NEW YORK, January 2, 2026, 17:35 ET
- Polestar shares fell nearly 7% after a filing showed BBVA owns 8.4% of a U.S.-listed share class.
- The filing detailed a three-year put option with a Geely affiliate that gives BBVA a defined exit path.
- Investors are awaiting Polestar’s Jan. 9 retail sales update as the EV sector digests fresh demand signals.
Shares of Polestar Automotive Holding UK PLC fell 6.9% to $19.81 on Friday and swung between $23.29 and $19.67, after a regulatory disclosure highlighted a large new stake tied to a Geely-linked exit option.
The disclosure matters because Polestar is leaning on fresh funding to shore up its balance sheet, and the terms attached to that capital can influence how investors value the stock.
It also lands days before new operating data. Polestar has said it will publish fourth-quarter retail sales volumes next week, a near-term read on demand as the EV market heads into 2026 with pricing pressure still in focus.
A Schedule 13G dated Dec. 31 showed Spain’s Banco Bilbao Vizcaya Argentaria S.A. held 7,755,946 Class A American depositary shares, or ADSs, representing 8.4% of that class. Each ADS is a U.S.-listed security that represents 30 Class A ordinary shares, the filing said.
The disclosure also described a put option with Geely Sweden Automotive Investment AB, giving BBVA the right to sell the ADSs at a pre-set price at the end of a three-year term, with an option to extend by one year by mutual consent. A put option is a contract that lets the holder sell shares at a set price.
Such arrangements can reduce risk for the investor by creating a defined exit route, but they can add uncertainty about who ultimately holds the shares and when that ownership might shift.
Polestar announced on Dec. 19 that BBVA and Natixis would invest $150 million each in a $300 million equity financing, and that the financing included put option arrangements with a wholly owned subsidiary of Geely Sweden Holdings AB. The company also said Geely Sweden Holdings would convert about $300 million of principal and interest under an existing term facility into equity, subject to required approvals. Polestar CEO Michael Lohscheller said the transactions “significantly enhance our liquidity position and help strengthen our balance sheet.” SEC
Polestar said no single financial institution in the equity financing would hold more than 10% of its outstanding equity after closing, and that the share purchase price would be $19.34 per ADS based on the prior three-month volume-weighted average price.
The next key milestone is operational. Polestar expects to report its retail sales volumes for the fourth quarter of 2025 on Jan. 9, it has said.
The wider EV sector was in focus on Friday after Tesla reported lower sales for the year. Tesla said it delivered 1.64 million vehicles in 2025, down 9% from a year earlier, while China’s BYD sold 2.26 million vehicles, according to an AP report.
For Polestar, the stake filing sharpens attention on its capital structure. Investors will be watching whether the company’s funding package buys enough time to convert balance-sheet support into improving sales momentum.
The put-option structure effectively shifts some market risk away from the banks and toward a Geely affiliate, which could influence future ownership and trading dynamics if the option is exercised.
Polestar’s shares have become a barometer for how quickly sentiment can change around EV makers with heavy financing needs, and the Jan. 9 sales update is set to be the next test.
