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Polestar: Quickly Growing EV Star, Right Behind Tesla
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Polestar: Quickly Growing EV Star, Right Behind Tesla

A Swedish EV company, Polestar, has quietly crept up to reach the number two position, behind Tesla (TSLA), in production capacity. Folks might think of Nio (NIO), Lucid (LCID), or even Rivian (RIVN) when considering good EV investments, but it turns out that Polestar is an EV star.

In 2021, Polestar delivered on its global sales target of 29,000 vehicles – that’s year-over-year growth of more than 185%. Yes, that’s a far cry from Tesla’s nearly-one-million deliveries, but Polestar’s deliveries of its two electric performance vehicles put it ahead of all other competitors in the EV arena. Furthermore, the company hit its targets for geographic expansion, growing in Asia Pacific and Europe, and moving from 10 to 19 markets in 2021. It is also on track to reach its goal of 30 global markets by end-of-year 2023.

Founded in 2017 by Volvo Cars (VLVLY) and Geely Holding, Polestar intends to go public in the first half of 2022. Through its combination with SPAC Gores Guggenheim, Inc. (Nasdaq: GGPI), Polestar plans to begin trading on the Nasdaq.

Gores Guggenheim, itself, only began trading on the Nasdaq in March 2021, with a $750 million IPO. Its proposed combination with Polestar was announced in September 2021. The SPAC saw its stock rising precipitously in November 2021, only to drop 13% in December. The likely reason for the drop was investors’ concern about Polestar’s ability to navigate the semiconductor shortage, which is plaguing the EV industry along with many other industries.

Now that Polestar’s delivery numbers have been released, GGPI stock could see a rise again. Additionally, Polestar stands to have a blockbuster IPO; keep your eye on TipRanks’ IPO calendar for the exact date of the event.

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