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EV Maker Polestar ‘Poised To Go Public With $20bn SPAC’

High-end electric auto firm is jointly owned by China’s Geely and Sweden’s Volvo Cars and has gone head to head with US luxury sector leader Tesla

A Polestar car at the Munich Auto Show earlier this year. Photo: Reuters

 

Swedish electric car maker Polestar is close to sealing a deal to go public via a merger with blank-cheque firm Gores Guggenheim Inc, sources have revealed.

The premium EV maker, which is owned by China’s Geely and Volvo Cars, could announce its plan – which values the outfit at $20 billion – to go public as soon as Monday, it was claimed. 

 

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Polestar raised $550 million in external funding in April and then announced plans in June to build its Polestar 3 electric sport utility vehicles at Volvo’s US plant in South Carolina, starting in the second half of 2022.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

How The Chinese Tycoon Driving Volvo Plans to Tackle Tesla

Volvo Ups Stake in EV firm Polestar as China’s Geely Eyes US Market

 

Sean OMeara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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