NEW YORK, January 2, 2026, 14:50 ET — Regular session
- Polestar shares fell about 6% after a filing disclosed BBVA’s 8.4% stake and a Geely-linked put option
- The disclosure follows Polestar’s late-December $300 million equity financing and planned debt-to-equity conversion
- Investors are watching Polestar’s Jan. 9 fourth-quarter retail sales update and broader EV-demand signals
Polestar Automotive Holding UK PLC shares fell 6.4% to $20.01 in afternoon trading on Friday, after swinging between $23.29 and $19.67 earlier in the session.
The move put fresh focus on the electric-vehicle maker’s capital structure after it announced late last month it would raise $300 million in equity and pursue a separate debt-to-equity conversion with a Geely affiliate. SEC
Polestar CEO Michael Lohscheller said the deals “significantly enhance our liquidity position and help strengthen our balance sheet,” in the Dec. 19 announcement. SEC
A Schedule 13G filed with the U.S. Securities and Exchange Commission on Dec. 31 showed Spain’s Banco Bilbao Vizcaya Argentaria S.A. held 7,755,946 Class A American Depositary Shares, representing 8.4% of the class. SEC
The filing said each U.S.-listed ADS represents 30 ordinary shares and that BBVA entered into a put option with Geely Sweden Automotive Investment AB that runs for three years and can be extended by one year. A put option gives the holder the right to sell shares back at a pre-set price, acting as a defined exit route. SEC
Polestar said on Dec. 19 that BBVA and Natixis would invest $150 million each, and that the financing included put option arrangements with a wholly owned Geely Sweden Holdings AB subsidiary that “provides the financial institutions with an exit path” after three years. Polestar also said Geely Sweden Holdings agreed to convert about $300 million of principal and interest under an existing term facility into equity, subject to any required approvals. SEC
Polestar has leaned heavily on its majority owner for funding, and a Geely-linked backstop has been part of the company’s recent liquidity efforts. Reuters reported in mid-December that Polestar secured a shareholder loan of up to $600 million from Geely Holding amid a cash crunch. Reuters
The broader EV sector was also in focus on Friday after Tesla reported a drop in quarterly and annual deliveries, ceding the title of top global EV seller to China’s BYD, according to an AP report. AP News
Tesla shares were down about 2% in afternoon trading. Rivian fell about 1.5%, while Lucid rose nearly 6%.
For Polestar, the next near-term data point is demand. The company has said it expects to report its fourth-quarter 2025 retail sales volumes on Jan. 9. Nasdaq
Investors will be looking at that update for signs of momentum in key markets and any indications of how pricing pressure is affecting sales. The timing matters as EV makers head into 2026 with consumer demand and incentives in flux.
