Polestar Made its Public-Market Debut Friday Under Ticker PSNY
Jun 24, 2022 By MarketDepth
Polestar made its public-market debut Friday under the ticker “PSNY” amid its merger with special purpose acquisition company Gores Guggenheim. The company is the latest electric vehicle maker to go public amid a SPAC merger.
Using Capital for Manufacuring
The company intends to use the USD850 Million of new capital to fund its plan to manufacture more electric models and generate profit. The automaker, which is a joint venture between Volvo and Chinese auto giant Geely, is surpassing its initial startup status.
“We go public as an operating and successful business — not to raise capital to build a business. It’s because the next three years will be super-fast growth, the company is geared up for that with the product portfolio.”Thomas Ingenlath, CEO of Polestar told CNBC in a recent interview
As opposed to other EV startups that have gone public amid a SPAC deal, Polestar has already sold and delivered its Polestar 2 electric fastback sedan to customers throughout the US, Europe and China since 2020.
Polestar 3 Launching in October
Polestar’s next EV, the Polestar 3 SUV, will launch in October of this year and will be manufactured within the US. Additionally, the company says that it recently landed a deal that could be worth more thann USD3 Billion to sell 65,000 cars to Hertz.
“This is a hugely proud moment for the entire team at Polestar,” Ingenlath said in a statement. “We will now open a new chapter in our story that can be summarised in one word – growth.”
Polestar hope to be operating sales and service networks in 30 countries by the end of 2022, though Ingenlath believes the company would reach that milestone sooner.