As the largest shareholder in the Swedish electric performance car company Polestar, Volvo Cars welcomes the closing of the transaction that will result in the listing of Polestar on the Nasdaq stock exchange in New York tomorrow.
Volvo Cars is pleased to note that the transaction closed during the first half of 2022, which is according to the timeline previously communicated.
This achievement is even more significant as it comes in a turbulent capital market environment and it reflects the excitement in the Polestar products and future potential of the business.
On June 22 shareholders of Gores Guggenheim, a special purpose acquisition company (SPAC) formed by affiliates of The Gores Group and Guggenheim Capital LLC, approved the merger with Polestar through which the listing of Polestar will take place.
Proceeds from the merger will be used to help fund continued investments in the expansion of Polestar’s products, operations and markets in the rapidly growing global premium electric car market. Please see Polestar’s announcement below for more detail.
“We welcome this important milestone for the journey of Polestar,” said Jim Rowan, chief executive of Volvo Cars. “As our affiliate brand and important business partner Polestar plays a key role in our strategic direction to become fully electric by 2030 and shape the future of mobility.”
Volvo Cars will continue as a responsible shareholder and business partner to Polestar. The close collaboration between Volvo Cars and Polestar includes sharing of technologies and development costs as well as creating economies of scale through a partly shared manufacturing footprint and supply chain.
Upon completion of the merger and listing of Polestar, Volvo Cars will hold 48.3 per cent of the combined company.
SOURCE: Volvo Cars