“European Tesla” is on sale. It will soon enter the stock exchange and its value will attack 20 billion – FonTech

The carmaker with Swedish roots is entering the stock exchange. Following the example of many other startups in the electromobility segment, Polestar thus becomes a publicly traded company, informs the portal Electrek.

Polestar plans to enter the stock exchange after the merger with Gores Guggenheim. Thanks to this connection, the carmaker with Swedish roots, which currently belongs to the Chinese concern Geely, will gain access to capital of more than $ 1 billion, ie 860 million euros.

Most come directly from the resources of Gores Guggenheim and “only” EUR 200 million from private investors. The total value of Polestar should suddenly climb to more than 17 billion euros.

It will be one of the other well-known car manufacturers

The entry of an automaker producing electric cars on the stock exchange is nothing new. Startups like Rivian, Lucid and even Tesla have done so in the past, he writes Forbes.

The merger of the companies should be completed in the first half of 2022 and the combined company will be called Polestar Automotive Holding UK Limited. The Nasdaq will trade under the name PSNY.

Although Polestar is not the first carmaker to enter the stock market, it is definitely one of the more experienced. It should not be forgotten that the Swedish electric car manufacturer has become independent from Volvo and currently belongs to another large car manufacturer, the Chinese concern Geely.

Sales are solid

Polestar is still at the beginning of his journey, but the sales of their electric cars are really solid. Last year alone, it managed to sell 10,000 Polestar 1 and Polestar 2 electric cars globally. In addition, the company announced three more new models and by 2025 they have ambitions to reach 290,000 electric cars sold.

Polestar

The carmaker currently operates in 14 different markets and wants to increase their number to 30 by 2023. Next year we will see a new premium electric SUV, which will compete with a relatively wide range of electric cars from the segment.

Tesla’s biggest competitor?

When a subsidiary of the Swedish Volvo confirmed in October, the prices of the upcoming Polestar 2 electric car were known to be direct competitor for cheaper models from Tesla. Aj Information in terms of range, vehicles that are comparable to the competing Model 3, for example, indicate which models Polestar wants to compete with.

Polestar

Polestar 2 is a promising European competitor for electric cars from Tesla, while it will impress not only with its futuristic design, but also with its parameters. The vehicle is powered by a 300 kW (408 hp) engine with 660 Nm of torque and can start from 0 to 100 km / h in 4.7 seconds. The battery of the electric car has a capacity of 78 kWh and can be charged with an output of up to 150 kW.

According to the EPA standard, the range of Polestar 2 is approximately 442 kilometers. European countries in which Polestar 2 is sold include Norway, Sweden, Germany, the United Kingdom, the Netherlands, Switzerland and Belgium.