Polestar on Friday began trading on the Nasdaq in New York under the ticker PSNY.
The Volvo spinoff EV brand announced plans in September 2021 to go public via a special purpose acquisition company (SPAC) deal. Also known as reverse mergers, these deals allow a private company to go public by being taken over by a SPAC, a company that's already listed on a stock exchange and typically set up solely for this purpose.
SPAC deals have become a popular way for EV startups to go public more quickly than with a traditional initial public offering (IPO). The list of startups that have gone this route includes Canoo, Faraday Future, Fisker, Lordstown, and Lucid, among others. Unlike these startups, though, Polestar has the advantages of an established automaker, such as access to platforms and production facilities.
In a press release announcing the Nasdaq listing, Polestar said it had accumulated over 32,000 customer orders for its Polestar 2 electric car in 2022 to date—a 290% increase over the same period last year. Mildly updated for the 2023 model year, the Polestar 2 is currently the brand's only model after the discontinuation of the limited-edition Polestar 1 plug-in hybrid coupe.
Polestar plans to launch three new models by 2024. The Polestar 3 mid-size SUV will launch in 2023, and will be built at Volvo's South Carolina factory. A coupe-like Polestar 4 SUV will be unveiled in 2023 as well. The Polestar 5, an 884-hp four-door fastback based on 2020's Polestar Precept concept, will follow in 2024.
The Polestar brand launched in 2017, recycling a name previously used by Volvo's in-house tuner (which was an independent company prior to that). It now aims to take on Porsche with performance EVs, and to continue expanding sales. Polestar's goal is 290,000 global sales by the end of 2025—a ten-fold increase from 2021.