Geely's EV unit Polestar raises $550 million, company says

FILE PHOTO: The Polestar 2 electric car is displayed at a company store in Shanghai, China March 8, 2021. REUTERS/Aly Song/File Photo

STOCKHOLM (Reuters) - Sweden's Polestar, the electric car maker controlled by Volvo and its parent, the Chinese automaker Geely, has raised $550 million in external funding, the company said on Thursday.

The financing is Polestar's first external funding and comes amid a year of sustained sales and share price growth for electric vehicle (EV) makers such as Tesla Inc and Nio Inc.