EV Maker Polestar ‘Poised To Go Public With $20bn SPAC'

Swedish electric car maker Polestar is close to sealing a deal to go public via a merger with blank-cheque firm Gores Guggenheim Inc, sources have revealed.

The premium EV maker, which is owned by China’s Geely and Volvo Cars, could announce its plan – which values the outfit at $20 billion – to go public as soon as Monday, it was claimed.

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

Reuters with additional editing by Sean O’Meara

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.