Volvo, Geely Backed Polestar Lists On Nasdaq

Polestar, a Swedish electric performance car brand launched by Volvo and Geely, will begin trading on the Nasdaq in New York on June 24. Polestar's stock symbol will be PSNY.

Photo Insert: Polestar will ring the opening bell at Nasdaq in New York City on June 28 to mark the firm's first day as a publicly traded company.

The US listing is another big step forward for the brand, which debuted in 2017 and has since grown to become a global electric vehicle manufacturer. Polestar has launched two award-winning cars and has over 55,000 of them on the road internationally, a unique combination of start-up agility and access to proven automotive OEM manufacturing experience and capacity.

“We will now open a new chapter in our story that can be summarized in one word – growth. By 2025 we aim to be selling 290,000 cars per year, 10 times as many as we sold in 2021. We already have a real and successful business; this listing gives us the funds and platform to help deliver our ambitious future plans and drive industry-leading sustainability goals forward,” says Thomas Ingenlath, CEO of Polestar.

The Nasdaq trading debut follows a great start to 2022. Polestar recently announced record sales for the year to date, including solid global customer orders for Polestar 2, its all-electric fastback, of over 32,000, an increase of 290 percent versus the same period in 2021.

Polestar also expanded its footprint to 25 markets, up from 19 at the end of 2021, with roughly 130 retail locations to support it.

Ingenlath also said that they would be adding three more luxury electric cars to their lineup by 2024, beginning with the release of their first SUV, the Polestar 3, later this year. This appealing product portfolio will serve as the foundation for Polestar's expansion into the most appealing, high-margin global EV categories.

Polestar will ring the opening bell at Nasdaq in New York City on June 28 to mark the firm's first day as a publicly traded company.

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