Performance EV brand Polestar has begun trading on the Nasdaq after a SPAC merger with The Gores Group and Guggenheim Capital, LLC.
The Nasdaq listing marks another significant in the brand’s march towards independence and goal to be seen as more than a “spinoff” of Volvo (the company began as that Swedish brand’s high-performance tuning arm, like AMG is to Mercedes-Benz or M is to BMW).
“This is a hugely proud moment for the entire team at Polestar,” explains Thomas Ingenlath, CEO of Polestar. “We will now open a new chapter in our story that can be summarized in one word: growth. By 2025 we aim to be selling 290,000 cars per year, 10 times as many as we sold in 2021. We already have a real and successful business; this listing gives us the funds and platform to help deliver our ambitious future plans and drive industry-leading sustainability goals forward.”
Since its launch in 2017, Polestar has launched two award-winning cars— the Polestar 1 hybrid supercoupe and 2 sports sedan— and has put more than 55,000 of them on the road, already, with many tens of thousands more already spoken for to be built in the coming months. The recently revealed Polestar 3 crossover will only add to that success, while the upcoming Polestar 5 premium sedan will serve as the successor to the 1, and as the brand’s “halo” model going forward.
Polestar will ring the opening bell at Nasdaq in New York on June 28th to celebrate its debut as a publicly traded company, which will trade under the ticker PSNY. You can watch the proceedings live at this link.
SOURCE | IMAGES: POLESTAR.
