{"id":25376,"date":"2022-06-24T12:03:59","date_gmt":"2022-06-24T16:03:59","guid":{"rendered":"https:\/\/autosector.com\/?p=25376"},"modified":"2022-06-24T12:03:59","modified_gmt":"2022-06-24T16:03:59","slug":"1136284_polestar-stock-nasdaq-psny","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=25376","title":{"rendered":"Polestar goes public on the Nasdaq as PSNY"},"content":{"rendered":"

Polestar on Friday began trading on the Nasdaq in New York under the ticker PSNY.<\/p>\n

The Volvo spinoff EV brand announced plans<\/a> in September 2021 to go public via a special purpose acquisition company (SPAC) deal. Also known as reverse mergers, these deals allow a private company to go public by being taken over by a SPAC, a company that’s already listed on a stock exchange and typically set up solely for this purpose.<\/p>\n

SPAC deals have become a popular way for EV startups to go public more quickly than with a traditional initial public offering (IPO). The list of startups that have gone this route includes Canoo, Faraday Future, Fisker, Lordstown, and Lucid<\/a>, among others. Unlike these startups, though, Polestar has the advantages of an established automaker, such as access to platforms and production facilities.<\/p>\n

\"Polestar<\/p>\n

Polestar 5 prototype at the 2022 Goodwood Festival of Speed<\/p>\n<\/div>\n

In a press release announcing the Nasdaq listing, Polestar said it had accumulated over 32,000 customer orders for its Polestar 2<\/a> electric car in 2022 to date\u2014a 290% increase over the same period last year. Mildly updated<\/a> for the 2023 model year, the Polestar 2 is currently the brand’s only model after the discontinuation of the limited-edition Polestar 1<\/a> plug-in hybrid coupe.<\/p>\n

Polestar plans to launch three new models by 2024. The Polestar 3<\/a> mid-size SUV will launch in 2023, and will be built at Volvo’s South Carolina factory. A coupe-like Polestar 4<\/a> SUV will be unveiled in 2023 as well. The Polestar 5<\/a>, an 884-hp four-door fastback based on 2020’s Polestar Precept concept<\/a>, will follow in 2024.<\/p>\n

The Polestar brand launched in 2017, recycling a name previously used by Volvo’s in-house tuner (which was an independent company prior to that). It now aims to take on Porsche<\/a> with performance EVs, and to continue expanding sales. Polestar’s goal is 290,000 global sales by the end of 2025\u2014a ten-fold increase from 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Polestar on Friday began trading on the Nasdaq in New York under the ticker PSNY. The Volvo spinoff EV brand announced plans in September 2021 to go public via a special purpose acquisition company (SPAC) deal. Also known as reverse mergers, these deals allow a private company to go public by being taken over by […]<\/p>\n","protected":false},"author":1,"featured_media":25377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/25376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25376"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/25376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/25377"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25376"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}