Polestar owned by Volvo eying SPAC merger ?
Polestar, the Swedish high-performance electric vehicle (EV) brand owned by Volvo Cars, was considering, among other options, a merger with a special purpose acquisition company (SPAC) to raise more capital, its chief executive said on Monday.
Polestar raised US$550 million in a financing round this month led by Chinese investors Chongqing Chengxing Equity Investment Fund Partnership, Zibo Financial Holding and Zibo Hightech Industrial Investment. South Korean conglomerate SK's investment arm I Cube Capital also took part in the deal.
The company makes two models in China. Polestar 1, a luxury four-seat hybrid coupe, is priced at US$155,000. Polestar 2, an all-electric five-door fastback, is priced at 252,800 yuan (US$38,852) to take on Tesla's Model 3.