Polestar Is About To Change Forever

Electric Vehicles / Comments

A major announcement is expected at any time.

Big changes are afoot for Polestar if the latest report is to be believed. Reuters claims the Swedish all-electric automaker is set to go public with a $20 billion valuation with Gores Guggenheim, a blank check firm. We're looking at yet another Special Purpose Acquisition Company (SPAC) merger as opposed to a traditional IPO.

Neither the automaker nor its parent companies, China's Geely and Volvo, have commented on the report. Inside sources, however, are saying a deal is imminent and could be announced at any time, perhaps even later today (Monday).

2024 Polestar Precept Front Angle View Polestar
2023 Polestar 3 Rear Angle View Polestar
2023 Polestar 3 Side View Polestar

Last spring, Polestar raised $550 million during its first-ever funding round and in July, Volvo increased its stake to 49.5 percent. That move made complete sense because both brands are already very closely aligned.

The Polestar 3 SUV, due in the second half of 2022, will share a platform with future all-electric Volvos, including the next XC90 and XC60. Volvo currently has two EVs on sale, the XC40 Recharge and C40 Recharge. Polestar 3 production will take place at Volvo's factory in South Carolina. Meanwhile, the Polestar 2 is built in China and it appears that won't change. A second sedan, slated to be called Precept, is due before 2025.

2021-2022 Polestar Polestar 2 Front-End View CarBuzz
2021-2022 Polestar Polestar 2 Rear Angle View CarBuzz
2021-2022 Polestar Polestar 2 Dashboard CarBuzz

Assuming all goes well, Polestar's IPO will raise much-needed funds that'll likely be invested in R&D, specifically new battery technologies and autonomous driving systems. Polestar is one of the very few electric-only brands right now. Several mainstream OEMs, including Volvo, GM, and Jaguar, have already committed to all-electric vehicle futures but still sell combustion-engined models.

Polestar's only gas-engined vehicle was the limited edition and now-discontinued Polestar 1 grand tourer. That stunning coupe utilized a plug-in hybrid powertrain. The company said from the get-go that the coupe would be its only model to have a gas engine. We'll hopefully have more details regarding Polestar's future very soon.

2024 Polestar Precept Interior Rundown Polestar
2024 Polestar Precept Side View Polestar
2024 Polestar Precept Rear View Polestar
Source Credits: Reuters

Join The Discussion


2024 Polestar Precept Forward View
2021-2022 Polestar Polestar 2 Dashboard
2021-2022 Polestar Polestar 2 Rear Angle View
2021-2022 Polestar Polestar 2 Front-End View
2023 Polestar 3 Rear Angle View

Related Cars

To Top