Polestar signed an agreement with Gores Guggenheim INC to form a special purpose acquisition company. The company will be held by a new public company named Polestar Automotive Holding UK upon closing the deal.
The company will trade on the Nasdaq under the ticker symbol PSNY. At this moment, there is no plan to list on the NYSE or other exchanges. The evaluation of the company is approximately $20 billion USD.
Initial investors include the Volvo Car Group, affiliates of Geely Chairman Eric Li and actor and activist Leonardo DiCaprio.
Founded in 2017, Polestar released the Polestar 1 and Polestar 2, and both are on the road in North America and Europe. Founding members Volvo Cars and Zhejiang Geely continue to lead the company with a focus on sustainability.
The company has ambitious goals, including developing a truly climate-neutral car by 2030.
In addition, the company plans to launch three new models by 2024, including the new Polestar 3. As per the company, by 2025, the automaker will sell at least 290,000 vehicles.