Swedish luxury electric car maker Polestar, owned by Swedish Volvo Cars and Chinese Geely, will debut on the New York Stock Exchange with a valuation of $ 20 billion, he said on Monday.

Polestar, which counts American star Leonardo diCaprio among its shareholders, has only marketed two models since its creation in 2017.

But in an automotive sector dominated on the stock market by Tesla, this valuation of more than 17 billion euros would place the Swedish brand just behind a giant like Nissan, and ahead of Renault, Tata Motors or Subaru.

The valuation of this European competitor of the American Tesla, considerable in relation to the size of the company, will be done through a combination with a dedicated company, Gores Guggenheim, controlled by two American investment funds, specifies in a press release. company based in Sweden.

Founded by Volvo and Geely four years ago, Polestar has only sold 10,000 vehicles in 2020 and is targeting nearly 290,000 sales per year by 2025.

However, the brand is not available in France, its chevron logo too much like Citroën’s.

The manufacturer is currently marketing an electric sedan called Polestar 2. It plans to launch Polestar 3, an SUV next year, and expects to be present in 30 countries by 2023.

“The revenue from the combination is to be used to fund significant investments in models and the expansion of operations and markets to create a leader in the growing electric automobile industry,” Polestar said in a statement.

The stock market weight of 20 billion dollars, including the assets of the Gores and Guggenheim funds, corresponds to three times the turnover targeted in 2023 and 1.5 times the sales expected in 2024, specifies the group.

Trending on Canadian News  As Service Ontario reports backlog in passport applications, people are advertising to stand in line for applicants

The combination is slated to be completed in the first half of 2022 and listing is expected on the Nasdaq.

Together with the battery manufacturer Northvolt, the company is the Swedish flagship of the electric automobile sector.

Reference-feedproxy.google.com

Leave a Reply

Your email address will not be published.