Away from Goodwood, Polestar has been valued at £890 million as the EV brand lists on Nasdaq
The listing floats only 6% of Polestar’s stock, with the remainder being held by Volvo, Volvo parent Geely Holding, and Hollywood star Leonardo di Caprio, an early investor. The listing allows Geely to sell more stock if it thinks the share prices are strong enough.
Polestar has an ambitious plan to expand its current single-model range. The Polestar 3 “sports SUV”, dubbed a rival to the Porsche Cayenne, launches in October, followed byThe Polestar 5 performance saloon will follow in 2024, after its . In total, Polestar targets sales of 290,000 units by 2025 with four models, up from 29,000 sales in 2021.Shares of EV start-ups that took off when listed 2020 and 2021 have since plummeted from their peak. Examples include Rivian, which has fallen 82% from its peak value of $127.3bn, UK van start-up Arrival, down 93%, and electric people carrier hopeful Canoo, down 82%.
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