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Polestar, the Swedish electric car brand, has started trading on Nasdaq under the ticker PSNY. The listing was completed through a company acquisition with Gores Guggenheim, Inc., a Special Purpose Acquisition Company (SPAC) formed by subsidiaries of The Gores Group and Guggenheim Capital, LLC.
The US listing marks a significant milestone for the brand, which was 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 summed up in one word – growth. By 2025, we aim to sell 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 money and a 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 range by 2024, starting with the launch of our first SUV, Polestar 3, later this year. This attractive product portfolio will be the basis for Polestar’s growth in the most attractive, global the electric car segments with a high margin. ”
Pole star 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% over the same period in 2021.
The Geely-owned brand also increased its presence to 25 markets, up from 19 at the end of 2021, with the support of almost 130 stores.