After successfully combining with a special-purpose acquisition company, or SPAC, Polestar is the most recent manufacturer of electric vehicles to go public. On Friday, the business listed its stock on the Nasdaq exchange.
The company intends to use the $850 million in additional funding to support. Its three-year strategy to produce a number of new electric vehicles and turn a profit.
In the midst of greater EV stock market uncertainties, the Swedish firm—a joint venture between Volvo and its parent company Geely—is going public.
Many EV firms who used the SPAC path to going public later saw their stock prices crash as a result of early setbacks.
With its Polestar 2 electric fastback sedan available for purchase and delivery in the US, Europe, and China starting late 2020, Polestar is a little different. The Polestar 3 SUV, the company’s upcoming EV, will make its debut in October 2022 and be produced in the US. Additionally, it just closed a deal to sell 65,000 vehicles to Hertz for an estimated $3 billion.
Digging In More Details
Thomas Ingenlath, CEO of Polestar, stated in a statement, “This is a highly proud occasion for the entire team at Polestar. “We are about to begin a brand-new chapter in our tale, which can be summed up in one word: growth.”
Polestar reported receiving 32,000 orders for the Polestar 2, a 290 percent increase over orders from the prior year. By 2025, the business hopes to sell 295,000 automobiles annually, which would be a tenfold increase from 2021.
