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Nov. 15, 2021, 7:46 a.m. EST

Swedish EV maker Polestar is aiming for sales of 290,000 vehicles by the end of 2025

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By Ciara Linnane

GGPI

Polestar Automotive Holding UK Ltd., the Swedish electric vehicle maker that is going public via a merger with special purpose acquisition corporation Gores Guggenheim Inc. /zigman2/quotes/226726518/composite GGPI -4.18% , filed a registration/proxy statement with the Securities and Exchange Commission on Monday that offered an updated on its plans. The SPAC deal is expected to close in the first half of 2022, at which point Polestar shares will trade on Nasdaq. The company said it expects to be operating in 30 markets by the end of 2023 and is looking to expand sales to 290,000 vehicles by end-2025. The company started full-scale activity in 10 markets in 2020 and is now on the road in 14 markets. "Market expansion continues and in the first half of 2022, Spain, Portugal and Ireland are planned to be added to the European market footprint, with Israel planned to expand presence in the Middle East," the company said in a statement. The company's Polestar 2, its first fully electric, high volume car, has had more than 110,000 test drives and more than 50 awards to date, while more than 2 million people have visited the company's retail locations since it started deliveries in August of 2020. Shares of the SPAC were up 14% premarket.

/zigman2/quotes/226726518/composite
US : U.S.: Nasdaq
$ 10.55
-0.46 -4.18%
Volume: 6.39M
Jan. 21, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.10 billion
Rev. per Employee
N/A
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