Polestar is preparing to go public Friday in a reverse merger with a special-purpose acquisition company, Gores Guggenheim. The deal could peg the Geely electric brand's enterprise value as high as $25 billion, according to analysts.
The move is part of a wave of potential spinoffs of EV brands or units, as automakers try to catch up with Tesla and other EV-only automakers.
As a former chief design officer at Volvo Car, Thomas Ingenlath, the CEO of Polestar, took an unusual path to his current position. He is trying to build the new brand by encouraging a startup culture, as Polestar seeks to increase sales to 290,000 in 2025 from 29,000 in 2021.
Hear how Polestar will realize its ambitions to be a major player in its own right from Ingenlath at this year’s Automotive News Europe Congress in Prague.