Swedish EV maker Polestar to go public
Swedish premium electric vehicle (EV) company Polestar announced that it would go public by merging with Gores Guggenheim Inc. at an enterprise value of 20 billion U.S. dollars, Trend reports citing Xinhua.
According to a press release from Polestar, the company has entered into a definitive business combination agreement with Gores Guggenheim Inc., a special purpose acquisition company.
Polestar said the combined company would be held by a new public company to be named Polestar Automotive Holding UK Limited, which is expected to be listed on Nasdaq.
"This is a really exciting time for Polestar. With two award-winning cars on the road today in 14 active markets across three continents, we seek to expand to 30 markets by 2023," said Thomas Ingenlath, CEO of Polestar.
The company's two award-winning electric performance cars, Polestar 1 and Polestar 2, are currently on roads across Europe, North America and Asia. The company said it plans to launch three new models by 2024.
"The proposed business combination and listing position Polestar as a financially strong, future proof, global electric car company. It will enable us to accelerate our growth, strategy and most importantly, our mission towards sustainable mobility," Ingenlath added.
Polestar, headquartered in Gothenburg, is a premium electric performance car maker founded by Volvo Cars and Geely Holding. The company delivered nearly 10,000 vehicles in 2020 and expects to sell around 290,000 vehicles per year by 2025.