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.
The luxury electric brand Polestar of the Swedish automaker Volvo and its Chinese mother Geely wants to go public in New York via a corporate shell.
Polestar will be valued in the transaction, including debts, at almost $ 20 billion, 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 to expand the business to 30 markets by 2023. The car manufacturer plans to launch its first SUV in the coming year. After 10,000 vehicles delivered last year, Polestar plans to sell around 290,000 vehicles in 2025. The merger with Gores Guggenheim has yet to be approved. Polestar was founded in 2017 by the Swedish car manufacturer Volvo and the owner Geely.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
