EV maker Polestar to go public at US$20b valuation via SPAC: sources

Monday, September 27, 2021

Swedish electric car maker Polestar is nearing a deal to go public through a merger with blank-check firm Gores Guggenheim Inc (GGPI.O) at a valuation of US$20 billion including debt, according to people familiar with the matter.

The premium EV maker, owned by China’s Geely (GEELY.UL) and Volvo Cars, could announce its plan to go public as soon as Monday, the people said.

Polestar raised US$550 million in external funding in April and announced plans in June to build Polestar 3 electric sport utility vehicles at Volvo’s U.S. plant in South Carolina starting in the second half of 2022. -- Reuters