Polestar is the latest electric vehicle company to go public, listing its stock on the Nasdaq exchange Friday after successfully merging with a special-purpose acquisition company, or SPAC. The company plans on using the $850 million in fresh capital to fund its three-year plan to make several new electric models and become profitable.
The Swedish company, which is a joint venture between Volvo and its parent company Geely, is going public amid broader uncertainty around EV stocks. Several EV startups have gone the SPAC route to becoming publicly traded only to see their stock price tank after early stumbles.
Polestar is slightly different, having been selling and delivering its Polestar 2 electric fastback sedan to customers in the…
