Polestar, the Swedish anti-Tesla will drift on the Nasdaq. All the details
Polestar will merge with Guggenheim Partners' Spac, for an enterprise value of $ 20 billion. Objective: the listing on the Nasdaq
Swedish electric car company Polestar announced today that it will go public by merging with a SPAC (or “corporate vehicle”) backed by US billionaire Alec Gores and investment bank Guggenheim Partners. It will have an enterprise value of $ 20 billion.
This is the largest merger agreement between an electric vehicle manufacturer and a SPAC since the one – worth $ 24 billion – reached last February by Lucid Motors and Churchill Capital IV.
WHAT POLESTAR DOES
Polestar's shareholders include carmaker Volvo (part of the Chinese group Geely ) and Oscar-winning actor Leonardo DiCaprio.
The company's offer is, for the moment, limited to only two models, sold in Europe, North America and Asia: the Polestar 1, a hybrid, and the Polestar 2, a pure electric.
In 2020 Polestar delivered around ten thousand vehicles, but aims to sell 290 thousand a year by 2025. In addition, by 2024, it plans to launch three new models on the market.
MODELS IN DEVELOPMENT
At last year's Beijing Motor Show Polestar announced that it had a model in development: it is called Precept, a sedan.
In June, however, he said that from next year he will start producing the Polestar 3, an electric SUV, at Volvo's plant in South Carolina, in the United States.
FUNDING
In April, Polestar raised $ 550 million in external funding.
Following the merger, the company will be renamed “Polestar Automotive Holding UK Ltd”. Its shares will be traded on Nasdaq – the electronic stock exchange in New York – under the acronym PSNY.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/polestar-la-svedese-anti-tesla-sgommera-al-nasdaq-tutti-i-dettagli/ on Mon, 27 Sep 2021 14:13:54 +0000.