On September 27, 2021, Polestar announced its listing on NASDAQ through a SPAC reverse merger with a blank-check company (stock code: GGPIW/GGPIU) established with the help of Gores Group and Guggenheim Capital. According to official information, Hollywood famous actor/environmentalist Leonardo DiCaprio is also a star shareholder, but the specific shareholding is not disclosed.
The two sides have signed the final business merger agreement. After the proposed business merger is completed, the merged company will be incorporated under a new company named Polestar Automotive Holding UK Limited, with a valuation of 20 billion USD, and the stock code on NASDAQ will be “PSNY”.
Polestar was founded by Volvo and Zhejiang Geely Holding Group in 2017, and the name of the company comes from Volvo’s high-performance modification cooperative brand and factory racing team partner Polestar. The original Polestar is now the Lynk & Co Cyan racing team. As an international pure electric high-end electric performance car manufacturer, two models, the GT car Polestar 1 and the five-door hatchback Polestar 2, are currently sold in 14 countries and regions in Europe, North America, and Asia.
Polestar delivered about 10,000 vehicles in 2020 and plans to launch three new models, Polestar 3, Polestar 4 and Polestar 5, before 2024. Interestingly, these three models are all aimed at Porsche, which also suggests that Geely’s another brand, Lotus, may have a higher positioning.
It is expected to sell about 290,000 cars annually by 2025, demonstrating Polestar’s ambition to formally enter the SUV market.
🔗Source: Polestar Official Website·Investor Relations
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.