Polestar shares closed at $13 on June 24, the stock's first day of trading; the EV maker trades under the ticker PSNY.

Polestar is the latest electric car manufacturer to go public following a merger with special purpose acquisition company (SPAC) Gores Guggenheim Inc, raising $890 million in the process.

The Swedish electric performance car brand began trading on the Nasdaq in New York on June 24 under the ticker PSNY. The US listing marks a significant milestone for the brand that launched in 2017 combining startup agility with access to established OEM manufacturing expertise and capacity from its main Volvo Cars and Geely.

“This is a hugely proud moment for the entire team at Polestar. We will now open a new chapter in our story that can be summarized in one word – growth. By 2025 we aim to be selling 290,000 cars per year, 10 times as many as we sold in 2021. We already have a real and successful business; this listing gives us the funds and platform to help deliver our ambitious future plans and drive industry-leading sustainability goals forward.”

Thomas Ingenlath, CEO of Polestar

Polestar’s shares ended their first day at $13,00, up 15.8% from the SPAC’s final closing price on June 23. According to CEO Thomas Ingenlath cited by CNBC, Polestar will use the $890 million raised from the deal to fund its three-year plan to expand the product lineup and eventually become profitable.

The executive noted that Polestar, which began as a joint venture between Volvo Cars and Geely, has progressed beyond startup status.

20 Photos

“We go public as an operating and successful business — not to raise capital to build a business. It’s because the next three years will be super-fast growth, the company is geared up for that with the product portfolio.”

SPAC deals have become a popular way for companies to go public in recent years as they require simpler disclosures than those in a traditional initial public offering (IPO). However, most SPAC mergers with electric vehicle companies haven’t worked out well for investors. For example, Lucid Group, Fisker and Nikola are currently trading at 67%, 69% and 92% below their post-merger highs, respectively—and these are the most successful examples.

Polestar could have several advantages over these startups. Volvo Cars still owns 48% of the company and the EV maker has a factory up and running in China, with a US assembly line to become operational later this year in South Carolina to build the brand’s first SUV, the Polestar 3. In addition, Polestar has more than 55,000 vehicles (mostly Polestar 2 electric sedans) on the road in 25 global markets including China, Europe and the United States.

The company plans to add three vehicles to its lineup over the next three years: the Polestar 3 midsize SUV this year, the Polestar 4 compact crossover in 2023, and the Polestar 5 flagship sedan in 2024.

Polestar will ring the opening bell at Nasdaq in New York City on June 28 to celebrate its debut as a publicly traded company.

Keyword: Polestar Goes Public On Nasdaq Via SPAC Merger, Raises $890 Million

CAR'S NEWS RELATED

Polestar 2 EV reaches 100,000-unit milestone

Swedish carmaker Polestar has reached a key milestone for its signature Polestar 2 model, with 100,000 units manufactured some two and a half years after production started at parent company Volvo’s Taizhou factory in Luqiao, China. The 100,000th Polestar 2 is destined for a customer in Ireland, one of ...

View more: Polestar 2 EV reaches 100,000-unit milestone

2022 Polestar 2 Standard Range Single Motor Review : Sweet Disposition

2022 Polestar 2 Standard Range Single Motor Review : Sweet Disposition Polestar 2 Standard Range Single Motor – What is it? Polestar 2 Standard Range Single Motor – How does it look? Polestar 2 Standard Range Single Motor – What about the inside? Polestar 2 Standard Range Single Motor ...

View more: 2022 Polestar 2 Standard Range Single Motor Review : Sweet Disposition

mReview: 2023 Polestar 2 SRSM - In Pole Position

Scandinavian Design A No Compromise Sustainable Cabin Electrifying Speed Finally An Electric Car Without The Range Anxiety? The electric revolution is upon us. Every manufacturer has gotten their feet wet in this new fangled EV space, all offering similar, yet subtly different solutions in this current era of transportation. ...

View more: mReview: 2023 Polestar 2 SRSM - In Pole Position

Polestar 2 Finally Gets Apple CarPlay, but What About the Other Polestar Models?

What is Apple CarPlay? The Polestar 2 received Apple CarPlay this past summer Fast facts about the new Polestar 2 Polestar specializes in all-electric luxury cars, but some features have surprisingly been missing from these high-end EVs. For example, the brand’s primary offering, the Polestar 2, didn’t have Apple ...

View more: Polestar 2 Finally Gets Apple CarPlay, but What About the Other Polestar Models?

The Polestar 2 BST Edition Is a Hot-Rod Production EV You Can’t Buy

It's a special car. Too bad it's already sold out.

View more: The Polestar 2 BST Edition Is a Hot-Rod Production EV You Can’t Buy

Polestar Doubles Q3 Revenue, Narrows Losses On Strong Deliveries

The brand delivered 9,215 vehicles in the third quarter, mostly Polestar 2 electric sedans.

View more: Polestar Doubles Q3 Revenue, Narrows Losses On Strong Deliveries

Polestar On Track To Deliver 50,000 Vehicles This Year: CEO

With all 50,000 cars already built, Polestar now has to hand over almost 20,000 vehicles to customers before the end of the year.

View more: Polestar On Track To Deliver 50,000 Vehicles This Year: CEO

VIDEO: Polestar 6 confirmed for Australia, watch our design tour

UPDATE: Polestar O2 concept design tour November 8: The Polestar 6 will begin its Australian tour in Melbourne on November 14. Polestar event locations UPDATE 1 September: First 500 build slots snapped up, including Australia The story to here Polestar O2 concept to go into production as Polestar 6 ...

View more: VIDEO: Polestar 6 confirmed for Australia, watch our design tour

Polestar eyeing massive production growth, could hit 50k units this year

Polestar 2 BST 270 Edition 2022 review

Polestar 6: Everything we know so far

Polestar doubles revenue, remains in the red

A Polestar-Tuned Polestar 2 is the best Polestar

Polestar 2 BST edition 270 review: the nerdiest electric performance car?

New Polestar 2 BST Edition 270 review

Polestar 2 BST Edition 270 Echoes Polestar's Past

How Custom Dampers Help Convert the Polestar 2 BST into an Everyday Racer

Polestar confirms launch of Polestar 4 in 2023 as EV sales double in current year

Polestar global sales up 100% in Q3 YTD, revenue up 98%

Reader question: We live off grid and are getting a Polestar 2. How should we manage charging?

OTHER CAR NEWS

;
Breaking thailand news, thai news, thailand news Verified News Story Network