Electric car maker Polestar has secured £750m of funding to support its future production and growth plans.
The Geely-owned brand needs the money to plug a hole caused by Volvo's decision to reduce its shareholding in the company.
Volvo currently owns 48% of Polestar, but is looking to reduce that to 18%.
The financing is being provided by 12 international banks including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and SPDB, in the form of a three-year loan facility.
It provides Polestar with the funds it requires to finance the next stage of its development and covers "a large majority of its estimated financing needs".
Daniel Li, Geely Holding Group CEO and Polestar board member, said: "As a strategic partner and direct shareholder in Polestar, Geely will continue to provide full operational and financial support to the iconic performance car brand going forward.
"We will retain our shares in Polestar and intend to participate in future financing activities when required. Polestar will have full access to technologies and engineering expertise from Geely Holding to realise its global growth targets."
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Matt has been an automotive journalist for eight years. As senior staff writer he is responsible for the automotive content on Fleet News and also contributes to Automotive Management. Prior to this, Matt worked in the automotive industry for 10 years.
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