(Bloomberg) -- Polestar has raised $950 million in debt financing as the struggling luxury EV maker seeks funding outside of its parent Geely to roll out key new models.

The three-year loan facility from a syndicate of 12 banks will help bridge Polestar’s path to breaking even on cash flow, the company said Wednesday, a day ahead of reporting full-year financials. The company has been contending with model delays and waning EV demand. 

“It’s a big, big portion of the $1.3 billion that we see as required to reach the cash flow break even-point in 2025,” Chief Executive Officer Thomas Ingenlath said in an interview. BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and SPDB, are among the 12 banks in the syndicate.

Read More: Geely Set to Bail Out Troubled Polestar as EV Rout Deepens

Since listing in the US in 2022, Polestar Automotive Holding UK Plc has repeatedly tapped its largest owners Chinese billionaire Li Shufu and Volvo Car AB for funds. Li’s Zhejiang Geely Holding Group Co is also Volvo Car’s largest shareholder.

The company’s woes are mirrored across EV newcomers, where a number of manufacturers have struggled as public companies. Polestar listed via a reverse merger in 2022, and at one point reached a valuation of $27.6 billion. Sentiment has since soured amid slowing EV growth and waning risk appetite for new businesses that have stumbled in the difficult phase of scaling up output.

The transition to has also been tricky for Polestar, even as it shares production facilities with long-standing automaker Volvo Car. Polestar’s shares have declined 34% this year, taking losses over the past 12 months to 72% to value the manufacturer at $3.1 billion.

Volvo Car last week said it will reduce its stake in Polestar from 48% to 18% and stop funding the unprofitable electric-vehicle maker to focus on its own shift to battery technology. Under the new structure, Geely Sweden Holdings becomes the second largest shareholder. 

Read More: Polestar Is on a Road to Nowhere, Bernstein Says

At the end of last year, Polestar had a cash balance sheet of about $770 million.

The company also reiterated plans to cut 15% of headcount this year, representing 450 employees. The two new SUVs, the Polestar 3 and 4, are set to help boost sales to more than 155,000 vehicles in 2025 and reaching a double-digit gross profit margin, Polestar said. 

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