Polestar is already listed on the New York Stock Exchange on the NASDAQ index under the symbol PSNY. The car company, owned by Volvo Cars and Geely (in turn, the parent company of Volvo Cars) already officially has a market valuation of more than 20,000 million dollars, which is the value at which it was calculated that would come out.
The move has been made through a special purpose acquisition company (SPAC), Gores Guggenheim, approved by its shareholders on Wednesday. This movement had already been anticipated in September of last year. It is a thermometer of the popularity of a brand specialized in electrified vehicles from the beginning.
Polestar has great confidence in the future. Just look at its progression and forecasts: 10,000 cars in 2020, 29,000 in 2021, 50,000 expected in 2022, 124,000 for 2023, 225,000 in 2024 and 290,000 in 2025. Of course, they do not expect to make money until 2024, their profitability threshold should be around more than 200,000 units per year.
There were already good prospects before the start of the session on Friday. Polestar began trading for $12.98 per share (about €12.3 per share), giving it a market valuation of $27.5 billion. The forecast was to start above 19,000 million.
During the session, after reaching a low of $10.41 in mid-morning, and a high of $13.36, it stabilized at $13 round. Polestar debuts at a time when the markets are calmer and the newly minted car companies are not trading so high.
Right now Polestar is listed below Hyundai, but above Kia, Renault, Mazda, Nissan, Subaru, Suzuki, Tata Motors, etc. At the moment it manufactures its cars in China and has very good prospects, with several launches between now and 2025 and the cache of being Volvo engineering. Surely it will not enter the bubble, but it has already fulfilled its initial objective, leaving above 19,000 million.