeville operations Following two years of production in the Volvo Cars Ridgeville plant, Polestar is consolidating assembly of the Polestar 3 by bringing the model’s production operations in China to …
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