Polestar lists on the Nasdaq Stock Exchange
Polestar, the Swedish electric performance car brand, begins trading on the Nasdaq in New York as of 24 June. Polestar will trade under the ticker PSNY.
The US listing marks another significant milestone for the brand that launched in 2017 and has already become a global electric car company. A unique combination of start-up agility with access to established automotive OEM manufacturing expertise and capacity, Polestar has launched two award winning cars and has more than 55,000 of them on the road, globally.
“This is a hugely proud moment for the entire team at Polestar,” says Thomas Ingenlath, CEO of Polestar. “We will now open a new chapter in our story that can be summarised in one word – growth. By 2025 we aim to be selling 290,000 cars per year, 10 times as many as we sold in 2021. We already have a real and successful business; this listing gives us the funds and platform to help deliver our ambitious future plans and drive industry-leading sustainability goals forward.”
The Nasdaq trading debut follows a strong start to 2022. Polestar recently announced record sales for the year to date, and robust global customer orders for Polestar 2, its all electric fastback, of over 32,000, an increase of 290% versus the same period in 2021. Polestar also increased its presence to 25 markets, up from 19 at the end of 2021, supported with nearly 130 retail locations.
Thomas Ingenlath continues: “We are adding three new premium electric cars to our line-up by 2024, starting with the launch of our first SUV, Polestar 3, later this year. This attractive product portfolio will be the base for Polestar’s growth in the most attractive, high-margin, global EV segments.”
Polestar will ring the opening bell at Nasdaq in New York City on 28 June to celebrate its debut as a publicly traded company. A live stream of the event can be viewed online at here.
The listing was conducted through a business combination with Gores Guggenheim, Inc., a Special Purpose Acquisition Company formed by affiliates of The Gores Group and Guggenheim Capital, LLC, which was officially approved at a meeting of Gores Guggenheim stockholders on 22 June 2022.