Polestar Planning Rivian-Like IPO

Polestar, the Swedish offshoot of Volvo, hasn't created many vehicles yet, but it has big plans for the future. It has even bigger presumptions about itself and its competition, but with the electric automaker working hard to release the Polestar 4 very soon, a more diverse product offering could indeed better align the marque with other luxury brands. Although Polestar is backed by a wealthy conglomerate, more funding is always welcome as the brand aims to meet these goals of new vehicles and innovations, and now the EV-maker is taking a leaf from Rivian's book, working to get itself listed on the NASDAQ exchange.

Polestar Automotive Holding UK Limited has announced that it has filed a registration/proxy statement with the US Securities and Exchange Commission (SEC) on November 12, bringing it a step closer to that NASDAQ initial product offering (IPO).

That's not all that's planned though, as Polestar is expanding in the retail sector with 86 dealers now open globally, up from 40 at the end of last year. In 2020, it had "full-scale activity" in ten markets, and that has now increased to 14. Expansion will continue next year as Spain, Portugal, and Ireland are expected to be added to its European dealer network, while Israel is also in the cards.

The launch of the Polestar 2 is the driving force behind the increased interest that the brand is currently enjoying, with the brand reporting more than 110,000 test drives of the vehicle culminating in more than 50 awards thus far. Polestar also says that more than two million people have visited its various retail locations since deliveries began in August of last year. Polestar CEO Thomas Ingenlath says that the brand is not slowing anytime soon: "This expansion will be fueled by our plan to launch a new car every year for the next three years."

If all goes according to plan, Polestar will increase its annual sales to 290,000 vehicles by 2025. Not bad for a niche automaker founded in 2017.