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The Wall Street Journal

Sept. 26, 2021, 7:09 p.m. EDT

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.  (NAS:GGPI)  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.  (NAS:TSLA)  and Lucid Group Inc.  (NAS:LCID) .

An expanded version of this report appears on WSJ.com.

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