EV maker Polestar has been valued at $20bn as it plans for public listing on the Nasdaq exchange.

The company has also announced that it will launch three new EVs by 2024 and grow annual sales to 290,000 by 2025 using proceeds from the transaction and that it will also enable significant investment in products and the expansion of operations and markets to create a leading company in the rapidly growing EV market.

The transaction will be through a SPAC, or special purpose acquisition company formed by investment firms The Gores Group and Guggenheim Capital.

Thomas Ingenlath, CEO of Polestar, said: “This is a really exciting time for Polestar. With two award-winning cars on the road today in 14 active markets across three continents, we seek to expand to 30 markets by 2023. We are thrilled about the targeted addition of three new premium electric cars to our line-up by 2024, starting with our first SUV expected in 2022. In Alec [Gores] and the Gores Guggenheim team, we have found a partner with an impressive track record of bringing leading companies to the public markets. The proposed business combination and listing position Polestar as a financially strong, future proof, global electric car company. It will enable us to accelerate our growth, strategy and most importantly, our mission towards sustainable mobility.”

Polestar, now the EV only division of Volvo, was established in 1996 by Flash/Polestar Racing and acquired in 2015 by Volvo. Volvo in turn was acquired by Chinese company Geely after Ford sold it and the Polestar brand turned inro an EV only division ion 2017.

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