Tesla competitor Polestar IPO, the Swedish luxury electric car maker has made the decision to go public in New York. Owning the Swedish Volvo Cars as well as the Chinese Geely, its valuation is 20 billion US dollars.
Great ambitions
Polestar is a specialist brand in the design of electric cars that has enjoyed a meteoric rise. Much of its success has been caused by the fact that Leonardo Dicaprio is one of its shareholders. It has only acquired 2 models since the brand came into being in 2017. Up to 2020, the brand has sold more than 10,000 vehicles. With Polestar’s great ambition and marketing strategies, it aims to sell up to 290,000 cars per year by 2025.
The brand was made famous with the electric sedan it dubbed Polestar 2. To satisfy its consumers, it plans to launch the third version of this model. This automobile should be released in 2023.
Tesla’s big competitor
Tesla is known as the auto industry specialist that dominates the New York Stock Exchange today. This was able to benefit from a valuation of more than 17 billion euros. Yet in recent times Polestar has become, with its $ 20 billion capitalization, its formidable rival. Namely that the Swedish brand is currently behind the automotive giants, including Nissan. It appeared in front of Renault, Tata Motors or Subaru. Polestar is starting to make a name for itself in its sector.
Polestar has all the capabilities to properly compete with American automaker Tesla. The brand enjoys a considerable size.
An IPO
To generate excellent sales, Polestar goes public on the New York Stock Exchange. Tesla Competitor Polestar IPO. By integrating the assets of the Gores and Guggenheim funds, the brand has made available a market capitalization of $ 20 billion. This amount is 3 times the expected sales for the year 2023. It is also 1.5 times the desired sales for 2024.
The combination will take place in the first half of 2022. The listing will also be done on the Nasdaq.