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{"id":8549,"date":"2022-06-24T14:38:14","date_gmt":"2022-06-24T14:38:14","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/06\/24\/polestar-goes-public-amid-uncertainty-around-ev-stocks\/"},"modified":"2022-06-24T14:38:15","modified_gmt":"2022-06-24T14:38:15","slug":"polestar-goes-public-amid-uncertainty-around-ev-stocks","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/06\/24\/polestar-goes-public-amid-uncertainty-around-ev-stocks\/","title":{"rendered":"Polestar goes public amid uncertainty around EV stocks"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/6\/24\/23181446\/polestar-public-spac-stock-nasdaq-ev<\/a>
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Polestar is the latest electric vehicle company to go public, listing its stock on the Nasdaq exchange Friday after successfully merging with a special-purpose acquisition company, or SPAC. The company plans on using the $850 million in fresh capital to fund its three-year plan to make several new electric models and become profitable. <\/p>\n

The Swedish company, which is a joint venture between Volvo and its parent company Geely, is going public amid broader uncertainty around EV stocks. Several EV startups have gone the SPAC route<\/a> to becoming publicly traded only to see their stock price tank after early stumbles. <\/p>\n

Polestar is slightly different, having been selling and delivering its Polestar 2 electric fastback sedan to customers in the US, Europe, and China since late 2020. The company\u2019s next EV, the Polestar 3 SUV<\/a>, will debut in October 2022 and will be manufactured in the US. And, it recently secured a deal estimated to be worth over $3 billion to sell 65,000 vehicles to Hertz<\/a>. <\/p>\n

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\u201cThis is a hugely proud moment for the entire team at Polestar,\u201d Thomas Ingenlath, CEO of Polestar, said in a statement. \u201cWe will now open a new chapter in our story that can be summarised in one word \u2013 growth.\u201d<\/p>\n

Polestar said it has received 32,000 orders for the Polestar 2, an increase of 290 percent over last year\u2019s order numbers. The company aims to be selling 295,000 vehicles a year by 2025 \u2014 10 times the amount it sold in 2021. <\/p>\n

SPAC deals<\/a> exploded in popularity during the pandemic, especially for electric and autonomous vehicle companies. There are fewer disclosures required than traditional initial public offerings, and startups are allowed to present forward-looking projections to investors, which can help justify lofty valuations. <\/p>\n

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