Polestar, the Swedish electric performance car brand, has begun trading on the Nasdaq under the ticker PSNY. The listing was conducted through a business combination with Gores Guggenheim, Inc., a Special Purpose Acquisition Company (SPAC) formed by affiliates of The Gores Group and Guggenheim Capital, LLC.
The US listing marks a significant milestone for the brand that launched in 2017.
It has launched two award winning cars and has more than 55,000 of them on the road, globally.
Thomas Ingenlath, CEO of Polestar, says: “This is a hugely proud moment for the entire team at Polestar. We will now open a new chapter in our story that can be summarised in one word – growth. By 2025 we aim to be selling 290,000 cars per year, 10 times as many as we sold in 2021. We already have a real and successful business; this listing gives us the funds and platform to help deliver our ambitious future plans and drive industry-leading sustainability goals forward.”
He continues: “We are adding three new premium electric cars to our line-up by 2024, starting with the launch of our first SUV, Polestar 3, later this year. This attractive product portfolio will be the base for Polestars growth in the most attractive, high-margin, global EV segments.”
Polestar recently announced record sales for the year to date, and robust global customer orders for Polestar 2, its all electric fastback, of over 32,000, an increase of 290% versus the same period in 2021.
The Geely-owned brand also increased its presence to 25 markets, up from 19 at the end of 2021, supported with nearly 130 retail locations.