DUBAI, United Arab Emirates (AP) — A likely strike by the United States hit the central Iranian city of Isfahan early Tuesday, sending a massive fireball into the sky, and Tehran struck a fully loaded Kuwaiti oil tanker in the Persian Gulf.
The attacks were testament to the intensity of the monthlong war the U.S. and Israel launched against Iran, which has maintained its chokehold on the Strait of Hormuz, closing off the vital waterway for global energy shipments, sending oil prices skyrocketing and roiling world markets.
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Portraits of Hezbollah's late leaders Hassan Nasrallah, right, and his cousin, Hashem Safieddine, are seen, as smoke rises following an Israeli airstrike in Dahiyeh, Beirut's southern suburbs, Lebanon, Monday, March 30, 2026. (AP Photo/Hassan Ammar)
Members of the Basij paramilitary force stand at a checkpoint in Tehran, Iran, Sunday, March 29, 2026. (AP Photo/Vahid Salemi)
Monsignor Simon Khoury inspects a damaged house following an Iranian missile strike in Shefaram, Israel, Monday, March 30, 2026. (AP Photo/Ariel Schalit)
Israeli authorities inspect a damaged house following an Iranian missile strike in Haifa, Israel, Monday, March 30, 2026. (AP Photo/Ariel Schalit)
A portrait of Iran's late Supreme Leader Ayatollah Ali Khamenei, left, is seen, as smoke rises following an Israeli airstrike in Dahiyeh, Beirut's southern suburbs, Lebanon, Monday, March 30, 2026. (AP Photo/Hassan Ammar)
Portraits of Hezbollah's late leaders Hassan Nasrallah, right, and his cousin, Hashem Safieddine, are seen, as smoke rises following an Israeli airstrike in Dahiyeh, Beirut's southern suburbs, Lebanon, Monday, March 30, 2026. (AP Photo/Hassan Ammar)
U.S. President Donald Trump, who has been insisting there is progress in diplomatic talks toward a ceasefire, shared video of the attack on Isfahan, with fiery explosions lighting up the night sky. Isfahan is home to one of three sites earlier attacked by the U.S. military in June and some of Iran’s highly enriched uranium is likely stored or buried or there.
Meanwhile, Israel said another four soldiers had been killed in its invasion of Lebanon, as were two more United Nations peacekeepers, prompting the U.N. Security Council to schedule an emergency session for later Tuesday.
Spot prices of Brent crude, the international standard, hovered around $107 a barrel in early trading, up more than 45% since the war started Feb. 28 when the U.S. and Israel attacked Iran.
Iran’s stranglehold on the Strait of Hormuz, the waterway leading our of Persian Gulf through which a fifth of the world’s oil is transported during peacetime, has driven up global oil prices, as have its attacks on Gulf regional energy infrastructure.
In response to growing Gulf Arab anger, Iranian Foreign Minister Abbas Araghchi insisted Tuesday that Tehran is only targeting U.S. forces. Several states have been encouraging Washington to continue the war until Iran's military capabilities are destroyed.
“Our operations are aimed at enemy aggressors who have no respect for Arabs or Iranians, nor can provide any security," Araghchi wrote on X. "High time to eject U.S. forces.”
Despite these words, attacks on civilian targets continued as an Iranian drone hit a Kuwaiti oil tanker in Dubai waters, sparking a blaze that was later put out, the Dubai Media Office said.
Four people in Dubai were also wounded when debris from an intercepted drone fell into a residential area.
Air raid sirens sounded in Bahrain, while Saudi Arabia's Defense Ministry said it had intercepted three ballistic missiles launched toward Riyadh, and falling debris from a drone intercepted southeast of the capital caused minor damage to six homes.
Sirens were also heard in Jerusalem and loud explosions were heard not long after Israel's military warned of an incoming missile barrage from Iran.
Israel and the U.S. launched a new wave of strikes on Iran, hitting Tehran in the early morning hours.
The video shared by Trump appeared to show a massive attack on Isfahan, where NASA fire-tracking satellites suggest the explosions happened near Mount Soffeh, an area believed to have military positions. Iran has not yet confirmed the attack.
A satellite image taken just before the 12-day war in June between Iran and Israel suggests Tehran transferred a truckload of highly enriched uranium to its nuclear facility at Isfahan.
The image from an Airbus Defense and Space Pléiades Neo satellite shows a truck loaded with 18 blue containers going into a tunnel at the Isfahan Nuclear Technology Center about two weeks before the U.S. bombed the site.
Analysts determined that the truck likely carried most or all of Iran's stockpile of uranium enriched up to 60% purity. That’s a short, technical step to weapons-grade levels of 90%.
Trump has said this week that “great progress is being made” in talks with Iran to end military operations. But he said if a deal is not reached “shortly,” and if the Strait of Hormuz is not immediately reopened, the U.S. would broaden its offensive by “completely obliterating” power plants, oil wells, Kharg Island and possibly even desalination plants.
The U.S. has also sent a contingent of 2,500 Marines to the region, and another is on its way, while ordering 1,000 paratroopers to the theatre as well.
Trump has openly talked about the possibility of trying to seize Kharg Island, Iran's main oil export hub, and Iran has accused the U.S. of using diplomacy to stall until more troops can be brought in.
The U.S. already has targeted military positions on Kharg. Iran has threatened to launch its own ground invasion of Gulf Arab countries and to mine the Persian Gulf if U.S. troops set foot on its territory.
Twice during Trump’s second term, the U.S. has attacked Iran during high-level diplomatic talks, including with the Feb. 28 strikes that started the current war.
The U.N. Security Council planned to convene an emergency session Tuesday after officials said three peacekeepers in southern Lebanon had been killed in less than 24 hours.
The U.N. peacekeeping mission in the region where Israel is battling the Iran-backed Hezbollah did not say who was responsible for the deaths.
In Iran, authorities say more than 1,900 people have been killed, while 19 have been reported dead in Israel.
Two dozen people have been killed in Gulf states and the occupied West Bank. In Lebanon, officials said more than 1,200 people have been killed, and more than 1 million have been displaced.
Ten Israeli soldiers have died in Lebanon, including the four announced Tuesday, while 13 U.S. service members have been killed in the war.
Rising reported from Bangkok. Sally Abou AlJoud in Beirut contributed to this report.
Members of the Basij paramilitary force stand at a checkpoint in Tehran, Iran, Sunday, March 29, 2026. (AP Photo/Vahid Salemi)
Monsignor Simon Khoury inspects a damaged house following an Iranian missile strike in Shefaram, Israel, Monday, March 30, 2026. (AP Photo/Ariel Schalit)
Israeli authorities inspect a damaged house following an Iranian missile strike in Haifa, Israel, Monday, March 30, 2026. (AP Photo/Ariel Schalit)
A portrait of Iran's late Supreme Leader Ayatollah Ali Khamenei, left, is seen, as smoke rises following an Israeli airstrike in Dahiyeh, Beirut's southern suburbs, Lebanon, Monday, March 30, 2026. (AP Photo/Hassan Ammar)
Portraits of Hezbollah's late leaders Hassan Nasrallah, right, and his cousin, Hashem Safieddine, are seen, as smoke rises following an Israeli airstrike in Dahiyeh, Beirut's southern suburbs, Lebanon, Monday, March 30, 2026. (AP Photo/Hassan Ammar)
GOTHENBURG, Sweden--(BUSINESS WIRE)--Mar 31, 2026--
Polestar (Nasdaq: PSNY) announces that Volvo Cars has agreed to convert approximately USD 274 million of its outstanding shareholder loan into Polestar’s equity.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260330049469/en/
Following completion of the previously announced approximate USD 300 million debt-to-equity conversion by Geely Sweden Holdings AB, Volvo Cars is expected to carry out a second debt-to-equity conversion later during the second quarter, totalling approximately USD 65 million. In doing so, Volvo Cars’ ownership in Polestar will remain at approximately 19.9%.
The maturity of the remaining approximately USD 661 million shareholder loan has been extended to December 2031. The shareholder loan conversion and amendments announced today strengthen Polestar’s balance sheet and extend Polestar’s debt maturity profile.
Polestar and Volvo Cars also intend to increase efficiencies by consolidating future manufacturing of Polestar 3 in Charleston, South Carolina, USA.
Michael Lohscheller, Polestar CEO, says: “We are grateful for the continued support from Volvo Cars in helping us to strengthen our balance sheet and reinforce our liquidity profile. Our strong operational collaboration with Volvo Cars continues through manufacturing, our commercial operations and offering our customers access to one of the most extensive service networks in the industry.”
Additional information about Volvo Cars’ debt to equity conversion
The conversion price will be set at 95 per cent of the 30-day volume-weighted average price in Polestar shares up to 27 March 2026. As the debt-to-equity conversion announced on 19 December 2025 by Geely Sweden Holdings AB, which will have a dilutive effect on Volvo Cars’ shareholding in Polestar, has not yet been completed, Volvo Cars intends to carry out a second, smaller conversion later in the second quarter, subject to agreed deadlines and necessary regulatory approvals.
ENDS
About Polestar
Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe, and Asia Pacific.
Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include Polestar 4 new variant (to be introduced in the last quarter of 2026), Polestar 2 successor (to be launched early in 2027), Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar is diversifying its manufacturing footprint further, with production of Polestar 7 planned in Europe.
Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.
Forward-looking statements
Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar, including the timing and completion of the loan conversion from the financial institutions. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Polestar and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestar’s ability to enter into or maintain agreements or partnerships with its strategic partners, including Volvo Cars and Geely, original equipment manufacturers, vendors and technology providers; (2) Polestar’s ability to maintain relationships with its existing suppliers, source new suppliers for its critical components and enter into longer term supply contracts and complete building out its supply chain; (3) Polestar’s ability to raise additional funding; (4) Polestar’s ability to successfully execute cost-cutting activities and strategic efficiency initiatives; (5) Polestar’s estimates of expenses, profitability, gross margin, cash flow, and cash reserves; (6) Polestar’s ability to continue to meet stock exchange listing standards; (7) changes in domestic and foreign business, market, financial, political and legal conditions; (8) demand for Polestar’s vehicles or car sale volumes, revenue and margin development based on pricing, variant and market mix, cost reduction efficiencies, logistics and growing aftersales; (9) delays in the expected timelines for the development, design, manufacture, launch and financing of Polestar’s vehicles and Polestar’s reliance on a limited number of vehicle models to generate revenues; (10) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (11) risks related to product recalls, regulatory fines and/or an unexpectedly high volume of warranty claims; (12) Polestar’s reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Polestar by its partners in order for Polestar to be able to increase its vehicle production volumes; (13) the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (14) risks related to future market adoption of Polestar’s offerings; (15) risks related to Polestar’s current distribution model and the evolution of its distribution model in the future; (16) the effects of competition and the high barriers to entry in the automotive industry and the pace and depth of electric vehicle adoption generally on Polestar’s future business; (17) changes in regulatory requirements (including environmental laws and regulations and regulations related to connected vehicles), governmental incentives, tariffs and fuel and energy prices; (18) Polestar’s reliance on the development of vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (19) Polestar’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from electric vehicle fires; (20) the outcome of any potential litigation, including litigation involving Polestar and Gores Guggenheim, Inc., government and regulatory proceedings, including the NHTSA investigation into the Polestar 2 rear view camera, tax audits, investigations and inquiries; (21) Polestar’s ability to continuously and rapidly innovate, develop and market new products; (22) the impact of the ongoing conflict between Ukraine and Russia and in Israel, the Gaza Strip and the Red Sea; and (23) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the SEC by Polestar. There may be additional risks that Polestar presently does not know or that Polestar currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future, except as may be required by law.
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