Polestar makes a move to take on Tesla

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Swedish electric vehicle company Polestar is set to list on the Nasdaq on June 24, joining several other automakers in the highly competitive EV market.

The company, co-owned by Volvo and China’s Geely, trades on the Nasdaq under the ticker symbol PSNY through an exclusive acquisition company, Gores Guggenheim (GGPI), co-founded by billionaire Alec Gores and investment bank Guggenheim Partners. is supported.

Gores Guggenheim Inc. K stockholders approved the merger on June 22nd. The merger consisted of a fully committed private public equity investment (PIPE) and cash proceeds of $890 million in cash held in trust. Repayment options account for about 20% of the cash held in the trust.

Polestar’s existing investors, including Hollywood actor Leonardo DiCaprio, will own 94% of the merged group – Polestar Automotive Holding UK Ltd.

Polestar’s ambitious goals

The EV automaker said it aims to increase sales tenfold from 29,000 cars in 2021 to 290,000 in 2025. The Polestar 2 sedan will sell for a minimum of $40,900 after tax credits are applied.

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“The listing on Nasdaq is an incredibly proud moment for Polestar,” said CEO Thomas Ingenlath. “Gores Guggenheim was an excellent partner. This milestone will help accelerate Polestar’s growth plans and help us advance our industry-leading sustainability goals.”

Polestar has sold a total of 55,000 cars and plans to add three EV models, including two SUVs, by 2024. Polestar 3, a full-size electric SUV, will be launched in October 2022 The Polestar 4, a small electric performance SUV coupe, will go on sale in 2023.

The company said it will expand to 10 to 19 markets globally in 2021, with growth in Europe and Asia-Pacific.

In 2021, Polestar sold 29,000 electric vehicles, an increase of over 185% over the previous year. The company doubled its retail locations to 100 locations worldwide in 2021 and aims to open 150 stores by the end of 2022.

The company’s cars are manufactured at two plants in China, and Polestar plans to open a manufacturing facility in the United States

The electric vehicle manufacturer’s first model, its Plug-in Hybrid 1, a sleek coupe, was discontinued after four years of operation.

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