Polestar, the Swedish electric vehicle maker, has secured up to $450 million in additional loan funding, yet the company’s fourth-quarter results will be delayed until April. This decision comes as Polestar grapples with an accelerating cash burn, exacerbated by weakening demand and a hostile market environment. Despite being backed by China’s Geely, the company has failed to ignite interest in its vehicles, caught between the dual forces of sluggish consumer spending and fierce competition. Its U.S.-listed shares fell 2.7% in premarket trading, a reflection of the investor unease gripping the company.

The latest delay only deepens concerns over Polestar’s financial transparency, following a troubling history of accounting errors and the need to republish financial statements from previous years. This ongoing instability has led to mounting questions about the company’s credibility and the integrity of its financial practices.

For EV companies, access to funding is not just crucial—it is a lifeline. The relentless cash burn necessary to ramp up production and operations has already driven several startups, such as Nikola, to collapse. In January, Polestar’s new CEO launched a strategic review aimed at shifting the company toward profitability, securing over $800 million in short-term loans, with more financing still in the pipeline.

A Polestar spokesperson confirmed that the recently secured $450 million loan is part of the previously outlined funding, to be used for general corporate purposes. As Polestar continues to burn through its reserves, the path forward remains uncertain, with its financial future hanging in the balance.