Swedish luxury electric car maker Polestar, owned by Volvo Cars and China’s Geely, which holds just under 10% of Daimler (Mercedes-Benz), will go public on the New York Stock Exchange with a valuation of 20 billion. dollars. Polestar, which counts star Leonardo di Caprio as a shareholder, has only marketed two models since its creation in 2017. The market cap of $ 20 billion, including the assets of the Gores and Guggenheim funds, is three times the expected turnover in 2023 and 1.5 times the expected turnover in 2024.
In an automotive sector dominated by Tesla on the stock market, from the top of its 780 billion dollars, this valuation of more than 17 billion euros would put the Swedish brand just behind a giant like Nissan, and ahead of Renault, Tata Motors or Subaru.
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Polestar’s valuation will be done through a combination with a Spac, Gores Guggenheim, controlled by two US investment funds. The combination is expected to be completed in the first half of 2022 and is expected to be listed on the Nasdaq.
Founded by Volvo and Geely four years ago, Polestar sold 10,000 vehicles in 2020 and is aiming for nearly 290,000 sales per year by 2025. The proceeds from the listing, the company explains, “will be used to finance significant investments in models and expansion of operations and markets to create a leader in the growing electric car sector ».
(Il Sole 24 Ore Radiocor Plus)