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Polestar on Friday started buying and selling on the Nasdaq in New York below the ticker PSNY.
The Volvo spinoff EV model introduced plans in September 2021 to go public by way of a particular objective acquisition firm (SPAC) deal. Often known as reverse mergers, these offers enable a personal firm to go public by being taken over by a SPAC, an organization that is already listed on a inventory alternate and usually arrange solely for this objective.
SPAC offers have develop into a preferred manner for EV startups to go public extra rapidly than with a standard preliminary public providing (IPO). The record of startups which have gone this route contains Canoo, Faraday Future, Fisker, Lordstown, and Lucid, amongst others. Not like these startups, although, Polestar has the benefits of a longtime automaker, corresponding to entry to platforms and manufacturing amenities.
Polestar 5 prototype on the 2022 Goodwood Competition of Velocity
In a press launch saying the Nasdaq itemizing, Polestar stated it had accrued over 32,000 buyer orders for its Polestar 2 electrical automotive in 2022 so far—a 290% enhance over the identical interval final 12 months. Mildly up to date for the 2023 mannequin 12 months, the Polestar 2 is at present the model’s solely mannequin after the discontinuation of the limited-edition Polestar 1 plug-in hybrid coupe.
Polestar plans to launch three new fashions by 2024. The Polestar 3 mid-size SUV will launch in 2023, and can be constructed at Volvo’s South Carolina manufacturing facility. A coupe-like Polestar 4 SUV can be unveiled in 2023 as properly. The Polestar 5, an 884-hp four-door fastback primarily based on 2020’s Polestar Principle idea, will comply with in 2024.
The Polestar model launched in 2017, recycling a reputation beforehand utilized by Volvo’s in-house tuner (which was an unbiased firm previous to that). It now goals to tackle Porsche with efficiency EVs, and to proceed increasing gross sales. Polestar’s objective is 290,000 world gross sales by the tip of 2025—a ten-fold enhance from 2021.
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