- Polestar already has more than 55,000 vehicles on the road in China, Europe and the U.S. It has a factory up and running in China and an assembly line set to begin production later this year in a South Carolina factory shared with Volvo.
- Polestar began as a joint venture between Volvo Cars and its Chinese owner Zhejiang Geely in 2017.
- CEO Thomas Ingenlath
So far, most SPAC mergers with electric vehicle companies haven’t worked out well for investors. Even the relatively more successful cases of Lucid Group, Fisker and Nikola are currently trading at 67%, 69% and 92% below their post-merger highs, respectively. EV truck maker Rivian, which went public via a traditional IPO, has also struggled. Its shares are down 84% from its post-IPO high.
Over the next three years, the company plans to add three vehicles to its current model, the compact Polestar 2 crossover built in China. The additions are a large SUV, the Polestar 3; a midsize crossover, the Polestar 4; and a large sedan, the Polestar 5, which is intended to serve as the brand’s flagship vehicle.
All will be fully electric and all will be offered in the U.S., Europe and China. Polestar plans to build its vehicles in all three regions.
