- UPDATE, June 24, 2022: Polestar lists on Nasdaq in New York
- The story to here
- September, 27, 2021: Polestar to go public
Snapshot
- Public listing completed June 24
- Combination worth estimated $20 billion
- Line-up will include three more cars by 2024
UPDATE, June 24, 2022: Polestar lists on Nasdaq in New York
Swedish electric performance brand Polestar has begun trading on the Nasdaq in New York as of today, June 24.
Representatives of the firm will ring the opening bell at Nasdaq on Monday to celebrate its debut as a publicly traded company, listed under the ticker ‘PSNY’.
“This is a hugely proud moment for the entire team at Polestar,” said CEO Thomas Ingenlath.
“We will now open a new chapter in our story that can be summarised 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.”
The listing was conducted in partnership with Gores Guggenheim, Inc., a Special Purpose Acquisition Company formed by affiliates of The Gores Group and Guggenheim Capital, LLC.
For more on Polestar’s listing and growth plans, read our original story below.
The story to here
September, 27, 2021: Polestar to go public
Electric performance car company Polestar is to go public as part of a special purpose acquisition company worth US$20 billion.
The Volvo spin-off firm made the announcement on Monday following weeks of speculation.
The Swedish carmaker will combine with Gores Guggenheim, a special purpose acquisition company (SPAC) backed by billionaire private equity investor Alec Gores and Guggenheim Capital.
The AU$27.5bn deal would rank Polestar, which was founded in 2017 by Volvo and Chinese owner Geely, as one of the most valuable electric vehicle companies to list through a SPAC.
But it’s not alone in doing so – fellow EV manufacturer Rivian is also planning to follow the likes of Faraday and Lucid into the stockmarket, with an expected IPO in November – aiming to raise somewhere in the region of US$80 billion (AU$109bn).
Polestar 2
The Polestar deal is expected to close in the first half of 2022, subject to approval by Gores Guggenheim’s stockholders and other terms and conditions. When complete it will be worth three times the revenue from 2023 and 1.5 times what the company expects in 2024.
The proceeds from the partnership will be used to help fund investment in products and the expansion of Polestar’s operations and markets.
Polestar currently has two models in production and rapidly growing sales in 14 markets across three continents. However, it expects to sell around 290,000 vehicles annually by 2025. Existing investors include Volvo Car Group and affiliates of Geely Chairman Eric Li, and actor Leonardo DiCaprio.
Earlier this year the Volvo spin-off announced the Polestar 2 line-up for 2021 – offering three powertrains for the EV with a driving range of 540km, which is due to land in Europe this month and on Australian shores by year’s end when the brand officially launches here.
The firm has previously teased its upcoming Polestar 3 – its first premium electric SUV – which is set to launch in 2022 as a rival to the Porsche Cayenne with a 600km driving range, as well as plans to launch two additional new models by 2024, expand into 30 markets globally by 2023 and develop a truly climate-neutral car by 2030.
Polestar 3 teased
New teaser images also show the next two cars we can expect from the brand – officially confirmed to be called the Polestar 4 and Polestar 5.
The 4, set for a 2023 release, is expected to be a direct competitor to the Porsche Macan – while the 5, the production version of the Polestar Precept vehicle due for a 2024 arrival, aims to take the fight to the Panamera. Both models will also be capable of travelling 600km on a charge.
“This is a really exciting time for Polestar. We are thrilled about the targeted addition of three new premium electric cars to our line-up by 2024, starting with our first SUV expected in 2022,” said Thomas Ingenlath, Chief Executive Officer of Polestar.
“In Alec and the Gores Guggenheim team, we have found a partner with an impressive track record of bringing leading companies to the public markets.
“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.”
Polestar line-up: 3, 4 and 5 teased
Alec Gores, Chairman and Chief Executive Officer of The Gores Group and Chairman of Gores Guggenheim, added: “Polestar is a stand-out company in the EV space – a design-led, sports-performance oriented electric [carmaker] focused on industry-leading sustainability solutions.
“The Company is truly differentiated from others given its premier vehicles, attractive financial profile, strong track record of performance, and the fact that it already has cars on the road across the globe. I had the privilege of seeing the line-up of upcoming models, and the cars represent best-in-class innovation and industry-leading design that set the brand apart.”
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