EV maker Polestar to go public at $20 billion valuation via SPAC -sources

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imageStock Markets28 minutes ago (Sep 26, 2021 07:00PM ET)

(C) Reuters. FILE PHOTO: People look at a Polestar car during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Michaela Rehle

By Krystal Hu and Nick Carey

(Reuters) – Swedish electric car maker Polestar is nearing a deal to go public through a merger with blank-check firm Gores Guggenheim Inc at a valuation of $20 billion including debt, according to people familiar with the matter.

The premium EV maker, owned by China’s Geely and Volvo Cars, could announce its plan to go public as soon as Monday, the people said.

Polestar raised $550 million in external funding in April and announced plans in June to build Polestar 3 electric sport utility vehicles at Volvo’s U.S. plant in South Carolina starting in the second half of 2022.

EV maker Polestar to go public at $20 billion valuation via SPAC -sources

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