Polestar, a Swedish electric car maker created by Volvo and Chinese manufacturer Geely, agreed to go public, with a company valuation of about $ 20 billion. The market will be carried out not through an initial public offering (IPO), but through the SPAC mechanism, by which a company with no operational activity is created in order to merge with another that aspires to go on the market (avoiding such way the IPO), according It follows from a statement on the matter.
Thus, Polestar will be integrated with a special purpose acquisition company, called Gores Guggenheim. It is estimated that the Swedish manufacturer will make more than 1 billion dollars in profits over the next few years, something that will help launch three new models.
After the agreement was announced, Gores Guggenheim shares grew 4.71%, reaching a value of $ 10.47 per share, according Nasdaq stock data.
For its part, Volvo has already announced that it will inject up to an additional $ 600 million in Polestar as part of the agreement with Gores Guggenheim, thus increasing its stake to almost 50%.
Also movie star Leonardo DiCaprio owns shares of said company, although the CEO of Polestar, Thomas Ingenlath, declined to detail in what quantity.
“One of Polestar’s inherent strengths is sustainability. It is also very important to Leo. That he and we come together on this journey, that he invests in our company, obviously makes sense for both parties.” he claimed Ingenlath in an interview with the Bloomberg agency.
The company began manufacturing its first fully electric vehicle, the Polestar 2, in March at a Chinese Geely factory. Then this June, it announced that the Polestar 3 off-road model will be assembled A third model, currently in development, called Precept, will be added to that at a Volvo plant in the US.
Regarding business plans, Polestar estimates sell 29,000 vehicles this year and a total of 290,000 units by 2025. Already present in 14 markets, it is scheduled to expand to 30 in 2023.
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