Polestar is going public, it was confirmed on Monday. The brand, which has been separated from Volvo Cars, will have an expected market value of approximately USD 20 billion (€17.1 billion).
Polestar makes its IPO through a so-called SPAC (special purpose acquisition company). That is an investment company, in this case Gores Guggenheim, which is listed without any activities. The sole purpose of a SPAC is to take over other companies, so that they do not have to worry about the administration involved in a normal IPO.
Polestar’s IPO has been in the air for some time. Last summer, Volvo CEO Hakan Samuelsson already announced that Volvo Cars was considering an IPO and around that time there were also rumors that Polestar wanted to do this too. Now Polestar has kicked off and Volvo may soon follow.
Both brands are owned by China’s Zhejiang Geely Holding Group. It is enjoying considerable international success with the all-electric Polestar 2, which is being built in China. Last year, 2,963 units of the model were registered in the Netherlands. This year, 612 copies have been sold through August.
– Thanks for information from Autoweek.nl