Polestar 2

Make
Polestar
Segment
Sedan

Both on the road and behind closed doors, Polestar is making the necessary moves that could see it legitimately challenge Tesla, Volkswagen, and others on the sales charts in the years to come. The EV automaker already has a fairly attainable model in the form of the Polestar 2 and an aspirational flagship known as the Polestar 1. Earlier this month, its first SUV was teased. But Polestar has also been hard at work securing its future and the funds it needs to expand. We already knew that the Swedish outfit planned to merge with a special purpose acquisition company (SPAC) called Gores Guggenheim, Inc. as it goes public, and now we can announce that the deal has been finalized.

The combined company will, however, retain the Polestar name. It will begin trading on the Nasdaq in New York today under the ticker symbol PSNY. Unlike younger EV startups that have gone public, Polestar has already established a presence in 25 markets around the globe. An injection of around $890 million gross proceeds from the new business combination will help Polestar increase its market share. The company wants to boost sales volumes tenfold from 29,000 cars in 2021 to 290,000 vehicles in 2025. Currently, Polestar has around 55,000 cars on the road. The Polestar 3 SUV is launching later this year and is one of three new EVs that will join the lineup by 2024. The smaller Polestar 4 SUV-coupe will follow in 2023, and the Polestar 5 four-door GT is next in 2024. The latter just made a big splash at Goodwood.

"Listing on the Nasdaq is an incredibly proud moment for Polestar," said CEO Thomas Ingenlath. "Gores Guggenheim has been an excellent partner during this process and I send a big thank you to Alec Gores and his great team. This milestone will help accelerate Polestar's growth plans and help us drive our industry-leading sustainability goals forward."

The Nasdaq listing comes at an exciting time for Polestar. Recently, the company said that the Polestar 2's global customer orders topped 32,000 in 2022, a 290% increase compared to the same period last year. Based on what we've seen of this SUV and the public's affection for vehicles of this type, the Polestar 3 will likely exceed these numbers soon.

Polestar plans to ring the opening bell at Nasdaq on 28 June to mark its public listing.