Polestar is nearing a deal to go public through a merger with a special-purpose acquisition company that would value the Swedish electric-vehicle maker at $20 billion including debt, according to people familiar with the matter.
Polestar, owned by Chinese car maker Zhejiang Geely Holding Group Co., is in advanced talks with Gores Guggenheim Inc. and could reach a deal this week, the people said, assuming talks don’t fall apart.
Polestar focuses on high-performance electric cars , positioning itself as a rival to Tesla Inc. /zigman2/quotes/203558040/composite TSLA -0.94% and Lucid Group Inc. /zigman2/quotes/221104327/composite LCID 0.00% .
An expanded version of this report appears on WSJ.com.
Also popular on WSJ.com:
7 old-school interior design trends that ‘grandmillennials’ are revitalizing.
Cargo piles up as California ports jostle over how to resolve delays.