Polestar debuted on Nasdaq under the ticker “PSNY” on Friday following completion of its merger with Gores Guggenheim – a special purpose acquisition company (SPAC).
CEO Ingenlath’s remarks on CNBC’s ‘Squawk Box’
Shares are trading at $11.30 at the time of writing, down 7 cents from Gores’ previous close. The Swedish electric cars manufacturer raised more than $850 million from the deal that it’ll use to build new vehicles over the next three years.
Polestar turns public at a time when EV companies, at large, are gasping for air in the face of supply constraints. Still, CEO Thomas Ingenlath said this morning on CNBC’s “Squawk Box”:
I understand market conditions are not easy. But our business is up and running. We already have 55,000 cars on the road. We’re producing steadily. This is definitely a very different type of an EV startup.
Polestar to eventually manufacture EVs in the U.S.
So far, Polestar is manufacturing in China only, but the chief executive confirmed the subsidiary of Volvo and Geely will soon start production in the United States as well.
We’ll introduce our next model, Polestar 3, in the U.S., [manufactured] in the existing Charleston factory. We’ll have this production up and running in the beginning of 2024.
Polestar drives 30% of its business from the U.S. It expects sales volume to shoot up from 29,000 last year to 50,000 in 2022, resulting in a close to 100% YoY increase in revenue.
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