Volvo's luxury electronics brand Polestar goes public

Released on 27.09. 2021

  • A Polestar Precept stands during the International Motor Show (IAA Mobility) on the open space at Königsplatz in Munich . Photo: Matthias Balk

Already heard?

You can now also have your messages read out to you. Simply click on the play symbol in any article or add the article to your personal playlist using the plus symbol and listen to it later.

Listen to the article:

With a special merger, Volvo wants to bring its luxury brand Polestar to the stock exchange. The plans for the rapid expansion of the production of electric vehicles are ambitious.

Göteborg (dpa) – The luxury electric brand Polestar of the Swedish car maker Volvo and its Chinese mother Geely wants to go public in New York via a corporate shell.

Polestar will go to the Transaction including debt valued at approximately 14 billion dollars, the company announced on Monday in Gothenburg. For the listing on the Nasdaq stock exchange, Polestar is merging with a listed financial vehicle called Gores Guggenheim, a so-called Spac (Special Purpose Acquisition Company). In the future, the merged company will operate under the name Polestar Automotive.

From currently 14 countries worldwide, the German Polestar boss Thomas Ingenlath wants the business to 2023 to 30 Expand markets. The car manufacturer plans to launch its first SUV in the coming year. To 10.000 vehicles delivered last year, Polestar 2025 wants around 290. 000 Sell vehicles. The merger with Gores Guggenheim has yet to be approved. Polestar was founded 2017 by the Swedish car manufacturer Volvo and the owner Geely.

Related Articles

Back to top button