EV company Polestar may go public through merger with Gore Guggenheim SPAC

Cara Lombardo

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.

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Add to watchlist TSLA

Tesla Inc.

US : U.S.: Nasdaq

$ 190.41

-1.81 -0.94%

Volume: 116.53M

March 24, 2023 4:00p

P/E Ratio

52.50

Dividend Yield

N/A

Market Cap

$602.48 billion

Rev. per Employee

$637,144

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Lucid Group Inc.

US : U.S.: Nasdaq

$ 8.19

0.00 0.00%

Volume: 8.25M

March 24, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$14.99 billion

Rev. per Employee

$84,470