It has already been renamed the anti Tesla. This is the Swedish Polestar, a European group of electric cars owned by Volvo Cars and the Chinese of Gely, which aims to be listed on Wall Street with a valuation that is around 20 billion dollars. The Scandinavian group, which among its shareholders there is also the Hollywood star Leonardo DiCaprio, prepares the landing on the Nasdaq with the ‘PSNY’ ticket.
Some details
The IPO was structured through the combination with Spac, Gores Guggenheim, controlled by two US investment funds. The proposed business combination, which was unanimously approved by both the Gores Guggenheim and Polestar Boards of Directors, it is expected to end in the first half of 2022, once the green light has been obtained from the shareholders of Gores Guggenheim.
“The transaction implies an enterprise value of approximately 20 billion dollars, which represents approximately 3 times the expected turnover for the year 2023 and 1.5 times the expected turnover in 2024”, reads a note in which it is specified that the Polestar’s current shareholders will retain approximately 94% of Polestar’s ownership. THE proceeds raised from the listing, explains the company, they should be used to finance significant investments in expanding the model range and operations to create a leading company in the fast growing global premium electric vehicle market ”.
Founded in 2017 by Volvo Cars and Zhejiang Geely Holding, Polestar is a global manufacturer of high-performance electric vehicles. Since its inception four years ago, the group has only marketed two models and plans to launch three new models by 2024. Polestar has delivered around 10,000 vehicles in 2020 and expects to sell around 290,000 vehicles per year by 2025.
“It is a very key moment for Polestar. We aim to expand into 30 markets by 2023 – he says Thomas Ingenlath, CEO of Polestar -. In Alec and in the Gores Guggenheim team, we have found a partner with strong market experience, and the proposed business combination and listing positions Polestar as a financially strong global electric car company ”. And he adds: “This will allow us to accelerate our growth, our strategy and, above all, our mission towards sustainable mobility”.