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IPO: Luxury Brand Polestar Aims $ 20 Billion Valuation

2021-09-30T04:27:23.989Z


The luxury electric car brand Polestar owned by Volvo and its Chinese mother Geely wants to go public through a corporate shell. Polestar, in which Hollywood star Leonardo DiCaprio is also investing, could be valued at up to $ 20 billion in the IPO.


Enlarge image

Polestar Precept: Polestar's

four-door concept car was presented in 2020

Photo: Matthias Balk / dpa

The electric car manufacturer Polestar, supported by Volvo, wants to go public. The Swedish company, whose investors include Hollywood star Leonardo DiCaprio and the Volvo Car Group, will be valued at around $ 20 billion in the transaction, as Polestar announced on Monday. The IPO is to take place via a so-called SPAC - Special Purpose Acquisition Company. Polestar is merging with the investment company Gores Guggenheim of US billionaire Alex Gores (68) and will in future be listed on the New York Stock Exchange under the name Polestar Automotive Holding.

Polestar could accrue over $ 1 billion in the deal if all Gores Guggenheim investors participate and not avail themselves of the option to redeem their shares. $ 250 million of the total will come from institutional investors.

The premium electric car manufacturer delivered around 10,000 vehicles last year.

The number of cars sold is expected to rise to 290,000 by 2025.

Polestar, founded in 2017 by Volvo Cars and the Chinese car and motorcycle manufacturer Geely, produces premium electric performance vehicles.

The two vehicles Polestar 1 and Polestar 2 are currently on the road in Europe, North America and Asia.

According to the announcement, three more models should come onto the market by 2024.

In April, the Swedes received $ 550 million from investors.

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Polestar boss

Thomas Ingenlath

(57) said according to the announcement that the electric car manufacturer wants to expand to 30 markets by 2023.

The first of the three new models will be an SUV and is expected for 2022, Ingenlath said.

The business combination and listing positioned Polestar as a financially strong, future-proof and global electric car company.

rei / Reuters

Source: spiegel

All news articles on 2021-09-30

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