Wednesday, October 27

Polestar, valued at $ 20 billion to be listed on Wall Street


Updated

With only two models and a sale of 10,000 cars in 2020, it is on the Nasdaq index program for mid-2022 with a higher valuation than Renault or Subaru.

Several people were interested in the Polestar 2 a few weeks ago in the Sal
Several people became interested in the Polestar 2 a few weeks ago at the Munich Hall.
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Just 10,000 cars sold last year, and a market value higher than Renault: the Swedish Polestar, which announced on Monday its future IPO for a spectacular amount of 20,000 million dollars, confirms the rebound of electrical manufacturers like the champion Tesla.

The owners of Polestar, the Swedish Volvo Cars and the Chinese Geely, will soon be listed on the New York Stock Exchange, the Swedish brand announced.

This small European competitor to Tesla, which also counts among its shareholders the actor Leonardo di Caprio, has only marketed of the models since its inception in 2017, and in 2020 it only sold 10,000 of its luxury vehicles, made in china.

This considerable valuation of more than 17,000 million euros put the brand right behind a giant like Nissan, and ahead of Renault, Tata Motors O Subaru.

The stock ranking of automakers is dominated by Tesla, with a valuation of more than $ 767 billion, way ahead of Toyota and Volkswagen, the world’s largest manufacturers in number of vehicles.

The start-up U.S Lucid Motors and the Chinese NIO O Xpeng are also at the top of the ranking, side by side with their ancestors Ford, Ferrari O Hyundai.

But the road is littered with pitfalls for some of these new automakers: the Chinese automaker Li Auto, which raised $ 1.1 billion when it was listed on the Nasdaq in 2020, saw his stocks collapse when it was listed on the Hong Kong Stock Exchange in August 2021, in the context of the Beijing’s regulatory reaction against technology.

In United States, the electric pick-up manufacturer Lordstown Motors announced in June that it did not have enough money to produce a commercial-scale vehicle. Its CEO resigned days later, after he left a report acknowledging that the company had made inaccurate statements about some advance orders.

“It’s really harder for a small business to be successful in the automotive industry, because fixed costs are very high, “he says Jessica Caldwell,by Edmunds. Not only should you have a large factory, but you should also set up a complete supply chain for the many parts of a vehicle.

Una expansin meterica

For its part, Polestar offers the “dynamism of a young company” while taking advantage of “the industrial legacy and the experiencia de Volvo“, stressed this Monday the head of the brand, Thomas Ingenlath, in front of investors.

“The proceeds from the lawsuit will be used to finance significant investments in models and expansion of operations and markets“Polestar said in a statement. The brand plans to obtain earnings from 2023.

Polestar, the former sports brand of Volvo Cars, became an independent brand in 2017. target nearly 290,000 sales per year in 2025 and intends to be present in 30 countries by 2023their leaders said.

To achieve this, Polestar plans to launch one car per year: a “sporty luxury” SUV in 2022, the Polestar 3, then the 4, a luxury sedan. You intend to rely on online sales and some dealerships in metropolitan areas, but also on the Volvo after-sales network.

The brand is not available in France. Your logo chevron looks too much like Citron.

Your valuation will be made through a merger into a dedicated company, Gores Guggenheim, controlled by two investment funds Americans.

The valuation of 20,000 million dollars corresponds to three times the expected turnover in 2023 and 1.5 times the expected sales in 2024, the group specifies.

The transaction is scheduled to complete at the first half of 2022 and the quote is programmed in the index Nasdaq.

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