| Summary of detailed information about borrowings |
The changes and carrying amounts of Polestar Group's loans and borrowings as of December 31, 2025 and 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | Working capital loans from banks | Convertible instruments1 | Club Loan2 | Borrowing collateralized with tooling3 | Market RCFs4 | Total | | Balance as of January 1, 2025 | 2,427,194 | | 1,300,406 | | 933,175 | | 124,878 | | 153,248 | | 4,938,901 | | | New borrowings | 3,447,330 | | 300,000 | | — | | 222,681 | | 375,931 | | 4,345,942 | | | Payments | (2,704,901) | | — | | — | | (23,497) | | (389,040) | | (3,117,438) | | | Transaction costs and amortization | 1,220 | | (1,663) | | 3,993 | | — | | (772) | | 2,778 | | | | | | | | | | Interest on loans | 111 | | 23,232 | | 15,667 | | 488 | | 54 | | 39,552 | | | Effect of foreign currency exchange differences | 79,632 | | — | | 46,005 | | 9,146 | | 15,387 | | 150,170 | | | Balance as of December 31, 2025 | 3,250,586 | | 1,621,975 | | 998,840 | | 333,696 | | 154,808 | | 6,359,905 | | | of which current | 3,250,586 | | 366,001 | | 21,604 | | 67,676 | | 154,808 | | 3,860,675 | | | of which non-current | — | | 1,255,974 | | 977,236 | | 266,020 | | — | | 2,499,230 | | | | | | | | | | Balance as of January 1, 2024 | 1,923,755 | | 1,250,000 | | — | | 131,737 | | 147,787 | | 3,453,279 | | | New borrowings | 3,074,640 | | 4,876 | | 950,632 | | 6,412 | | 336,622 | | 4,373,182 | | | Payments | (2,560,208) | | — | | — | | (7,178) | | (322,513) | | (2,889,899) | | | Transaction costs and amortization | — | | — | | (9,072) | | — | | — | | (9,072) | | | Debt modification | — | | 2,761 | | — | | (2,478) | | — | | 283 | | | Interest on loans | 12,431 | | 42,769 | | 5,937 | | — | | 642 | | 61,779 | | | Effect of foreign currency exchange differences | (23,424) | | — | | (14,322) | | (3,615) | | (9,290) | | (50,651) | | | Balance as of December 31, 2024 | 2,427,194 | | 1,300,406 | | 933,175 | | 124,878 | | 153,248 | | 4,938,901 | | | of which current | 2,427,194 | | 42,769 | | 5,940 | | 28,688 | | 153,248 | | 2,657,839 | | | of which non-current | — | | 1,257,637 | | 927,235 | | 96,190 | | — | | 2,281,062 | |
1 - Borrowing with related parties, previously referred to "Credit facilities". 2 - The Club Loan was previously referred to as "Syndicated loans from banks". 3 - Borrowing with related parties, previously named as "PS3 tooling". 4 - The Market Revolving Credit Facilities ("Market RCFs") were previously referred to as "Floorplan" and "Sale-leaseback facilities". The terms and conditions of current working capital loans outstanding as of December 31, 2025 are as follows: | | | | | | | | | | | | | | | | | | | Working capital loan | Currency | Term | Interest rate | Nominal amount in respective currency | Principal carrying value in TUSD8 | Secured bank loan1 | USD | Sep, 2024-2026 | SOFR5+1.00% | 100,000 | | 100,000 | | Secured bank loan1 | USD | Dec, 2024-2026 | SOFR5+1.00% | 125,000 | | 125,000 | | Secured bank loan1 | USD | Feb, 2025 - Jan, 2026 | SOFR7+1.00% | 50,000 | | 50,000 | | Secured bank loan1 | USD | Mar, 2025 - Jan, 2026 | SOFR7+1.70% | 300,000 | | 300,000 | | Secured bank loan1 | USD | Mar, 2025 - Jan, 2026 | SOFR7+1.70% | 100,000 | | 100,000 | | Secured bank loan1 | USD | Jun, 2025 - Jan, 2026 | SOFR7+1.70% | 50,000 | | 50,000 | | Secured bank loan1 | USD | Jun, 2025 - Jan, 2026 | SOFR7+1.00% | 50,000 | | 50,000 | | Unsecured bank loan2 | CNY | Mar, 2025-2026 | 4.00% p.a. | 255,000 | | 36,485 | | Unsecured bank loan2 | CNY | Jun, 2025-2026 | 3.85% p.a. | 5,000 | | 715 | | Unsecured bank loan2 | CNY | Jun, 2025-2026 | 3.85% p.a. | 156,000 | | 22,320 | | Unsecured bank loan2 | CNY | Jun, 2025-2026 | 3.85% p.a. | 170,000 | | 24,323 | | Unsecured bank loan2 | CNY | Sep, 2025-2026 | 3.85% p.a. | 55,000 | | 7,869 | | Unsecured bank loan2 | CNY | Sep, 2025-2026 | 3.85% p.a. | 7,700 | | 1,098 | | Unsecured bank loan2 | CNY | Sep, 2025 - Mar, 2026 | 3.85% p.a. | 37,300 | | 5,341 | | Unsecured bank loan2 | CNY | Mar, 2025-2026 | 3.65% p.a. | 800,000 | | 114,463 | | Secured bank loan1 | CNY | Aug, 2025-2026 | 2.40% p.a. | 1,100,000 | | 157,387 | | Unsecured bank loan2 | CNY | Dec, 2025-2026 | 4.50% p.a. | 2,000,000 | | 286,158 | | Secured bank loan1 | CNY | Dec, 2025-2026 | 4.50% p.a. | 1,000,000 | | 143,079 | | Secured bank loan1 | USD | Mar, 2025-2026 | 5.45% p.a. | 210,000 | | 210,000 | | Unsecured bank loan2 | USD | Jun, 2025-2026 | 7.30% p.a. | 300,000 | | 300,000 | | Secured bank loan1 | CNY | Aug, 2025-2026 | 2.40% p.a. | 976,000 | | 139,645 | | Secured bank loan1 | USD | Sep, 2025-2026 | 3.82% p.a. | 320,000 | | 320,000 | | Unsecured bank loan2 | USD | Sep, 2025-2026 | 3.82% p.a. | 82,000 | | 82,000 | | Unsecured bank loan2 | USD | Dec, 2025-2026 | 3.68% p.a. | 118,000 | | 118,000 | | Secured bank loan4 | EUR | Mar, 2025-2026 | EURIBOR6+2.50% | 150,000 | | 175,950 | | Secured bank loan1 | USD | Sep, 2025 - Mar, 2026 | SOFR8+1.00% | 150,000 | | 150,000 | | Secured bank loan1 | USD | Sep, 2025 - Mar, 2026 | SOFR8+1.00% | 150,000 | | 150,000 | | Secured bank loan1 | EUR | Oct, 2025 - Jan, 2026 | EURIBOR6+2.30% | 3,500 | | 4,090 | | Secured bank loan1 | EUR | Oct, 2025 - Jan, 2026 | EURIBOR6+2.30% | 12,200 | | 14,121 | | | Total | | | | | 3,238,044 | |
1 - Secured by Geely. 2 - Letter of comfort from Geely. 3 - 3-month Euro Interbank Offered Rate ("EURIBOR"). 4 - Letter of keep well from Geely. 5 - 12-month Term Secured Overnight Financing Rate ("SOFR"). 6 - 1-month Term Secured Overnight Financing Rate ("SOFR"). 7 - 6-month Term Secured Overnight Financing Rate ("SOFR"). 8 - Excludes interest on loans. The terms and conditions of current working capital loans outstanding as of December 31, 2024 were as follows: | | | | | | | | | | | | | | | | | | | Working capital loan | Currency | Term | Interest rate | Nominal amount in respective currency | Principal carrying value in TUSD8 | Unsecured6 | CNY | Mar, 2024-2025 | LPR3+1.05% | 177,000 | | 24,249 | | Unsecured6 | CNY | Apr, 2024-2025 | LPR3+0.35% | 473,000 | | 64,802 | | Unsecured6 | CNY | May, 2024-2025 | LPR3+0.35% | 88,000 | | 12,056 | | Unsecured6 | CNY | Jun, 2024-2025 | LPR3+0.85% | 231,000 | | 31,647 | | Unsecured6 | USD | Aug, 2024-2025 | 7.8% p.a. | 196,000 | | 196,000 | | Secured1 | USD | Aug, 2024-2025 | SOFR5+0.55% | 320,000 | | 320,000 | | Unsecured6 | USD | Aug, 2024-2025 | SOFR5+0.55% | 82,000 | | 82,000 | | Secured1 | USD | Aug, 2024-2025 | SOFR5+1.15% | 100,000 | | 100,000 | | Secured1 | USD | Sep, 2024-Mar, 2025 | 6.9% p.a. | 100,000 | | 100,000 | | Unsecured6 | USD | Sep, 2024-Jun, 2025 | 7.8% p.a. | 104,000 | | 104,000 | | Unsecured6 | CNY | Sep, 2024-2025 | LPR3+0.45% | 39,000 | | 5,343 | | Secured1 | USD | Sep, 2024-2025 | SOFR5+1.15% | 100,000 | | 100,000 | | Secured1 | USD | Sep, 2024-2025 | SOFR5+1.10% | 100,000 | | 100,000 | | Secured2 | EUR | Oct, 2024-Feb, 2025 | EURIBOR4+2.3% | 361,886 | | 375,548 | | Secured1 | USD | Dec, 2024-Jan, 2025 | SOFR7+1.00% | 25,000 | | 25,000 | | Secured1 | USD | Dec, 2024-Jan, 2025 | SOFR7+1.00% | 50,000 | | 50,000 | | Secured1 | USD | Dec, 2024-Jan, 2025 | SOFR7+1.00% | 50,000 | | 50,000 | | Secured1 | USD | Dec, 2024-Jan, 2025 | SOFR7+1.00% | 25,000 | | 25,000 | | Unsecured6 | USD | Dec, 2024-2025 | SOFR5+0.30% | 41,650 | | 41,650 | | Unsecured6 | USD | Dec, 2024-2025 | SOFR5+0.30% | 58,350 | | 58,350 | | Unsecured6 | USD | Dec, 2024-2025 | SOFR5+0.30% | 11,200 | | 11,200 | | Unsecured6 | CNY | Dec, 2024-2025 | LPR3+1.40% | 2,000,000 | | 274,000 | | Secured1 | CNY | Dec, 2024-2025 | LPR3+1.40% | 1,000,000 | | 137,000 | | Unsecured6 | CNY | Dec, 2024-2025 | LPR3+0.90% | 14,000 | | 1,918 | | Secured1 | USD | Dec, 2024-2025 | SOFR5+1.10% | 125,000 | | 125,000 | | | Total | | | | | 2,414,763 | |
1 - Secured by Geely. 2 - Vehicle inventory purchased via this facility was pledged as security until repayment. 3 - 12-month People's Bank of China Loan Prime Rate ("LPR"). 4 - 3-month Euro Interbank Offered Rate ("EURIBOR"). 5 - 12-month Term Secured Overnight Financing Rate ("SOFR"). 6 - Letter of comfort from Geely. 7 - 1-month Term Secured Overnight Financing Rate ("SOFR"). 8 - Excludes interest on loans. Subsequently, the credit facility agreement was amended. Below are the amendments to the credit facility, leading the Group to recalculate the carrying amount of the liability as the present value of the modified contractual cash flows and to recognize modification losses within finance expense during the years ended December 31, 2024 and 2023. | | | | | | | | | Amendment | Date | Modification loss | (i) Increase the overall credit capacity to $1,000,000 (ii) Termination date extended to June 30, 2027 | November 8, 2023 | (7,553) | Termination date extended to December 29, 2028 | August 21, 2024 | (2,761) |
The Group has the following non-current syndicated loans from banks (the Club Loan) outstanding as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | As of December 31, 2024 | | Club loan | Currency | Term | Interest rate | Nominal amount in respective currency | Principal carrying value in TUSD3 | Nominal amount in respective currency | Principal carrying value in TUSD3 | | Unsecured syndicated bank loan | USD | Feb, 2024-
2027 | SOFR1+3.35% | 583,500 | 580,208 | 583,500 | 577,785 | | Unsecured syndicated bank loan | EUR | Feb, 2024-
2027 | EURIBOR2+ 2.85% | 340,000 | 397,028 | 340,000 | 349,450 | | Total | | | | | 977,236 | | 927,235 |
1 - 6-month Term SOFR. 2 - 6-month EURIBOR. 3 - Excludes interest on loans.
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