Swedish electric vehicle company Polestar is set to go public on the Nasdaq on June 24, joining several other automakers in the highly competitive EV market.
The company, which is jointly owned by Volvo and China’s Geely, will trade on the Nasdaq under the ticker symbol PSNY through a Special Acquisition Company, Gores Guggheim (GGPI), that is backed by billionaire investor Alec Gores and investment bank Guggenheim Partners.
Shareholders of Gores Guggenheim Inc. approved the merger on June 22. The merger included cash proceeds of $ 890 million in fully committed private investment in public equity (PIPE) and cash held in trust. The cash held in trust accounts for approximately 20% in redemption elections.
Polestar’s current investors, including Hollywood actor Leonardo DiCaprio, will own 94% of the combined group – Polestar Automotive Holding UK Ltd.
Polestar’s Lofty Goals
The EV automaker said its goal is to increase sales by tenfold from 29,000 cars in 2021 to 290,000 in 2025. The Polestar 2 sedan sells for a minimum of $ 40,900 after the tax credit is applied.
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“Listing on the Nasdaq is an incredibly proud moment for Polestar,” said CEO Thomas Ingenlath. “Gores Guggenheim has been an excellent partner. This milestone will help accelerate Polestar’s growth plans and help us drive our industry-leading sustainability goals forward.”
Polestar has sold 55,000 cars overall and is planning to add three EV models, including two SUVs by 2024. The Polestar 3, a full-size electric SUV, will launch in October 2022 and the Polestar 4, a smaller electric performance SUV coupe, will be sold in 2023.
The company said it expanded globally from 10 to 19 markets in 2021, with growth in Europe and Asia Pacific.
In 2021, Polestar sold 29,000 EVs, a year-on-year growth exceeding 185%. The company doubled its retail locations in 2021 to 100 locations globally and seeks to have 150 stores by the end of 2022.
The company’s cars are manufactured in two facilities in China and Polestar has plans to open a production plant in the US
The EV maker’s first model, its plug-in hybrid 1, a sleek coupe, was discontinued after a four-year run.