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Polestar in talks to go public by merger with SPAC

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Polestar in talks to go public by merger with SPAC

Polestar, the top class electric car maker owned by China’s Geely and Volvo Cars, is in talks to go public thru a merger with smooth-cheque company Gores Guggenheim Inc, Bloomberg Information reported on Thursday.

The deal could perchance value the combined firm at about $25bn (roughly R357,773,500,000), the state said.

Early Newspaper

This comes as the arena car market is increasingly shifting to more environmentally pleasant vehicles.

In April, Sweden’s Polestar raised $550m (roughly R7,871,017,000) in exterior funding and final month it introduced plans to create the Polestar 3 electric sports utility car at Volvo’s US plant in South Carolina, starting in the 2d half of of 2022.

No deal has been reached between Polestar and Gores Guggenheim and it is miles imaginable phrases could perchance substitute or that talks could perchance disintegrate, the Bloomberg state said.

Polestar, Gores Guggenheim, Volvo and Geely did no longer without lengthen retort to Reuters’ requests for comment. 

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Polestar in talks to go public by merger with SPAC