The Swedish electric car brand Polestar will start trading on Nasdaq in New York on June 24th. Polestar will be traded under the abbreviation PSNY.
The U.S. listing is another important milestone for the brand, which has become a global electric car company since its founding in 2017. Polestar uniquely combines the agility of a startup with the expertise and capabilities of established automakers and has launched two award-winning vehicles. More than 55,000 of them are already on the road worldwide.
"This is a moment that the entire Polestar team can be proud of," said Thomas Ingenlath, CEO of Polestar. "We will now open a new chapter in our history that can be summed up in one word: Growth. By 2025, we aim to sell 290,000 cars per year, ten times more than we did in 2021. We are already running a real and successful business; this stock market launch gives us the means and the platform to implement our ambitious future plans and drive our industry-leading sustainability goals."
The Nasdaq stock market debut follows a strong start in 2022, with Polestar recently reporting record sales for the year to date and more than 32,000 global customer orders for the Polestar 2 all-electric hatchback, a 290 percent increase over the same period in 2021. In addition, Polestar has increased its presence from 19 markets at the end of 2021 to 25 markets now, with nearly 130 retail locations.
Thomas Ingenlath continued, "By 2024, we will add three new premium electric cars to our product portfolio, starting with the launch of our first SUV, the Polestar 3, later this year. This attractive product portfolio will be the foundation for Polestar's growth in the most attractive, high-margin global electric car segments."
Polestar will ring the opening bell on Nasdaq in New York City on June 28 to mark its debut as a publicly traded company. A livestream of the ceremony can be watched here.
The listing was achieved through a business combination with Gores Guggenheim, Inc. via a special purpose acquisition company formed by affiliates of Gores Group and Guggenheim Capital, LLC, which was formally approved at a meeting of Gores Guggenheim shareholders on June 22, 2022.