MILANO – The Swedish Polestar travels to debut on Wall Street. The oversubscribed luxury car maker, owned by Volvo and China’s Geely, will go public on the New York Stock Exchange with a valuation of $ 20 billion. Polestar, which counts the star Leonardo Dicaprio as a shareholder, it has marketed only two models since its creation in 2017. The funds raised, explains Polestar, will be used “to enable a significant investment in the expansion of its products, operations to create a leading company in the global premium electric vehicle market. rapidly growing “.
Since it was established in 2017 Polestar has only made two models. The Nasdaq listing would place the Swedish brand just behind giant Nissan and ahead of carmakers Renault and Subaru. The IPO will be realized through a combination with a spac, Gores Guggenheim, controlled by two American 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 the expansion of operations and markets to create a leader in the growing electric car industry “
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