EV maker Polestar to go public at $20 billion valuation via SPAC -sources
Folks have a look at a Polestar automobile through the Munich Auto Present, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Michaela Rehle
Sept 26 (Reuters) – Swedish electrical automobile maker Polestar is nearing a deal to go public via a merger with blank-check agency Gores Guggenheim Inc at a valuation of $20 billion together with debt, in line with individuals acquainted with the matter.
The premium EV maker, owned by China’s Geely (GEELY.UL) and Volvo Vehicles, might announce its plan to go public as quickly as Monday, the individuals mentioned.
Polestar raised $550 million in exterior funding in April and introduced plans in June to construct Polestar 3 electrical sport utility automobiles at Volvo’s U.S. plant in South Carolina beginning within the second half of 2022.
Reporting by Krystal Hu in New York and Nick Carey in London; Modifying by Peter Cooney
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